Narrow search
Showing 1 - 10 of 800
Cover Image
The fragility of two monetary regimes : the European monetary system and the Eurozone
Ji, Yuemei; De Grauwe, Paul - 2013
We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...
Persistent link: https://www.econbiz.de/10010210104
Cover Image
Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program ; conference paper
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
This paper explores the potential effectiveness of the ECB s Outright Monetary Transaction (OMT) program in 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...
Persistent link: https://www.econbiz.de/10010480578
Cover Image
Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in 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...
Persistent link: https://www.econbiz.de/10010246072
Cover Image
The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
Cover Image
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
Cover Image
Common monetary policy with asymmetric shocks
Gros, Daniel; Hefeker, Carsten - 2002
decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national … common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector are not …
Persistent link: https://www.econbiz.de/10011409772
Cover Image
One size must fit all : national divergences in a monetary union
Gros, Daniel; Hefeker, Carsten - 2000
decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates … of inflation and growth? We find that a central bank that minimises the national welfare losses reacts less to common … the variability of common shocks is large relative to the inflation bias. For a single country, welfare is lower in this …
Persistent link: https://www.econbiz.de/10009781604
Cover Image
Animal spirits and the international transmission of business cycles : presented at CESifo Area Conference on Macro, Money & International Finance, February 2016
De Grauwe, Paul; Ji, Yuemei - 2016
It is well-known that the high synchronization of the business cycles among industrial countries cannot easily be replicated in standard open economy macroeconomic models without assuming that the exogenous shocks hitting these countries are highly correlated. We develop a two-country behavioral...
Persistent link: https://www.econbiz.de/10011444133
Cover Image
The European Central Bank's QE : a new hope
Wieladek, Tomasz; Garcia Pascual, Antonio - 2016
We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE anouncement shocks are...
Persistent link: https://www.econbiz.de/10011488021
Cover Image
The risk-taking channel of monetary policy transmission in the euro area
Neuenkirch, Matthias; Nöckel, Matthias - 2018
, in addition to the standard variables for real GDP growth, inflation, and the monetary policy stance, indicators of bank …
Persistent link: https://www.econbiz.de/10011822614