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Quasi-Fiscal Implications of Central Bank Crisis Interventions
Hooley, John - 2023
We develop a stylized balance sheet framework to help identify 'quasi-fiscal' components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from...
Persistent link: https://www.econbiz.de/10015059397
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New Perspectives on Quantitative Easing and Central Bank Capital Policies
Adrian, Tobias - 2024
(QE), and some observers have also argued that QE helped fuel the post-COVID-19 inflation boom. In this paper, we … reconsider the conditions under which QE may be warranted considering the recent high inflation experience. We emphasize that the … show how QE can provide a sizeable boost to output and inflation in a deep recession and improve the consolidated fiscal …
Persistent link: https://www.econbiz.de/10015058410
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Quantitative Easing and Credit Rating Agencies
Abidi, Nordine - 2022
This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright...
Persistent link: https://www.econbiz.de/10015060375
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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 2008
inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative …
Persistent link: https://www.econbiz.de/10014409073
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ECB Euro Liquidity Lines
Albrizio, Silvia - 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...
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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Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area
El Herradi, Mehdi - 2023
Central banks have recently adjusted their communication strategies to enhance engagement with the general public, yet there is limited understanding of public sentiment regarding monetary policy announcements. This paper investigates whether monetary policy announcements influence household...
Persistent link: https://www.econbiz.de/10015058896
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U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis
Hodge, Andrew - 2022
"below, but close to 2 percent" to a formal symmetric inflation targeting regime in the euro area or from flexible to average … inflation targeting in the U.S. is shown to boost output and inflation in both regions. Meanwhile, the fiscal packages approved … output and inflation as changing the monetary policy frameworks . Simultaneously implementing these policies is mutually …
Persistent link: https://www.econbiz.de/10015060056
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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 …
Persistent link: https://www.econbiz.de/10012690993
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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 … contains relevant information for inflation in some model classes. Money-based New Keynesian DSGE models and VARs incorporating …
Persistent link: https://www.econbiz.de/10012677626