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The importance of global shocks for national policymakers : rising challenges for central banks
Belke, Ansgar; Rees, Andreas - 2009
We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...
Persistent link: https://www.econbiz.de/10003879570
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Global liquidity, world savings glut and global policy coordination
Belke, Ansgar; Gros, Daniel - 2010
inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they …
Persistent link: https://www.econbiz.de/10003934687
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Financial crisis, global liquidity and monetary exit strategies
Belke, Ansgar - 2010
We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit …
Persistent link: https://www.econbiz.de/10003958646
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Driven by the markets? : ECB sovereign bond purchases and the securities market programme
Belke, Ansgar - 2010
After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to … sterilise its bond purchases - compensating those purchases through sales of other bonds or money market instruments to keep the … overall money supply unaffected. This is to counter accusations that the ECB is monetizing government debt. This note …
Persistent link: https://www.econbiz.de/10009261344
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Asymmetries in the trans-Atlantic monetary policy relationship : does the ECB follow the Fed?
Belke, Ansgar (contributor); Gros, Daniel (contributor) - 2005
The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...
Persistent link: https://www.econbiz.de/10002749782