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Distributional consequences of asset price inflation in the euro area
Adam, Klaus; Tzamourani, Panagiota - 2015
We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...
Persistent link: https://www.econbiz.de/10011316626
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The interest rate exposure of euro area households
Tzamourani, Panagiota - 2019
We estimate the "unhedged interest rate exposure" (URE) of euro area households. The URE is a welfare metric that captures the extent to which households are exposed to changes in real interest rates, and reflects the direct gains and losses in interest income flows incurred by households after...
Persistent link: https://www.econbiz.de/10011963126
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Monetary policy communication shocks and the macroeconomy
Goodhead, Robert; Kolb, Benedikt - 2018
cover the zero-lower bound period and find strong effects on inflation for long-horizon communication shocks. …
Persistent link: https://www.econbiz.de/10011938122
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Central bank information shocks and exchange rates
Franz, Thorsten - 2020 - This version: February 2020
The dynamic effects of ECB announcements, disentangled into pure monetary policy and central bank information shocks, on the euro (EUR) exchange rate are examined using a Bayesian Proxy Vector Autoregressive (VAR) model fed with high-frequency data. Contractionary monetary policy shocks result...
Persistent link: https://www.econbiz.de/10012180641
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The financial market effects of the ECB's asset purchase programs
Lewis, Vivien; Roth, Markus - 2017
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...
Persistent link: https://www.econbiz.de/10011712553
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On household labour supply in sticky-wage HANK models
Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023
, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …
Persistent link: https://www.econbiz.de/10014467926
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Reversal interest rate and macroprudential policy
Darracq Pariès, Matthieu; Kok Sørensen, Christoffer; … - 2021
Could a monetary policy loosening in a low interest rate environment have unintended recessionary effects? Using a non-linear macroeconomic model fitted to the euro area economy, we show that the effectiveness of monetary policy can decline in negative territory until it reaches a turning point,...
Persistent link: https://www.econbiz.de/10012596371
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Is globalization the root cause of declining inflation?
Hukkinen, Juhana; Virén, Matti E. E. - 2022
This paper examines the reasons for the declining path of inflation since the 1970s. In particular, it focusses on the … inflation. The paper makes use of different data from individual countries and panel of countries. These data show that the … dispersion of inflation and the behavior of relative prices follow a pattern that is consistent with several globalization …
Persistent link: https://www.econbiz.de/10014551656
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Is globalization the root cause of declining inflation?
Hukkinen, Juhana; Virén, Matti E. E. - 2022
This paper examines the reasons for the declining path of inflation since the 1970s. In particular, it focusses on the … inflation. The paper makes use of different data from individual countries and panel of countries. These data show that the … dispersion of inflation and the behavior of relative prices follow a pattern that is consistent with several globalization …
Persistent link: https://www.econbiz.de/10013342243
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Inflation target credibility in times of high inflation
Coleman, Winnie; Nautz, Dieter - 2022
We use a representative online survey to investigate the inflation expectations of German consumers and the credibility … of the ECB's inflation target during the recent high inflation period. We find that credibility has trended downwards … since summer 2021, reaching an all-time low in April 2022. The high correlation between inflation expectations and the …
Persistent link: https://www.econbiz.de/10013285915