Narrow search
Showing 1 - 10 of 1,580
Cover Image
Uncertainty and monetary policy during the great recession
Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021
real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this … estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a … shock to be able to explain about 60% of the output loss in the 2008-2014 period. The same estimated model unveils the role …
Persistent link: https://www.econbiz.de/10012495676
Cover Image
Drivers of large recessions and monetary policy responses
Melina, Giovanni; Villa, Stefania - 2023
Shocks to capital utilization are introduced in a structural macroeconomic closed-economy model with financial frictions to capture disruptions on the ability of the capital stock to provide capital services used in production. Estimates for the Euro Area and the United States show that these...
Persistent link: https://www.econbiz.de/10014320690
Cover Image
Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies the state-dependent effects of monetary policy on financial stability. Based on the near-universe of advanced economy financial cycles since the 19th...
Persistent link: https://www.econbiz.de/10012260596
Cover Image
Assessing monetary policy in Norway
Andreassen, Harald Magnus; De Grauwe, Paul; Solheim, Haakon - 2001
We evaluate the policy of flexible inflation targeting implemented by the Norges Bank since March 2001. We discuss the reasons why the real interest rates are significantly higher in Norway than in the rest of Europe. Finally we propose some institutional changes that can improve the policy...
Persistent link: https://www.econbiz.de/10011408405
Cover Image
Risk, intermediate input prices and missing deflation during the Great Recession
Kara, Engin; Pirzada, Ahmed Jamal - 2015
During the Great Recession, despite the large fall in output, inflation did not fall much. This is known as the missing deflation puzzle. In this paper, we develop and estimate a New Keynesian Dynamic Stochastic General Equilibrium model to provide an explanation for the puzzle. The new model...
Persistent link: https://www.econbiz.de/10011292980
Cover Image
The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Neuenkirch, Matthias - 2020
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10012383710
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 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
Transparency, flexibility and macroeconomic stabilization
Geraats, Petra M. - 2014
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10010249689
Cover Image
Unconventional monetary policy shocks in the euro area and the sovereign-bank nexus
Hristov, Nikolay; Hülsewig, Oliver; Scharler, Johann - 2020
We explore the effects of the ECB’s unconventional monetary policy on the banks’ sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy...
Persistent link: https://www.econbiz.de/10012194625