Narrow search
Showing 1 - 10 of 1,476
Cover Image
Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model
Dees, Stephane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2021
This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...
Persistent link: https://www.econbiz.de/10013316169
Cover Image
Introducing Dominant Currency Pricing in the ECB's Global Macroeconomic Model
Georgiadis, Georgios; Mösle, Saskia - 2021
A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter’s or the … rate is a major driver of global trade, even for transactions that do not involve the US. In order to illustrate the … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …
Persistent link: https://www.econbiz.de/10013315335
Cover Image
Central Bank Information Effects and Transatlantic Spillovers
Jarocinski, Marek - 2021
The news about the economy contained in a central bank announcement can affect public expectations. This paper shows, using both event studies and vector autoregressions, that such central bank information effects are an important channel of the transatlantic spillover of monetary policy. They...
Persistent link: https://www.econbiz.de/10013315198
Cover Image
What is global excess liquidity, and does it matter?
Rüffer, Rasmus; Stracca, Livio - 2006
This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of “global excess liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on...
Persistent link: https://www.econbiz.de/10011604742
Cover Image
Global corporate bond issuance: what role for US quantitative easing?
Lo Duca, Marco; Nicoletti, Giulio; Vidal Martinez, Ariadna - 2014
The paper investigates the impact of US quantitative easing (QE) on global non-financial corporate bond issuance. It distinguishes between two QE instruments, MBS/GSE debt and Treasury bonds, and disentangles between two channels of transmission of QE to global bond markets, namely flow effects...
Persistent link: https://www.econbiz.de/10011605694
Cover Image
Monetary policy spillovers and the role of prudential policies in the European Union
Coman, Andra - 2023
This paper empirically examines the extent to which prudential policies can help to reduce the macro-financial spillover effects of foreign monetary policy for all 28 EU countries. Using local projection methods, I show that EU countries with tighter prudential policies face significantly...
Persistent link: https://www.econbiz.de/10014543604
Cover Image
Who's afraid of euro area monetary tightening? CESEE shouldn't
Geis, André; Moder, Isabella; Schuler, Tobias - 2020
After a first phasing out of the ECB's net asset purchases at end-2018, the question of how a future tightening of the ECB's monetary policy may affect countries located in the vicinity of the euro area has gained prominence, but has been left largely unanswered so far. Our paper aims to close...
Persistent link: https://www.econbiz.de/10012422078
Cover Image
Negative rates, monetary policy transmission and cross-border lending via international financial centres
Andreeva, Desislava éC.; Coman, Andra; Everett, Mary; … - 2023
We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their...
Persistent link: https://www.econbiz.de/10014374458
Cover Image
Who's Afraid of Euro Area Monetary Tightening? Cesee Shouldn't
Geis, André - 2020
After a first phasing out of the ECB's net asset purchases at end-2018, the question of how a future tightening of the ECB's monetary policy may affect countries located in the vicinity of the euro area has gained prominence, but has been left largely unanswered so far. Our paper aims to close...
Persistent link: https://www.econbiz.de/10012833000
Cover Image
Monetary Policy and its Transmission in a Globalised World
Ca'Zorzi, Michele - 2020
This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by purging them of the bias stemming from contemporaneous...
Persistent link: https://www.econbiz.de/10012834227