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The (in)stability of money demand in the Euro Area: Lessons from a cross-country analysis

Nautz, Dieter; Rondorf, Ulrike - 2010

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy … instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of … standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for …

Persistent link: https://www.econbiz.de/10010270719

Monetary transmission right from the start: The (dis)connection between the money market and the ECB's main refinancing rates

Abbassi, Puriya; Nautz, Dieter - 2010

The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission … process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO … disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full …

Persistent link: https://www.econbiz.de/10010270729

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

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

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

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

Assessing the anchoring of inflation expectations

Strohsal, Till; Winkelmann, Lars - 2012

This paper proposes an ESTAR modeling framework to analyze the anchoring of inflation expectations. Anchoring criteria are empirical estimates of a market implied inflation target as well as the strength of the anchor that holds expectations at the target. Results from daily financial market...

Persistent link: https://www.econbiz.de/10010281520

Why do financial market experts misperceive future monetary policy decisions?

Schmidt, Sandra; Nautz, Dieter - 2010

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...

Persistent link: https://www.econbiz.de/10010281604

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

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