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ECB Euro Liquidity Lines
Albrizio, Silvia - 2023
effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …
Persistent link: https://www.econbiz.de/10015059508
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The ECB's Future Monetary Policy Operational Framework: Corridor or Floor?
Brandão-Marques, Luis - 2024
This paper reviews the trade-offs involved in the choice of the ECB's monetary policy operational framework. As long as the ECB's supply of reserves remains well in excess of the banks' demand, the ECB will likely continue to employ a floor system for implementing the target interest rate in...
Persistent link: https://www.econbiz.de/10015058579
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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 2008
The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even...
Persistent link: https://www.econbiz.de/10014409073
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Central Bank Response to the 2007-08 Financial Market Turbulence
Stella, Peter - 2008
Persistent link: https://www.econbiz.de/10012678161
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Trade Effects of Currency Unions
Albertin, Giorgia - 2008
This paper provides a general equilibrium analysis of the trade effects of the formation of a currency union, and of its subsequent enlargement to include an economically dissimilar country. Furthermore, it investigates how economic dissimilarities among countries affect the magnitude of the...
Persistent link: https://www.econbiz.de/10012677679
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Euro Area Sovereign Risk During the Crisis
Zoli, Edda - 2009
While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy … perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with … previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are …
Persistent link: https://www.econbiz.de/10012677887
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The Economics of Sovereign Debt, Bailouts, and the Eurozone Crisis
Gourinchas, Pierre-Olivier - 2023
during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …
Persistent link: https://www.econbiz.de/10015059348
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Euro Area Monetary Policy in Uncharted Waters
Stavrev, Emil - 2009
We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...
Persistent link: https://www.econbiz.de/10012677859
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The Information Content of Money in Forecasting Euro Area Inflation
Stavrev, Emil - 2008
money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of …
Persistent link: https://www.econbiz.de/10012677626
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Measures of Underlying Inflation in the Euro Area : Assessment and Role for Informing Monetary Policy
Stavrev, Emil - 2006
Intro -- Contents -- I. INTRODUCTION -- II. TAXONOMY OF UNDERLYING INFLATION INDICATORS -- III. FEATURES OF THE INDICATORS -- IV. FORECASTING METHODOLOGY AND ASSESSMENT OF FORECASTING PERFORMANCE -- V. CONCLUDING REMARKS -- References.
Persistent link: https://www.econbiz.de/10012690993