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Fiscal Rules, Financial Stability and Optimal Currency Areas

De Grauwe, Paul - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10013020581

The challenge of monetary policy in Euroland

De Grauwe, Paul - In: EMU : dé uitdaging ; vierentwintigste Vlaams …, (pp. 135-156). 2000

Persistent link: https://www.econbiz.de/10001740202

Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area

Peersman, Gert - 2013

-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater credit multiplier …

Persistent link: https://www.econbiz.de/10013092365

The European Central Bank : Lender of Last Resort in the Government Bond Markets?

De Grauwe, Paul - 2013

equilibria by self-fulfilling fears of liquidity crises in a monetary union. I also survey the different arguments that have been …

Persistent link: https://www.econbiz.de/10013092424

The Fragility of Two Monetary Regimes : The European Monetary System and the Eurozone

Ji, Yuemei - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10013072510

The Transmission Mechanism of Credit Support Policies in the Euro Area

Boeckx, Jef - 2017

sheets (liquidity effect), banks that depend more on wholesale funding (retail effect) and low-capitalized banks (capital … levels of bank capitalization at the same time mitigate the size, retail and liquidity effects of the policies. The drag on … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

Persistent link: https://www.econbiz.de/10012955416

Effectiveness and Transmission of the ECB's Balance Sheet Policies

Boeckx, Jef - 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...

Persistent link: https://www.econbiz.de/10013048831

A New Two-Pillar Strategy for the ECB

De Grauwe, Paul - 2013

The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...

Persistent link: https://www.econbiz.de/10013095572