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Monetary policy in the Euro area: Lessons from the first years

Clausen, Volker; Hayo, Bernd - 2002

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...

Persistent link: https://www.econbiz.de/10010301118

Estimating a European demand for money

Hayo, Bernd - 1998

that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an … inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of … such a European money demand for narrow and broad money for the actual 11 EMU countries based on quarterly aggregate data …

Persistent link: https://www.econbiz.de/10010301138

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

Asymmetric monetary policy effects in EMU

Clausen, Volker; Hayo, Bernd - 2002

This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...

Persistent link: https://www.econbiz.de/10010301283

The bank lending survey for the euro area

Berg, Jesper; Ferrando, Annalisa; de Bondt, Gabe; … - 2005

This occasional paper explains why the bank lending survey was developed by the ECB and describes its main features. It discusses the importance of credit developments for both the economy and the functioning of monetary policy, and further clarifies why the survey was introduced. Furthermore,...

Persistent link: https://www.econbiz.de/10011606175

The monetary presentation of the euro area balance of payments

Bê Duc, Louis; Mayerlen, Frank; Sola, Pierre - 2008

counterpart of money, as reflected in the balance sheet of the banking sector, and the balance of payments. From a statistical …

Persistent link: https://www.econbiz.de/10011606248

Der Staat als 'Lender of Last Resort' - oder: Die Achillesferse des Eurosystems

Steiger, Otto - 2002

bank can create high-powered money for emergency loans without limit, its capacity to absorb losses is limited by the size … strictly limited taxing powers. Therefore, to prevent financial crises in the Eurosystem not only central bank and tax money … solutions have to be considered but also how to use private money and money from international institutions. …

Persistent link: https://www.econbiz.de/10010301162

Balkan and Mediterranean candidates for European Union membership: The convergence of their monetary policy with that of the European Central Bank

Brada, Josef C.; Kutan, Ali M. - 2001

membership with that of countries that have recently joined the EU. Significant linkages exist between German base money stock …

Persistent link: https://www.econbiz.de/10010301291