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Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks : The Case of the Eurosystem
Åberg, Pontus; Corsi, Marco; Grossmann-Wirth, Vincent; … - 2021
This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the...
Persistent link: https://www.econbiz.de/10013212033
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Evolution of the Ecb's Analytical Framework
Holm-Hadulla, Federic; Musso, Alberto; Vlassopoulos, Thomas - 2021
This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff...
Persistent link: https://www.econbiz.de/10013210828
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Spillover effects from euro area monetary policy across the EU : a factor-augmented VAR approach
Potjagailo, Galina - 2016
I analyze spillover effects from Euro area monetary policy shocks to thirteen EU countries outside the Euro area, i.e., ten countries from Central and Eastern Europe (CEE) and three Western EU members. The analysis is based on a FAVAR model with two blocks which exploits a large cross-country...
Persistent link: https://www.econbiz.de/10011440779
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Monetary aggregates to improve early output gap estimates in the euro area -- an empirical assessment
Boysen-Hogrefe, Jens - 2014
Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...
Persistent link: https://www.econbiz.de/10010248220
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The Use of Cash by Households in the Euro Area
Esselink, Henk - 2017
Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents...
Persistent link: https://www.econbiz.de/10012942685
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Catch Me (If You Can) : Assessing the Risk of SARS-CoV-2 Transmission Via Euro Cash
Tamele, Barbora; Zamora-Pérez, Alejandro; Litardi, Chiara - 2021
In the light of fears that the SARS-CoV-2 virus might be transmitted via cash – fears that were stoked by statements in the media and from public authorities – this paper aims to address the following issues: (1) to provide a descriptive account of the change in the circulation of euro...
Persistent link: https://www.econbiz.de/10013217793
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Money demand stability and inflation prediction in the four largest EMU countries
Carstensen, Kai; Hagen, Jan U.; Hossfeld, Oliver; … - 2008
In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4 …) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 … aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …
Persistent link: https://www.econbiz.de/10003746606
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The Analytical Credit Dataset. A Magnifying Glass for Analysing Credit in the Euro Area
Israel, Jean Marc - 2017
In May 2016 the Governing Council adopted the AnaCredit Regulation (ECB/2016/13) providing the legal basis for the European System of Central Banks (ESCB) to collect granular information on loans from banks to corporates and other legal persons based on a core set of harmonised concepts and...
Persistent link: https://www.econbiz.de/10012954335
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The link of the monetary indicator to future inflation in the euro area : a simulation experiment
Gottschalk, Jan; Stolz, Stéphanie Marie - 2001
We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows theoretically in a recent paper that the relationship between these two variables is rather tenuous. The present study employs empirical evidence on the relations in his model to quantify...
Persistent link: https://www.econbiz.de/10011476494
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Revisiting the Monetary Presentation of the Euro Area Balance of Payments
Picón Aguilar, Carmen - 2020
flows between resident money holders and the rest of the world. This is possible thanks to the monetary presentation of the …
Persistent link: https://www.econbiz.de/10012841808