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The Monetary Policy of the ECB : A Robin Hood Approach?
Drometer, Marcus - 2013
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to approximate the interest rates countries would have implemented had they still been able to conduct independent monetary policy. We find that prior to the financial crisis the...
Persistent link: https://www.econbiz.de/10013083869
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Emu Enlargement, Policy Uncertainty and Economic Reforms
Hefeker, Carsten - 2021
The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms …
Persistent link: https://www.econbiz.de/10013317517
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Inflation Targets Versus International Monetary Integration - A Canadian Perspective
Laidler, David - CESifo - 2002
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada’s recent economic performance under inflation targets, and...
Persistent link: https://www.econbiz.de/10005406116
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - CESifo - 2014
sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period … limited as the link between bank lending rates and government bond rates has substantially weakened since the end of 2008. …
Persistent link: https://www.econbiz.de/10010877947
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How to Be Well Shod to Absorb Shocks? Shock Synchronization and Joining the Euro Zone
Gilson, Natacha (Nathalie) - 2021
This paper examines the demand and supply shocks observed in the present Eurozone member states and those observed in some neighboring countries. The analysis is based on recent data and each Eurozone member country is compared with an aggregate series corresponding to an area made up of the...
Persistent link: https://www.econbiz.de/10013317269
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10013054962
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10010756160
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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Niepelt, Dirk - 2018
inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank …
Persistent link: https://www.econbiz.de/10012910626
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The Euro Area's Common Pool Problem Revisited : Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?
Steinkamp, Sven - 2017
The Single Supervisory Mechanism was introduced to eliminate the common-pool problem and limit uncontrolled lending by national central banks (NCBs). We analyze its effectiveness. Second, we model how, by forbearing and providing refinancing credit, NCBs avoid domestic resolution costs and,...
Persistent link: https://www.econbiz.de/10012945053
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
monetary and fiscal policies is the hysteresis of the low-interest rate and high government debt environment, the erosion of …
Persistent link: https://www.econbiz.de/10013081055