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Forward Guidance Contracts
Gersbach, Hans - 2015
We examine “Forward Guidance Contracts”, which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a flexible commitment device and can improve economic performance when the economy is stuck in a liquidity...
Persistent link: https://www.econbiz.de/10013021419
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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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National Representation in Multinational Institutions : The Case of the European Central Bank
Badinger, Harald - 2013
often aim for broad national representation. Reviewing evidence from the European Central Bank, we show that nationality is … business areas best describe the central bank's interest-rate setting behavior …
Persistent link: https://www.econbiz.de/10013092423
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A New Two-Pillar Strategy for the ECB
De Grauwe, Paul - 2013
, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there …
Persistent link: https://www.econbiz.de/10013095572
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Monetary Momentum
Neuhierl, Andreas - 2017
We document a large return drift around monetary policy announcements by the Federal Open Market Committee. Stock returns start drifting up 25 days before expansionary monetary policy surprises, whereas they decrease before contractionary surprises. The cumulative return difference across...
Persistent link: https://www.econbiz.de/10012946927
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Betting the House
Jorda, Oscar - 2015
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10013030308
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Forward Guidance in a Simple Model with a Zero Lower Bound
Illing, Gerhard - 2014
In this paper we present a three period setup to model central bank forward guidance in a liquidity trap. We analyze …
Persistent link: https://www.econbiz.de/10013055395
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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
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Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef - 2014
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 and prices. The effects on bank lending and output are smaller in the …
Persistent link: https://www.econbiz.de/10013048831
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay - 2014
safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … 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 …
Persistent link: https://www.econbiz.de/10013057668