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Money and monetary policy transmission in the euro area : evidence from FAVAR- and VAR approaches

Bläs, Barno - 2009

This paper investigates the transmission of monetary policy in the euro area based on the factor augmented vector autoregressive approach of Bernanke, Boivin and Eliasz (2005) as well as on a standard VAR model. We focus on the reaction of monetary aggregates to a one-off monetary policy shock....

Persistent link: https://www.econbiz.de/10003857699

Coin migration within the euro area

Seitz, Franz; Stoyan, Dietrich; Tödter, Karl-Heinz - 2009

This paper analyses how many euro coins outflow from Germany and which composition of coins is to be expected in the long run. To this end, a simple mathematical model is formulated and calibrated for €1 coins. The introduction of the euro coins in 2002 presented a unique opportunity to...

Persistent link: https://www.econbiz.de/10003881600

The quality of banking and regional growth

Hasan, Iftekhar (contributor); Koetter, Michael (contributor) - 2007

We test whether output growth in European economic agglomeration regions depends on financial development. To this end we suggest a relative measure of the quality of financial institutions rather than the usual quantity proxy of financial development. In order to measure the quality of...

Persistent link: https://www.econbiz.de/10003529006

Welfare effects of financial integration

Fecht, Falko (contributor); Grüner, Hans Peter (contributor) - 2007

This paper compares four forms of inter-regional financial risk sharing: (i) segmentation, (ii) integration trough the secured interbank market, (iii) integration trough the unsecured interbank market, (iv) integration of retail markets. The secured interbank market is an optimal risk-sharing...

Persistent link: https://www.econbiz.de/10003529019

Heterogeneous expectations, learning and European inflation dynamics

Weber, Anke (contributor) - 2007

This paper is the first attempt to investigate the performance of different learning rules in fitting survey data of household and expert inflation expectations in five core European economies (France, Germany, Italy, Netherlands and Spain). Overall it is found that constant gain learning...

Persistent link: https://www.econbiz.de/10003529508

Money in monetary policy design under uncertainty : the Two-Pillar Phillips Curve versus ECB-style cross-checking

Beck, Günter W. (contributor); Wieland, Volker (contributor) - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...

Persistent link: https://www.econbiz.de/10003529545

Simple interest rate rules with a role for money

Scharnagl, Michael (contributor); … - 2007

The paper analyses the performance of simple interest rate rules which feature a response to noisy observations of inflation, output and money growth. The analysis is based on a small empirical model of the hybrid New Keynesian type which has been estimated on euro area data by Stracca (2007)....

Persistent link: https://www.econbiz.de/10003576565

Spill-over effects of monetary policy : a progress report on interest rate convergence in Europe

Fladung, Michael (contributor) - 2007

This study examines differences in the interest rate response to an ECB policy impulse in the euro area, the new EU …-member states, and in the other non-eurozone EU countries in order to gauge the degree of interest rate alignment in Europe. To this … the euro area's yield curve; (iii) compared to the euro area, the short-term market segments in the new EU-member states …

Persistent link: https://www.econbiz.de/10003546013

Dynamic factor models

Breitung, Jörg (contributor); Eickmeier, Sandra (contributor) - 2005

Factor models can cope with many variables without running into scarce degrees of freedom problems often faced in a regression-based analysis. In this article we review recent work on dynamic factor models that have become popular in macroeconomic policy analysis and forecasting. By means of an...

Persistent link: https://www.econbiz.de/10003227088

The eurosystem money market auctions : a banking perspective

Bartzsch, Nikolaus (contributor); Craig, Ben R. (contributor) - 2005

This paper analyzes the individual bidding behaviour of German banks in the money market auctions conducted by the ECB from the beginning of the third quarter of 2000 to the end of the first quarter of 2001. Our approach takes a variety of characteristics of the individual banks into account. In...

Persistent link: https://www.econbiz.de/10003209691