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The Phillips Curve at the ECB
Eser, Fabian - 2020
inflation and the role of inflation expectations. In relation to the recent weakness of inflation, we discuss the role of firm … supports the view that the absorption of slack and a firm anchoring of inflation expectations remain central to successful … inflation stabilisation …
Persistent link: https://www.econbiz.de/10012834963
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The Phillips curve at the ECB
Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura - 2020
We explain the role of the Phillips Curve in the analysis of the economic outlook and the formulation of monetary policy at the ECB. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from reduced-form estimates and relate the...
Persistent link: https://www.econbiz.de/10012422062
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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
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The Euro Exchange Rate During the European Sovereign Debt Crisis - Dancing to Its Own Tune?
Ehrmann, Michael - 2013
This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange rate mainly danced to its own tune, with a particularly...
Persistent link: https://www.econbiz.de/10013083696
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Heterogeneous Transmission Mechanism : Monetary Policy and Financial Fragility in the Euro Area
Ciccarelli, Matteo - 2013
The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has affected the transmission mechanism of the single Euro...
Persistent link: https://www.econbiz.de/10013085173
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Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking : Evidence from the Euro Area Securities Register
Bubeck, Johannes - 2020
We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more...
Persistent link: https://www.econbiz.de/10012836176
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Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area
Maddaloni, Angela - 2013
We analyze the impact on lending standards of short-term interest rates and macro-prudential policy before the 2008 crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for monetary and prudential policy and using the Bank...
Persistent link: https://www.econbiz.de/10013080478
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The Euro Area Bank Lending Survey Matters : Empirical Evidence for Credit and Output Growth
de Bondt, Gabe; Maddaloni, Angela; Peydró, José-Luis; … - 2021
This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...
Persistent link: https://www.econbiz.de/10013316257
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Markups and inflation cyclicality in the euro area
Kouvavas, Omiros; Osbat, Chiara; Reinelt, Timo; … - 2021
Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in … output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation … countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we …
Persistent link: https://www.econbiz.de/10012819031
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Markups and Inflation Cyclicality in the Euro Area
Kouvavas, Omiros; Osbat, Chiara; Reinelt, Timo; … - 2021
Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in … output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation … countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we …
Persistent link: https://www.econbiz.de/10013313119