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Toward a holistic approach to central bank trust
Eickmeier, Sandra; Petersen, Luba - 2024
We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank Household Panel survey for Germany. Employing an interdisciplinary approach that integrates insights from political science and psychology, we offer a fresh perspective on the factors...
Persistent link: https://www.econbiz.de/10014632327
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Soft budget constraints, European Central Banking and the financial crisis
Jäger, Jannik; Grigoriadis, Theocharis - 2016
measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone …
Persistent link: https://www.econbiz.de/10011456884
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Is it really more dispersed? : measuring and comparing the stress from the common monetary policy in the euro area
Quint, Dominic - 2014
The ECB's one size monetary policy is unlikely to fit all euro area members at all times, which raises the question of how much monetary policy stress this causes at the national level. I measure monetary policy stress as the difference between actual ECB interest rates and Taylor-rule implied...
Persistent link: https://www.econbiz.de/10010349426
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Liquidity provision as a monetary policy tool : the ECB's non-standard measures after the financial crisis
Quint, Dominic; Tristani, Oreste - 2017
We study the macroeconomic consequences of the money market tensions associated with the financial crisis in the euro area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response functions to calibrate key parameters of a Smets and Wouters...
Persistent link: https://www.econbiz.de/10011764878
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Information effects of euro area monetary policy : new evidence from high-frequency futures data
Kerssenfischer, Mark - 2019
Central bank announcements move financial markets. The response of inflation and growth expectations, on the other hand, is often small or even counterintuitive. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and...
Persistent link: https://www.econbiz.de/10011972952
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The Eurosystem's asset purchase programmes, securities lending and Bund specialness
Baltzer, Markus; Schlepper, Kathi; Speck, Christian - 2022
The Eurosystem's asset purchase programmes reduced the free float of German Bunds. Market participants feared impaired market functioning in the Bund market and monetary policymakers unintended consequences for monetary policy transmission. We study the intended and unintended consequences of...
Persistent link: https://www.econbiz.de/10013411244
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Effects of the ECB's communication on government bond spreads
Camarero Garcia, Sebastian; Neugebauer, Frederik; … - 2023
This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches and...
Persistent link: https://www.econbiz.de/10014330976
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Learning monetary policy strategies at the effective lower bound with sudden surprises
Krane, Spencer David; Melosi, Leonardo; Rottner, Matthias - 2023
We examine how private sector agents might learn a new monetary strategy that is adopted while at the ELB. Little can be discovered until the economy improves enough that rates would be near liftoff under the old strategy. Recessionary shocks would thus delay learning while large inflationary...
Persistent link: https://www.econbiz.de/10014330977
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Banks' holdings of risky sovereign bonds in the absence of the nexus : yield seeking with central bank funding or de-risking?
Frey, Rainer; Weth, Mark - 2010
For the largest 55 German banks, we detect the presence of countercyclical yield seeking in the form of acquisition of high-yielding periphery bonds in the period from Q1 2008 to Q2 2011. This investment strategy is pursued by banks not subject to a bailout, banks characterised by high...
Persistent link: https://www.econbiz.de/10012014102
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The credibility of the ECB's inflation target in times of Corona : new evidence from an online survey
Coleman, Winnie; Nautz, Dieter - 2020 - This version: June 8, 2020
Evidence on the credibility of a central bank's inflation target typically refers to the anchoring of survey …-varying credibility of the inflation target. Our results indicate that credibility has significantly decreased in our sample period … below 2% for several years, credibility has declined mainly because Germans increasingly expect that inflation will be much …
Persistent link: https://www.econbiz.de/10012225643