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The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area
Albertazzi, Ugo; Martin, Alberto; Assouan, Emmanuelle; … - 2023
Since the European Central Bank’s (ECB’s) 2003 strategy review, the importance of macro-financial amplification channels for monetary policy has increasingly gained recognition. This paper takes stock of this evolution and discusses the desirability of further incremental enhancements in the...
Persistent link: https://www.econbiz.de/10014354649
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Monetary Policy, Credit Institutions and the Bank Lending Channel in the Euro Area
Altavilla, Carlo - 2019
As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks' balance sheets can have very sizeable implications for the transmission of monetary policy. This paper provides an overview of developments in banks' balance sheets, profitability...
Persistent link: https://www.econbiz.de/10012871122
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Energy Markets and the Euro Area Macroeconomy
Strauch, Rolf - 2014
This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the...
Persistent link: https://www.econbiz.de/10013069751
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Measuring the Cost of Equity of Euro Area Banks
Altavilla, Carlo; Bochmann, Paul; Ryck, Jeroen De; … - 2021
The cost of equity for banks equates to the compensation that market participants demand for investing in and holding banks’ equity, and has important implications for the transmission of monetary policy and for financial stability. Notwithstanding its importance, the cost of equity is...
Persistent link: https://www.econbiz.de/10013243840
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Employment and the Conduct of Monetary Policy in the Euro Area
Brand, Claus; Coenen, Günter; Sondermann, David; … - 2021
price stability is shown to provide flexibility to contribute to the achievement of the EU’s full employment objective …
Persistent link: https://www.econbiz.de/10013210706
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Digitalisation : Channels, Impacts and Implications for Monetary Policy in the Euro Area
Consolo, Agostino; Cette, Gilbert; Bergeaud, Antonin; … - 2021
The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and … of digital adoption differs across the euro area/EU, implying heterogeneous impacts, with most EU economies currently …. The pandemic has accelerated the use of teleworking: roughly every third job in the euro area/EU is teleworkable, although …
Persistent link: https://www.econbiz.de/10013210842
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Assessing the Efficacy, Efficiency and Potential Side Effects of the Ecb's Monetary Policy Instruments Since 2014
Altavilla, Carlo; Lemke, Wolfgang; Linzert, Tobias; … - 2021
This paper summarises the work done by Eurosystem staff in the context of the Strategy Review Seminar on Monetary Policy Instruments. More specifically, it focuses on the efficacy, efficiency and potential side effects of the key monetary policy instruments employed by the European Central Bank...
Persistent link: https://www.econbiz.de/10013210845
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The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area
Albertazzi, Ugo; Assouan, Emmanuelle; Tristani, Oreste; … - 2021
Since the European Central Bank’s (ECB’s) 2003 strategy review, the importance of macro-financial amplification channels for monetary policy has increasingly gained recognition. This paper takes stock of this evolution and discusses the desirability of further incremental enhancements in the...
Persistent link: https://www.econbiz.de/10013210834