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Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023

Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX …

Persistent link: https://www.econbiz.de/10014354526

Negative Interest Rate Policy (NIRP) : Implications for Monetary Transmission and Bank Profitability in the Euro Area

Jobst, Andreas (Andy) - 2016

More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero...

Persistent link: https://www.econbiz.de/10012977791

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Quint, Dominic - 2013

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. Wefind that the introduction of a...

Persistent link: https://www.econbiz.de/10013073679

Do Fiscal Rules Foster Fiscal Discipline in Resource-Rich Countries?

Apeti, Ablam Estel; Basdevant, Olivier; Salins, Veronique - 2023

This paper investigates the performance of fiscal rules in resource-rich countries (RRC). Using panel data for 57 commodity exporting countries from 1976 to 2021, we find that fiscal rules: (i) reduce the procyclicality of real public expenditures with terms of trade in oil exporting countries,...

Persistent link: https://www.econbiz.de/10014354588

Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe

Kotia, Ananya - 2016

This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the...

Persistent link: https://www.econbiz.de/10012977755

Fiscal Rules and Fiscal Councils : Recent Trends and Performance During the COVID-19 Pandemic

Davoodi, Hamid R.; Elger, Paul; Fotiou, Alexandra; … - 2022

Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy...

Persistent link: https://www.econbiz.de/10013295144

Restructuring and Insolvency in Europe : Policy Options in the Implementation of the EU Directive

Garrido, José; DeLong, Chanda; Ras, Ami; Rosha, Anjum - 2022

The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal...

Persistent link: https://www.econbiz.de/10013306802

What Drives Mortgage Default Risk in Europe and the U.S.?

Gross, Marco; Tressel, Thierry; Ding, Xiaodan; Tereanu, … - 2022

We present an analysis of the sensitivity of household mortgage probabilities of default (PDs) and loss given default (LGDs) on unemployment rates, house price growth, interest rates, and other drivers. A structural micro-macro simulation model is used to that end. It is anchored in the balance...

Persistent link: https://www.econbiz.de/10013291773

A European Minimum Wage : Implications for Poverty and Macroeconomic Imbalances

Detragiache, Enrica - 2020

A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW and higher unemployment, higher prices, and a loss of social insurance benefits...

Persistent link: https://www.econbiz.de/10012831607

The Granular Origins of Macroeconomic Fluctuations in Europe

Ebeke, Christian - 2017

This paper investigates the microeconomic origins of aggregate economic fluctuations inEurope. It examines the relevance of idiosyncratic shocks at the top 100 large firms (thegranular shocks) in explaining aggregate macroeconomic fluctuations. The paper alsoassesses the strength of spillovers...

Persistent link: https://www.econbiz.de/10012942339