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Finance access of SMEs : what role for the ECB?

Belke, Ansgar - 2013

Kleine und mittlere Unternehmen (KMU) in südlichen Euro-Volkswirtschaften wie Italien und Spanien zahlen seit längerem … immer größer. Es wird häufig argumentiert, dass ein gravierendes Marktversagen den Zugang der KMU in südlichen Ländern zu … Verbesserung des Finanzmarktzugangs für KMU, die sowohl den EU-Institutionen als auch der EZB im Rahmen ihres Mandats zur Sicherung …

Persistent link: https://www.econbiz.de/10009779172

International effects of euro area versus US policy uncertainty : a FAVAR approach

Belke, Ansgar; Osowski, Thomas - 2017

Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we estimate a large-scale FAVAR model for 18 OECD member countries. We quantify the global effects of economic policy uncertainty shocks and check whether the signs, the magnitude, and the...

Persistent link: https://www.econbiz.de/10011640939

The impact of uncertainty on macro variables : an SVAR-based empirical analysis for EU countries

Belke, Ansgar; Kronen, Dominik - 2017

In light of the rising political and economic uncertainty in Europe, we aim to provide a basic understanding of the impact of economic policy uncertainty and financial market uncertainty on a set of macroeconomic variables such as production, consumption and investment. In this paper, we apply a...

Persistent link: https://www.econbiz.de/10011662699

The importance of global shocks for national policy makers : rising challenges for central banks

Belke, Ansgar; Rees, Andreas - 2009

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...

Persistent link: https://www.econbiz.de/10003884937

(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10003931391

Current account balances and structural adjustment in the euro area

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2010

In the past decade, a set of euro area countries has accumulated large current account deficits. After a brief relaxation of the euro area internal imbalances in the wake of the financial crisis, it appears as if this pattern arises anew when times normalize again and Germany still sticks to...

Persistent link: https://www.econbiz.de/10003950870

Enlarging the EMU to the East : what effects on trade?

Belke, Ansgar (contributor); Spies, Julia (contributor) - 2007

Persistent link: https://www.econbiz.de/10003525329

Does the ECB rely on a Taylor rule? : comparing ex-post with real time data

Belke, Ansgar; Klose, Jens - 2009

We assess the differences that emerge in Taylor rule estimations for the ECB when using ex-post data instead of real time forecasts and vice versa.We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and...

Persistent link: https://www.econbiz.de/10003877669

Is euro area money demand (still) stable? : cointegrated VAR versus single equation techniques

Belke, Ansgar; Czudaj, Robert - 2010

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows that the current financial and economic crisis that started in 2007 does not appear to have any noticeable impact on the stability of the euro area money demand function. We also...

Persistent link: https://www.econbiz.de/10003941679

Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit easing in order to prevent inflation. The exits should be step-by-step rather than one-off . Communicating about the exit strategy must be an integral part of the exit strategy....

Persistent link: https://www.econbiz.de/10003961040