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We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...
Persistent link: https://www.econbiz.de/10012838235
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012832189
Persistent link: https://www.econbiz.de/10008759627
In the revised monetary policy strategy of the European Central Bank (ECB), “price stability is best maintained by aiming for two per cent inflation over the medium term”, with “symmetric commitment” to this target. “Symmetry means that the Governing Council considers negative and...
Persistent link: https://www.econbiz.de/10014243104
news shows of leading TV stations in 12 countries which include 37,859 news on the EU, on the Eurozone and on country …-specific economic issues. We find that an increasing share of news about the Eurozone reduces yield spreads, especially when the news … with a decrease/increase of the GIIPS yield spreads vis-à-vis Germany. Moreover, some news is not immediately and …
Persistent link: https://www.econbiz.de/10012892159
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10013314851
Wachstums- und Stabilitätspakts erfüllt, so dass in naher Zukunft die Eurozone nicht weiter anwachsen werde. Theo Waigel …, haben der Euro und die gemeinsame europäische Geldpolitik in den letzten zehn Jahren eine Entwicklung vollzogen, "die selbst …, setzt sich kritisch mit der Geldpolitik der Europäischen Zentralbank auseinander. Ohne Zweifel sei es der EZB gelungen, die …
Persistent link: https://www.econbiz.de/10003815613
Geldpolitik mit der Wahrung der Preisstabilität im Euroraum weiterhin den besten ihr möglichen Beitrag zu einem attraktiven …
Persistent link: https://www.econbiz.de/10001593769
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012843420
The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …
Persistent link: https://www.econbiz.de/10012892183