Narrow search
Showing 1 - 10 of 483
Cover Image
One Country, One Vote? Labor Market Structure and Voting Rights in the ECB
Berger, Helge; Hefeker, Carsten - CESifo - 2004
The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...
Persistent link: https://www.econbiz.de/10005766246
Cover Image
The European Central Bank's QE : A New Hope
Wieladek, Tomasz - 2016
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 from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE announcement shocks are...
Persistent link: https://www.econbiz.de/10012986934
Cover Image
Money Overhang, Credit Overhang and Financial Imbalances in the Euro Area
Kool, Clemens J.M. - 2013
This paper focuses on the relation between external imbalances and domestic money and credit growth in the euro area. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results show that both aggregate money and credit overhang have...
Persistent link: https://www.econbiz.de/10013072508
Cover Image
Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union : Some Implications for Emu and New EU Member States
MacDonald, Ronald - 2013
In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate … catching-up and inflation differentials and offer an interpretation of the nature of this interaction. Our discussion is in … inflation rates between Member States do not necessarily have to be an equilibrium phenomenon, even if the original shock comes …
Persistent link: https://www.econbiz.de/10012754168
Cover Image
Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the …
Persistent link: https://www.econbiz.de/10012898763
Cover Image
Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area
Wischnewsky, Arina - 2018
2003Q1 - 2017Q3 and includes, in addition to the standard variables for real GDP growth, inflation, and the monetary policy …
Persistent link: https://www.econbiz.de/10012912666
Cover Image
State-Dependent Transmission of Monetary Policy in the Euro Area
Burgard, Jan Pablo - 2018
In this paper, we estimate a logit mixture vector autoregressive (Logit-MVAR) model describing monetary policy transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy. In our model, the time-varying state weights are...
Persistent link: https://www.econbiz.de/10012914916
Cover Image
The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area
Neuenkirch, Matthias - 2018
, in addition to the standard variables for real GDP growth, inflation, and the monetary policy stance, indicators of bank …
Persistent link: https://www.econbiz.de/10012917006
Cover Image
The Transmission Mechanism of Credit Support Policies in the Euro Area
Boeckx, Jef - 2017
We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have indeed been succesful in stimulating the credit flow of...
Persistent link: https://www.econbiz.de/10012955416
Cover Image
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