Showing 1 - 10 of 578
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to … which focus on countries which fare economically worse than the Euro Area average explain the EONIA path best …
Persistent link: https://www.econbiz.de/10013083869
estimate Taylor rules for alternative sets of euro area aggregates derived from different weighting schemes of national …
Persistent link: https://www.econbiz.de/10013092423
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...
Persistent link: https://www.econbiz.de/10013092424
While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …
Persistent link: https://www.econbiz.de/10012916355
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
We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data …
Persistent link: https://www.econbiz.de/10012986934
euro area, and investigates the linkages between them in a VAR framework, also allowing for the possible impact of the … introduction of the euro and resulting in lower long-run uncertainty. It also appears that the direction of causality has been … reversed, and that in the euro period the Friedman-Ball link is empirically supported, implying that the ECB can achieve lower …
Persistent link: https://www.econbiz.de/10013095747
The paper analyses the common European monetary policy based on a Mises-Hayek over-investment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable over-investment...
Persistent link: https://www.econbiz.de/10012958878
the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques … Eurozone and UK ones, Canadian rates with the UK and US ones, and Japanese rates with the UK ones. The increasing degree of …
Persistent link: https://www.econbiz.de/10012958879
the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal …
Persistent link: https://www.econbiz.de/10013079876