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Heterogeneity in money holdings across euro area countries: The role of housing

Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - In: European Journal of Political Economy 27 (2011) 4, pp. 764-780

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...

Persistent link: https://www.econbiz.de/10010574387

Managing financial market expectations: The role of central bank transparency and central bank communication

Neuenkirch, Matthias - In: European Journal of Political Economy 28 (2012) 1, pp. 1-13

In this paper, we study the influence of central bank transparency and informal central bank communication on the …, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal … the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of …

Persistent link: https://www.econbiz.de/10010574390

What's in a second opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - In: European Journal of Political Economy 32 (2013) C, pp. 135-148

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

Persistent link: https://www.econbiz.de/10010719638