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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012149021

The clearing of euro OTC derivatives post Brexit : why a uniform regulation and supervision of CCPs is essential for European financial stability

Brühl, Volker - 2018

of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly … CCPs in the EU to complement the existing single resolution mechanism (SRM) for banks in the eurozone. Only then can the …

Persistent link: https://www.econbiz.de/10011855560

Clearing of euro OTC derivatives post Brexit : an analysis of the present cost estimates

Brühl, Volker - 2017

In the context of the upcoming Brexit, a relocation of the clearing of euro-OTC derivatives for EU-based firms is the … the financial stability of the eurozone, the potential relocation costs should not be a decision criterion. …Im Zusammenhang mit dem Brexit wird über die Kosten einer Relokation des Clearing des Euro-OTC-Derivate-Geschäftes auf …

Persistent link: https://www.econbiz.de/10011764465

Long-run growth expectations and "global imbalances"

Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - 2011

This paper examines to what extent the build-up of "global imbalances" since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents' perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates...

Persistent link: https://www.econbiz.de/10008822956

Is optimal monetary policy always optimal?

Davig, Troy; Gürkaynak, Refet S. - 2015 - This version: July 28, 2015

No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...

Persistent link: https://www.econbiz.de/10011307949

Monetary policy in Turkey after Central Bank independence

Gürkaynak, Refet S.; Kantur, Zeynep; Tas, M. Anil; … - 2015

We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...

Persistent link: https://www.econbiz.de/10011348828

Data uncertainty and the role of money as an information variable for monetary policy

Coenen, Günter; Levin, Andrew T.; Wieland, Volker - 2003

In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant...

Persistent link: https://www.econbiz.de/10009765349

A small estimated euro area model with rational expectations and nominal rigidities

Coenen, Günter; Wieland, Volker - 2003

In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...

Persistent link: https://www.econbiz.de/10009765350

Core inflation in the Euro area : evidence from the structural VAR approach

Hahn, Elke - 2002 - This version: April 2002

Against the difficult background of analysing aggregated data in this paper core inflation in the euro area is estimated by means of the structural vector autoregressive approach. We demonstrate that the HICP sometimes seems to be a misleading indicator for monetary policy in the euro area. We...

Persistent link: https://www.econbiz.de/10009767687

Risks to price stability, the zero lower bound and forward guidance : a real-time assessment

Coenen, Günter; Warne, Anders - 2013

This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...

Persistent link: https://www.econbiz.de/10010200892

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