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Is Euro Area Money Demand (Still) Stable? – Cointegrated VAR versus Single Equation Techniques
Belke, Ansgar; Czudaj, Robert - 2010
In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows … stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …. Hence, FMOLS, CCR and DOLS are useful in estimating standard money demand as well, although they have only been rarely …
Persistent link: https://www.econbiz.de/10010269994
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Flight from the Old Euro-Area Currencies
Sinn, Hans-Werner - In: CESifo Forum 02 (2001) 4, pp. 44-47
Persistent link: https://www.econbiz.de/10011695675
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10011606235
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The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise
Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010
The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...
Persistent link: https://www.econbiz.de/10011606266
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The Stability and Growth Pact - crisis and reform
Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011
The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...
Persistent link: https://www.econbiz.de/10011606281
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Financial Crisis, Global Liquidity and Monetary Exit Strategies
Belke, Ansgar - 2010
We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit … Volkswirtschaften aus Fernost. Eine Koordination des geld- und fiskalpolitischen Ausstiegs würde die Unabhängigkeit der EZB untergraben …
Persistent link: https://www.econbiz.de/10010269980
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(How) Do the ECB and the Fed React to Financial Market Uncertainty? – The Taylor Rule in Times of Crisis
Belke, Ansgar; Klose, Jens - 2010
in order to account for variations within these variables over time. We argue that measures of money and credit growth … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis …
Persistent link: https://www.econbiz.de/10010269998
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Monetary Policy, Global Liquidity and Commodity Price Dynamics
Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben W. - 2010
This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity …
Persistent link: https://www.econbiz.de/10010269974
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The bank lending survey for the euro area
Berg, Jesper; Ferrando, Annalisa; de Bondt, Gabe; … - 2005
This occasional paper explains why the bank lending survey was developed by the ECB and describes its main features. It discusses the importance of credit developments for both the economy and the functioning of monetary policy, and further clarifies why the survey was introduced. Furthermore,...
Persistent link: https://www.econbiz.de/10011606175
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The monetary presentation of the euro area balance of payments
Bê Duc, Louis; Mayerlen, Frank; Sola, Pierre - 2008
counterpart of money, as reflected in the balance sheet of the banking sector, and the balance of payments. From a statistical …
Persistent link: https://www.econbiz.de/10011606248