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The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences
Gerdesmeier, Dieter; Mongelli, Francesco Paolo; Roffia, … - 2007
The paper provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central...
Persistent link: https://www.econbiz.de/10011604788
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Maintaining low inflation: money, interest rates, and policy stance
Reynard, Samuel - 2007
This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro …
Persistent link: https://www.econbiz.de/10011604802
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Financial factors in economic fluctuations
Christiano, Lawrence; Rostagno, Massimo; Motto, Roberto - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10011605238
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Dauerkritik an der Europäischen Zentralbank: Falsch angewendete Theorie untergräbt Vertrauen in die Geldpolitik
Winkler, Adalbert - In: Wirtschaftsdienst 94 (2014) 7, pp. 479-486
Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie...
Persistent link: https://www.econbiz.de/10010471456
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Do monetary indicators lead euro area inflation?
Hofmann, Boris - 2008
ability of money-based forecasts relative to a simple random walk benchmark model was high at medium-term forecasting horizons …
Persistent link: https://www.econbiz.de/10011604913
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Are money and consumption additively separable in the euro area? A non-parametric approach
Jones, Barry E.; Stracca, Livio - 2006
money balances, building on Varian (1983). If additive separability is rejected, then real balances enter into the … sample period back to the 1980s, a period characterised by higher volatility in inflation and money growth. …
Persistent link: https://www.econbiz.de/10011604750
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Responses to monetary policy shocks in the east and the west of Europe: a comparison
Jarociński, Marek - 2008
This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the New Member States (NMS) from central-eastern Europe. We mitigate the small sample problem, which is especially acute for the NMS, by using a Bayesian estimation that combines...
Persistent link: https://www.econbiz.de/10011605016
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How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches
Fratzscher, Marcel - 2005
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run. It compares empirical evidence based on time-series analysis with that obtained from an eventstudy approach. Both the time-series approach based...
Persistent link: https://www.econbiz.de/10011604574
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Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
De Santis, Roberto A.; Favero, Carlo A.; Roffia, Barbara - 2008
The long-run relationship between money and prices in the euro area embedded in traditional money demand models with … income and interest rates broke down after 2001. We develop a money demand model where investors hold a diversified portfolio … with money, domestic and foreign stocks and long-term bonds in which, in addition to the classical wealth effect, also a …
Persistent link: https://www.econbiz.de/10011604972
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Do bank loans and credit standards have an effect on output? A panel approach for the euro area
Cappiello, Lorenzo; Kadareja, Arjan; Kok, Christoffer; … - 2010
Applying the identification strategy employed by Driscoll (2004) for the United States, this paper provides empirical evidence for the existence of a bank lending channel of monetary policy transmission in the euro area. In addition, and in contrast to recent findings for the US, we find that in...
Persistent link: https://www.econbiz.de/10011605196