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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

The Financial Accelerator in the Euro Area : New Evidence Using a Mixture VAR Model

Bennani, Hamza; Neuenkirch, Matthias - 2021

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

Risk Sharing in Currency Unions : The Migration Channel

Kohler, Wilhelm; Müller, Gernot J.; Wellmann, Susanne - 2021

theory, migration should play a key role when it comes to insulating per capita consumption from aggregate fluctuations, and …

Persistent link: https://www.econbiz.de/10013235109

57 Channels (and Nothin on) - Does TV-News on the Eurozone Affect Government Bond Yield Spreads?

Wolfinger, Julia - 2019

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

The Eurozone as an Inflation Target Zone

Della Posta, Pompeo; 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

The Term Structure of Interest Rates in a Heterogeneous Monetary Union

Costain, James; Nuño, Galo; Thomas, Carlos - 2022

default probability, showing that it decreases with central bank bond-holdings. Calibrating the model to Germany and Italy, we …

Persistent link: https://www.econbiz.de/10014080055

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122

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

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

Unemployment in the Euro Area and Unconventional Monetary Policy Surprises

Hülsewig, Oliver; Rottmann, Horst - 2022

We examine the impact of the European Central Bank’s monetary policy on the euro area labor markets over the period 2010-2018. Using Jordà’s (2005) local projection method, we find that unemployment rates decline in response to expansionary monetary policy surprises that can be related to...

Persistent link: https://www.econbiz.de/10014241612