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The (in)stability of money demand in the Euro area

Nautz, Dieter; Rondorf, Ulrike - 2010

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy … instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of … standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for …

Persistent link: https://www.econbiz.de/10010303823

Forecasting ECB monetary policy: accuracy is (still) a matter of geography

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

Monetary policy in the euro area is conducted within a multi-country, multi-cultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...

Persistent link: https://www.econbiz.de/10010299102

Monetary transmission right from the start: The (dis)connection netween the money market and the ECB's main refinancing rates

Abbassi, Puriya; Nautz, Dieter - 2010

The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission … process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO … disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full …

Persistent link: https://www.econbiz.de/10010300713

Does money matter in the ECB strategy? New evidence based on ECB communication

Berger, Helge; de Haan, Jakob; Sturm, Jan-Egbert - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the …

Persistent link: https://www.econbiz.de/10010299092

Central bank communication and the perception of monetary policy by financial market experts

Schmidt, Sandra; Nautz, Dieter - 2010

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...

Persistent link: https://www.econbiz.de/10010303907

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266

The Stability and Growth Pact - crisis and reform

Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10011606281

Does money still matter for U.S. output?

Berger, Helge; Österholm, Pär - 2008

whether money growth Granger-causes output growth in the United States. We find surprisingly strong evidence for a money … Great moderation, the Granger-causal role of money appears to have vanished completely. …

Persistent link: https://www.econbiz.de/10010299137

The ECB's monetary analysis revisited

Berger, Helge; Harjes, Thomas; Stavrev, Emil - 2008

money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non … policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and …

Persistent link: https://www.econbiz.de/10010299145