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The Implications of Liquidity Regulation for Monetary Policy Implementation and the Central Bank Balance Sheet Size : An Empirical Analysis of the Euro Area
Kedan, Danielle; Ventula Veghazy, Alexia - 2021
We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … crisis and the associated introduction of new liquidity regulation …
Persistent link: https://www.econbiz.de/10013243820
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012776610
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Monetary Conservatism and Fiscal Policy
Adam, Klaus - 2006
Does an inflation conservative central bank agrave; la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...
Persistent link: https://www.econbiz.de/10012779800
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Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a simplified framework should take account of the prevailing macroeconomic context and enhance the balancing of sustainability and stabilisation considerations. This paper provides...
Persistent link: https://www.econbiz.de/10013297106
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Towards a Robust Monetary Policy Rule for the Euro Area
Blattner, Tobias Sebastian - 2010
Estimations of simple monetary policy rules are often very rigid. Standard practice requires that a decision is made as to which indicators the central bank is assumed to respond to, ignoring the data-rich environment in which policy-makers typically form their decisions. However, the choice of...
Persistent link: https://www.econbiz.de/10013142871
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The Role of Central Bank Transparency for Guiding Private Sector Forecasts
Ehrmann, Michael; Eijffinger, Sylvester C. W.; … - 2021
There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...
Persistent link: https://www.econbiz.de/10013316276
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Optimal Monetary Policy in the Generalized Taylor Economy
Kara, Engin - 2021
In this paper we use the Generalized Taylor Economy (GTE) framework in which there are many sectors with overlapping contracts of different lengths to analyze the design of monetary policy. We derive a utility based objective function of a central bank for this economy and use it to evaluate the...
Persistent link: https://www.econbiz.de/10013317481
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Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency
Bindseil, Ulrich - 2013
financial crisis, in which liquidity shocks become more erratic and the total costs of defaults increase, central banks may want …
Persistent link: https://www.econbiz.de/10013083125
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Central Bank Collateral, Asset Fire Sales, Regulation and Liquidity
Bindseil, Ulrich - 2013
' funding liquidity and solvency. Both asset liquidity and central bank haircuts are modelled as power functions within the unit … interval. Funding stability is captured as strategic bank run game in pure strategies between depositors. Asset liquidity, the … bank collateral and why a sudden non-anticipated reduction of asset liquidity, or a tightening of the collateral framework …
Persistent link: https://www.econbiz.de/10013073375
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Lending-of-Last-Resort is as Lending-of-Last-Resort Does : Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area
Garcia de Andoain, Carlos - 2016
This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the … main euro area payment system. To identify exogenous shocks to central bank liquidity, we exploit the timing of ECB … liquidity operations and use a simple structural vector auto-regression framework. We argue that the ECB acted as a de …
Persistent link: https://www.econbiz.de/10012998230