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On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union
Darracq Paries, Matthieu - 2019
Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single monetary policy. The ECB broadened the scope of its instruments and enacted a series of non-standard measures to engineer an appropriate degree of policy accommodation. The...
Persistent link: https://www.econbiz.de/10012889467
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Euro Area Market Reactions to the Monetary Developments Press Release
Coffinet, Jerome; Gouteron, Sylvain - 2021
Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...
Persistent link: https://www.econbiz.de/10013316901
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The Political Economy Under Monetary Union : Has the Euro Made a Difference?
Fratzscher, Marcel; Stracca, Livio - 2021
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10013316460
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ECB-Global : Introducing ECB's Global Macroeconomic Model for Spillover Analysis
Dieppe, Alistair - 2017
: ECB-Global. We illustrate the usefulness of ECB-Global for policy analysis by presenting its predictions regarding the …
Persistent link: https://www.econbiz.de/10012958272
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A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply
Darracq Paries, Matthieu - 2013
and February 2012. The macroeconomic impact of this measure is identified using the April 2012 Bank Lending Survey (BLS …
Persistent link: https://www.econbiz.de/10013088278
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Forecasting Euro Area Inflation Using Targeted Predictors : Is Money Coming Back?
Falagiarda, Matteo - 2017
, when monetary and credit aggregates are loaded directly in the forecasting equation, the additional gains over the … and credit variables in forecasting inflation, even if their information content is diluted in a much broader pool of … monetary and credit aggregates are very often selected among the top predictors of inflation, with their predictive power …
Persistent link: https://www.econbiz.de/10012963628
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Do Monetary Indicators Lead Euro Area Inflation?
Hofmann, Boris - 2021
indicators in predicting euro area HICP inflation out-of-sample over the period first quarter 1999 till third quarter 2006 … considering standard bivariate forecasting models, factor models, simple combination forecasts as well as trivariate two …-pillar Phillips Curve forecasting models using both ex-post revised and real-time data. The results suggest that the predictive …
Persistent link: https://www.econbiz.de/10013316597
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Are Money and Consumption Additively Separable in the Euro Area? A Non-Parametric Approach
Jones, Barry E.; Stracca, Livio - 2021
sample period back to the 1980s, a period characterised by higher volatility in inflation and money growth …
Persistent link: https://www.econbiz.de/10013317310
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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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The first twenty years of the European Central Bank: Monetary policy
Hartmann, Philipp; Smets, Frank - 2018
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...
Persistent link: https://www.econbiz.de/10012142063