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Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency

Bindseil, Ulrich - 2013

After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 – in consistence with previous narratives,...

Persistent link: https://www.econbiz.de/10013083125

International Evidence on Sticky Consumption Growth

Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - 2021

We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...

Persistent link: https://www.econbiz.de/10013316561

Fiscal Developments and Financial Stress : A Threshold VAR Analysis

Afonso, António - 2011

.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i …

Persistent link: https://www.econbiz.de/10013128285

Would the Bundesbank Have Prevented the Great Inflation in the United States?

Benati, Luca - 2009

that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have …

Persistent link: https://www.econbiz.de/10013153230

Modelling Ireland's Exchange Rates : From EMS to EMU

Bond, Derek - 2007

This paper attempts to model the nominal and real exchange rate for Ireland, relative to Germany and the UK from 1975 … to 2003. It offers an overview of the theory of purchasing power parity (Ppp), focusing particularly on likely sources of … exchange rates are effectively modelled, and in the case of Ireland and Germany, Ppp is found to be valid not only in the long …

Persistent link: https://www.econbiz.de/10012775859

Fast Micro and Slow Macro : Can Aggregation Explain the Persistence of Inflation?

Mojon, Benoit - 2007

An aggregation exercise is proposed that aims at investigating whether the fast average adjustment of the disaggregate inflation series of the euro area CPI translates into the slow adjustment of euro area aggregate inflation. We first estimate a dynamic factor model for 404 inflation...

Persistent link: https://www.econbiz.de/10012777732

Drift and Breaks in Labor Productivity

Benati, Luca - 2007

We use tests for multiple breaks at unknown points in the sample, and the Stock-Watson (1996, 1998) time-varying parameters median-unbiased estimation methodology, to investigate changes in the equilibrium rate of growth of labor productivity - both per hour and per worker - in the United...

Persistent link: https://www.econbiz.de/10012777974

Dissecting Long-Term Bund Yields in the Run-Up to the ECB's Public Sector Purchase Programme

Lemke, Wolfgang - 2017

Starting in summer 2014, markets began to build up expectations that the European Central Bank (ECB) would embark on large-scale sovereign bond purchases. The ECB's Public Sector Purchase Programme (PSPP) was eventually announced on 22 January 2015 and purchases started in March. Both during the...

Persistent link: https://www.econbiz.de/10012944299

Sticky Information Phillips Curves : European Evidence

Döpke, Jörg - 2008

professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and …

Persistent link: https://www.econbiz.de/10012770725

The Financial and Macroeconomic Effects of OMT Announcements

Altavilla, Carlo - 2014

government bond yields by about 2 percentage points, while leaving unchanged the bond yields of the same maturity in Germany and … France, Germany, Italy, and Spain. The scenario analysis suggests that the reduction in bond yields due to OMT announcements … spillovers in France and Germany …

Persistent link: https://www.econbiz.de/10013051170

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