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The Interplay of Economic Reforms and Monetary Policy : The Case of the Euro Area
Drudi, Francesco - 2012
The world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronisation. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August...
Persistent link: https://www.econbiz.de/10013101191
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Monetary policy, asset prices and consumption in China
Koivu, Tuuli - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10011605286
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Monetary Policy, Asset Prices and Consumption in China
Koivu, Tuuli - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10013138816
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The Effects of Emu on Structural Reforms in Labour and Product Markets
Duval, Romain - 2006
Will EMU accelerate or retard structural reform in labour and product markets? The theoretical literature is ambiguous. New descriptive evidence provided in this paper suggests that euro-area countries have made relatively good progress in structural reform. However, it is much less clear...
Persistent link: https://www.econbiz.de/10012780843
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On the International Spillovers of US Quantitative Easing
Fratzscher, Marcel - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to other...
Persistent link: https://www.econbiz.de/10013081463
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Welfare implications of joining a common currency
Ca' Zorzi, Michele; De Santis, Roberto A.; Zampolli, … - 2005
This paper examines the welfare implications of a country joining a currency union as opposed to operating in a flexible exchange rate regime. At the country level, the suboptimal response to domestic and foreign shocks and the inability of setting inflation at the desired level may be offset by...
Persistent link: https://www.econbiz.de/10011604491
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Parameter misspecification and robust monetary policy rules
Walsh, Carl E. - 2005
In this paper, I evaluate the performance deterioration that occurs when the central bank employs an optimal targeting rule that is based on incorrect parameter values. I focus on two parameters — the degree of inflation inertia and the degree of price stickiness. I explicitly account for the...
Persistent link: https://www.econbiz.de/10011604523
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Communication and decision-making by central bank committees: different strategies, same effectiveness?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...
Persistent link: https://www.econbiz.de/10011604534
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Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions
Meier, André; Müller, Gernot J. - 2005
Financial frictions affect the way in which different components of GDP respond to a monetary policy shock. We embed the financial accelerator of Bernanke, Gertler and Gilchrist (1999) into a medium-scale Dynamic General Equilibrium model and evaluate the relative importance of financial...
Persistent link: https://www.econbiz.de/10011604546
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Monetary policy predictability in the euro area: an international comparison
Wilhelmsen, Bjørn-Roger; Zaghini, Andrea - 2005
The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money market rates we show that the days of policy meetings are special days for...
Persistent link: https://www.econbiz.de/10011604550