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Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010415789

Banks' trading after the Lehman crisis : the role of unconventional monetary policy

Podlich, Natalia; Schnabel, Isabel; Tischer, Johannes - 2017

liquidity tightened after the Lehman collapse but there is no evidence of fire sales in the German banking sector. Instead, we … observe a broad-based flight to liquidity. The European Central Bank's unconventional monetary policy had a strong impact on … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

Persistent link: https://www.econbiz.de/10011671299

Optimal policy: which, where, and why

Furtado, Bernardo Alves; Andreão, Gustav Onofre - 2023

The paper exploits a simulation environment and its output indicators to compare the performance of "ex-ante" policy instruments across housing and social welfare domains. We create a progressive score to contrast six single and mixed policy instruments against a no-policy baseline. The multiple...

Persistent link: https://www.econbiz.de/10014428762

COVID-19 and the fragmentation of the European interbank market

Pala, Melissa - 2024

transactional level allows me to apply advanced panel methods. Furthermore, this paper shows liquidity hoarding during the pandemic …

Persistent link: https://www.econbiz.de/10014481123

Tales of transition paths : policy uncertainty and random walks

Hollmayr, Josef; Matthes, Christian - 2015

What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have to estimate fiscal and monetary policy rules and assess how uncertainty surrounding the conduct of policymakers influences transition paths after policy changes. We find that...

Persistent link: https://www.econbiz.de/10011292321

Monetary policy and endogenous financial crises

Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022

We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...

Persistent link: https://www.econbiz.de/10013259617

Inflation expectations, inflation target credibility and the COVID-19 pandemic : new evidence from Germany

Coleman, Winnie; Nautz, Dieter - 2021

Using the exact wording of the ECB's definition of price-stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation target. Our results indicate that credibility has...

Persistent link: https://www.econbiz.de/10012590362

Interest-rate pegs, central bank asset purchases and the reversal puzzle

Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel; … - 2017

We analyze the macroeconomic implications of a transient interest-rate peg in combination with a QE program in a non-linear medium-scale DSGE model. In this context, we re-examine what has become known as the reversal puzzle (Carlstrom, Fuerst and Paustian, 2015) and provide an analytical...

Persistent link: https://www.econbiz.de/10011671387

Changing the structure of minimum wages : firm adjustment and wage spillovers

Giupponi, Giulia; Machin, Stephen - 2018

Persistent link: https://www.econbiz.de/10011881974

The COVID-19 insolvency gap : first-round effects of policy responses on SMEs

Dörr, Julian Oliver; Murmann, Simona; Licht, Georg - 2021

COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first …

Persistent link: https://www.econbiz.de/10012434436

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