Narrow search
Showing 1 - 10 of 121
Cover Image
Credibility and transparency of Central Banks : new results based on Ifo s world economicy survey
Hamella, Sandra; Haan, Jakob de - 2004
This paper reports the results of a survey among private sector economists about credibility and transparency of central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic Survey to answer questions on the importance and...
Persistent link: https://www.econbiz.de/10011399168
Cover Image
Fiscal aspects of central bank independence
Sims, Christopher A. - 2001
Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet has implications for central bank independence....
Persistent link: https://www.econbiz.de/10011399700
Cover Image
Shadow rates as a measure of the monetary policy stance : some international evidence
Anderl, Christina; Caporale, Guglielmo Maria - 2022
, Australia and New Zealand) and others that have only targeted inflation at times (the US, Japan, the Euro Area and Switzerland … official policy rates and those implied by three types of Taylor rules in both inflation targeting countries (the UK, Canada …
Persistent link: https://www.econbiz.de/10013285605
Cover Image
The Eurozone as an inflation target zone
Della Posta, Pompeo; Tamborini, Roberto - 2022
aiming for two per cent inflation over the medium term", with "symmetric commitment" to this target. "Symmetry means that the … therefore analyse this policy strategy through a model of inflation target zone, with a central value and symmetric upper and … lower bounds on inflation, within which the central bank may decide not to intervene, provided inflation is expected to …
Persistent link: https://www.econbiz.de/10013413505
Cover Image
Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10012649768
Cover Image
The term structure of interest rates in a heterogeneous monetary union
Costain, James; Nuño, Galo; Thomas, Carlos - 2022
We build a no-arbitrage model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into term premium and...
Persistent link: https://www.econbiz.de/10013285648
Cover Image
Quantitative easing in the euro area : an event study approach
Urbschat, Florian; Watzka, Sebastian - 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/10011743065
Cover Image
The minimum inflation rate for Euroland
Reutter, Michael; Sinn, Hans-Werner - 2000
no country face a deflation. This minimum aggeragate inflation rate is 0.94% in the euro-11 countries and 1.13% in an … the Balassa model, the paper calculates a minimum aggregate inflation rate which is compatible with the requirement that …
Persistent link: https://www.econbiz.de/10009786718
Cover Image
Euro area house prices and unconventional monetary policy surprises
Hülsewig, Oliver; Rottmann, Horst - 2021
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related...
Persistent link: https://www.econbiz.de/10012509392
Cover Image
The Euro area periphery sovereigns' fiscal positions and unconventional monetary policy
Hülsewig, Oliver; Scharler, Johann - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012154910