Narrow search
Showing 1 - 10 of 2,201
Cover Image
Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
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
Cover Image
The Eurozone as an Inflation Target Zone
Posta, Pompeo Della; Tamborini, Roberto - 2022
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
Cover Image
Monetary Policy and Swedish Unemployment Fluctuations
Alexius, Annika; Holmlund, Bertil - 2021
A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...
Persistent link: https://www.econbiz.de/10013316967
Cover Image
Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus
Hristov, Nikolay - 2020
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
Cover Image
The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy
Hülsewig, Oliver - 2020
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
Cover Image
Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
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
Cover Image
Speculative Eurozone Attacks and Departure Strategies
Homburg, Stefan - 2019
This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks … distributive effects of an orderly eurozone dissolution …
Persistent link: https://www.econbiz.de/10012892242
Cover Image
Monetary Policy Surprises and Exchange Rate Behavior
Gürkaynak, Refet S. - 2020
Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and ask whether an information effect, where the public...
Persistent link: https://www.econbiz.de/10012822502
Cover Image
Measuring Euro Area Monetary Policy
Altavilla, Carlo - 2019
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012867012
Cover Image
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Murai, Taiki; Schnabl, Gunther - 2021
The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...
Persistent link: https://www.econbiz.de/10013221180