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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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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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Scarcity effects of QE : a transaction-level analysis in the Bund market
Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017
This paper investigates the scarcity effects of quantitative easing (QE) policies, drawing on intra-day transaction-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This paper is the first to match high-frequency QE purchase...
Persistent link: https://www.econbiz.de/10011632212
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Monetary policy transmission to Russia & Eastern Europe
Stann, Carsten M.; Grigoriadis, Theocharis - 2019
Europe and Russia. Notably, bilateral integration with the eurozone is a key determinant of the strength of spillovers, with …
Persistent link: https://www.econbiz.de/10012006697
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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 shocks,...
Persistent link: https://www.econbiz.de/10012197879
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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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Money under the mattress : inflation and lending of last resort
Barlevy, Gadi; Bird, Daniel; Ferhstman, Daniel; Weiss, David - 2024
Persistent link: https://www.econbiz.de/10015049989
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Money growth and consumer price inflation in the euro area : a wavelet analysis
Mandler, Martin; Scharnagl, Michael - 2014
Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet … analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the … frequency spectrum and across time. We find evidence of strong comovements between money growth and inflation at low frequencies …
Persistent link: https://www.econbiz.de/10010433361
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Disentangling the effects of multidimensional monetary policy on inflation and inflation expectations in the euro area
Martínez-Hernández, Catalina - 2020 - This version: October 30, 2020
mandate of price stability in the current low-inflation, low-interest-rate scenario. This paper contributes to the existing … anchoring of inflation expectations. I carry out my analysis based on a high-frequency identification and the estimation of a … forward guidance, i.e. forecasters revise their long-run expectations upwards. Consequently, inflation increases, which …
Persistent link: https://www.econbiz.de/10012305860
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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