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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

Money and the transmission of monetary policy

Carpenter, Seth; Demiralp, Selva - 2009

models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous …. Nevertheless, academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore … the institutional structure of the transmission mechanism beginning with open market operations through to money and loans …

Persistent link: https://www.econbiz.de/10010273662

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

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

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

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

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

Greenspan and the Greenbook

Tchaidze, Robert R. - 2002

A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...

Persistent link: https://www.econbiz.de/10010293458

Sacrifice ratios with long-lived effects

Zhang, Lawrence Huiyan - 2001

This paper contains a theoretical and empirical study of sacrifice ratios with long-lived effects including possible strong persistence effects or even hysteresis effects The empirical analysis is based on G-7 quarterly output data as well as unemployment data from 1960 to 1999 In this paper I...

Persistent link: https://www.econbiz.de/10010293484

Supply shocks and the persistence of inflation

Sommer, Martin - 2002

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...

Persistent link: https://www.econbiz.de/10010293489

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