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Does global liquidity matter for monetary policy in the Euro area?

Berger, Helge (contributor); Harjes, Thomas (contributor) - 2008

developments from a euro area perspective. We find that both excess liquidity in Japan and, in particular, the U.S. tend to lead …Global excess liquidity roaming the world's financial markets (or its sudden absence) is sometimes believed to limit … constitutes global excess liquidity and how exactly it shapes the policy environment. Our approach adjusts liquidity for …

Persistent link: https://www.econbiz.de/10003726327

Has the stability and growth pact impeded political budget cycles in the European Union?

Mink, Mark (contributor); Haan, Jakob de (contributor) - 2005

This paper examines whether there is a political budget cycle (PBC) in countries in the euro area. Using a multivariate model for the period 1999-2004 and various election indicators we find strong evidence that the Stability and Growth Pact has not restricted fiscal policy makers in the euro...

Persistent link: https://www.econbiz.de/10003120672

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 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/10011402520

Does money growth granger-cause inflation in the Euro Area? : evidence from output-of-sample forecasts using Bayesian VARs

Berger, Helge (contributor); Österholm, Pär (contributor) - 2008

We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...

Persistent link: https://www.econbiz.de/10003726111

The information content of money in forecasting Euro area inflation

Berger, Helge; Stavrev, Emil - 2008

This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of structural and empirical models in a consistent framework using...

Persistent link: https://www.econbiz.de/10003797937

How should large and small countries be represented in a currency union?

Berger, Helge; Müller, Till - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10009303502

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 2004

Persistent link: https://www.econbiz.de/10009303509

Convergence of monetary transmission in EMU new evidence

Toolsema-Veldman, Linda Adriana; Sturm, Jan-Egbert; … - 2001

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...

Persistent link: https://www.econbiz.de/10011398432

Statements of ECB officials and their effect on the level and volatility of the Euro-Dollar exchange rate

Jansen, David-Jan; Haan, Jakob de - 2003

This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We find that the Bundesbank has dominated the news...

Persistent link: https://www.econbiz.de/10011507830

Restructuring the ECB

Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003

Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...

Persistent link: https://www.econbiz.de/10011511101