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New Facts on Consumer Price Rigidity in the Euro Area

Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; … - 2022

changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …

Persistent link: https://www.econbiz.de/10014082035

Asset Purchase Programmes and Financial Markets : Lessons from the Euro Area

Altavilla, Carlo - 2016

We evaluate the effects on asset prices of the ECB asset purchase program (APP) announced in January 2015 and assess its main transmission channels. We do so by first extending a term structure model with bond supply effects to account for assets with different types of risk premia. We then...

Persistent link: https://www.econbiz.de/10013001152

A Tale of Two Decades : The Ecb's Monetary Policy at 20

Rostagno, Massimo - 2020

inflation almost universally to the upside; and the second – starting well into the post-Lehman period – characterised by … stability with a hard 2% ceiling, functioned as a key shock-absorber in the relatively high-inflation years prior to the crisis … inflation and economic activity …

Persistent link: https://www.econbiz.de/10012844614

Combining Negative Rates, Forward Guidance and Asset Purchases : Identification and Impacts of the ECB's Unconventional Policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

inflation would have been 1.1 p.p. and 0.75 p.p. lower, respectively, and the unemployment rate 1.1 p.p. higher than they …

Persistent link: https://www.econbiz.de/10013225325