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Sovereign Risk and Belief-Driven Fluctuations in the Euro Area
Kuester, Keith - 2013
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...
Persistent link: https://www.econbiz.de/10013071921
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US vs. Euro Area : Who Drives Cross-Border Bank Lending to EMS?
Cerutti, Eugenio - 2019
This paper analyzes the drivers of cross-border bank lending to 49 Emerging Markets (EMs) during the period 1990Q1-2014Q4, by assessing the impact of monetary, financial and real sector shocks in both the US and the euro area. The literature has traditionally highlighted the influence of US...
Persistent link: https://www.econbiz.de/10012859870
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Monetary Policy Transmission in the Eastern Caribbean Currency Union
Myrvoda, Alla - 2018
(deposit and lending) and are supported by survey-based findings …
Persistent link: https://www.econbiz.de/10012918570
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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism : How Does the Central Bank's Repo Rate Affect the Economy?
Cheng, Kevin C. - 2007
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the...
Persistent link: https://www.econbiz.de/10012777936
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Managing the Fed's Liftoff and Transmission of Monetary Policy
Singh, Manmohan - 2015
In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed's liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can...
Persistent link: https://www.econbiz.de/10013013811
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Does Money Matter for U.S. Inflation? Evidence from Bayesian Vars
Berger, Helge - 2008
Volcker and Greenspan eras. However, the contribution of money to inflation forecasting accuracy is quantitatively limited and …inflation in the United States. We test for Granger-causality out-of-sample and find, perhaps surprisingly given recent … theoretical arguments, that including money growth in simple VAR models of inflation does systematically improve out …
Persistent link: https://www.econbiz.de/10012772212
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A Note of Caution on the Relation between Money Growth and Inflation
Berger, Helge; Karlsson, Sune; Österholm, Pär - 2023
We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid … statistically unstable across time in both regions. The effect of money growth on inflation weakened notably after the 1980s before … maximum impact of money growth on inflation is increasing in the trend level of inflation. These results caution against …
Persistent link: https://www.econbiz.de/10014353545
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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
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SMEs’ Access to Finance in the Euro Area : What Helps or Hampers?
Öztürk, Bahar - 2014
The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey …
Persistent link: https://www.econbiz.de/10013053038
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One Money, Many Markets : Monetary Transmission and Housing Financing in the Euro Area
Corsetti, Giancarlo - 2020
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012828237