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

De Grauwe, Paul - 2013

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

Quantitative Easing in the Euro Area - An Event Study Approach

Urbschat, Florian - 2017

We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from September 2014 onwards. Studying the short-term reaction of financial markets after APP press releases, we analyse the development of bond yields and spreads around these releases....

Persistent link: https://www.econbiz.de/10012942366

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

Persistence and Cycles in the US Federal Funds Rate

Caporale, Guglielmo Maria - 2013

This paper uses long-range dependence techniques to analyse two important features of the US Federal Funds effective rate, namely its persistence and cyclical behaviour. It examines annual, monthly, bi-weekly and weekly data, from 1954 until 2010. Two models are considered. One is based on an...

Persistent link: https://www.econbiz.de/10013089178

Secular Stagnation : Insights from a New Keynesian Model with Hysteresis Effects

Van Aarle, Bas - 2016

hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of … simulations of relevant scenarios is undertaken. It is demonstrated that extending the New-Keynesian model with hysteresis has a …

Persistent link: https://www.econbiz.de/10012994794

Monetary Persistence and the Labor Market : A New Perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021

In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...

Persistent link: https://www.econbiz.de/10013316264

Export Hysteresis, Capacity Constraints and Uncertainty : A Smooth-Transition Analysis for Euro Area Member Countries

Belke, Ansgar Hubertus - 2017

We argue that, under certain conditions described by a sunk cost hysteresis model, firms consider exports as a … evidence of the importance of sunk costs and hysteresis in international trade in these EMU member countries. What is more, our … and Portugal) the results underscore the empirical validity of the export hysteresis under uncertainty model …

Persistent link: https://www.econbiz.de/10012947452

ECB Interventions in Distressed Sovereign Debt Markets : The Case of Greek Bonds

Trebesch, Christoph - 2014

This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...

Persistent link: https://www.econbiz.de/10013065438

ECB Interventions in Distressed Sovereign Debt Markets : The Case of Greek Bonds

Trebesch, Christoph - 2018

We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting in a remarkable “twist” of the Greek yield...

Persistent link: https://www.econbiz.de/10012938010

Short and Long-Run Behaviour of Long-Term Sovereign Bond Yields

Afonso, António - 2010

This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of...

Persistent link: https://www.econbiz.de/10013135912

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