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The Price of Stability. The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
England changed its rate very frequently. Why did the policies of these central banks, the two pillars of the gold standard …
Persistent link: https://www.econbiz.de/10013045945
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Euro Area Market Reactions to the Monetary Developments Press Release
Coffinet, Jerome - 2010
Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...
Persistent link: https://www.econbiz.de/10013137334
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Options Embedded in ECB Targeted Refinancing Operations
Renne, Jean-Paul - 2014
in these operations. Quantitative results point to substantial gains – for participating banks – attached to the …
Persistent link: https://www.econbiz.de/10013044937
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The Fed and the Question of Financial Stability : An Empirical Investigation
Grunspan, Thierry - 2010
This paper shows that the Fed reacts to change in spreads between corporate bond yields and government bond yields over and beyond their information content on future inflation and future activity. This result, obtained in a GMM framework, is confirmed by simulation methods. Moreover, when...
Persistent link: https://www.econbiz.de/10013136336
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Macroeconomic Surprises and the Inflation Compensation Curve in the Euro Area
Coffinet, Jerome - 2010
Using daily data stemming from inflation-indexed markets, we analyse the effects of numerous macroeconomic surprises on inflation compensation data - the sum of inflation expectations, risk and liquidity premia - in the euro area between 2 January 2004 and 31 December 2007. Our results suggest...
Persistent link: https://www.econbiz.de/10013138025
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‘New Normal’ or ‘New Orthodoxy’? Elements of a Central Banking Framework for the After-Crisis
Pfister, Christian - 2018
instrument for implementing monetary policy. In the second approach, which we label ‘New Orthodoxy', central banks keep the same … of central banks in preserving financial stability is also explicitly recognized, both by themselves and by society …
Persistent link: https://www.econbiz.de/10012919093
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Stabilising Virtues of Central Banks : (Re)Matching Bank Liquidity
Legroux, Vincent - 2018
helped French banks to reduce the liquidity mismatch …
Persistent link: https://www.econbiz.de/10012925625
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Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015
Gabrieli, Silvia - 2018
fragmentation from 2011 to 2015. We combine bank-to-bank loan data with detailed supervisory information on banks' cross-border and … cross-sector exposures. We study the impact of the credit risk on banks' balance sheets on their access to, and the price …) high non-performing loan ratios on the GIIPS portfolio hinder banks' access to the interbank market throughout the sample …
Persistent link: https://www.econbiz.de/10012913584
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Anchoring of Inflation Expectations : Do Inflation Target Formulations Matter?
Grosse Steffen, Christoph - 2023
Inflation target formulations differ across countries and over time. Most widespread are point targets, target ranges, hybrid combinations of the two, or mere definitions of price stability. This paper proposes a novel empirical measure of expectations anchoring based on the cross-sectional...
Persistent link: https://www.econbiz.de/10014262534
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Generalizing the Taylor Principle : New Comment
Barthelemy, Jean - 2012
In this paper, we provide determinacy conditions, i.e. conditions ensuring the existence and uniqueness of a bounded solution, in a purely forward-looking linear Markov switching rational expectations model. We thus settle the debate between Davig and Leeper (2007) and Farmer et al. (2010). The...
Persistent link: https://www.econbiz.de/10013098749