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Does Global Liquidity Matter for Monetary Policy in the Euro Area?
Berger, Helge - 2009
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …
Persistent link: https://www.econbiz.de/10014404266
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The impact of unconventional monetary policy measures by the systemic four on global liquidity and monetary conditions
Korniyenko, Yevgeniya; Loukoianova, Elena - 2015
States, the United Kingdom, Euro area and Japan- the Systemic Four-on global monetary and liquidity conditions. Overall, the … countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but …
Persistent link: https://www.econbiz.de/10011445532
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Measuring the impact of a failing participant in payment systems
Heijmans, Ronald; Wendt, Froukelien - 2020
in a large value payment system network, combining liquidity risk and interconnections in one approach, and applying this …
Persistent link: https://www.econbiz.de/10012251903
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The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632
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How informative are real time output gap estimates in Europe?
Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...
Persistent link: https://www.econbiz.de/10012103755
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One money, many markets : monetary transmission and housing financing in the euro area
Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel - 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/10012252067
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It is only natural : Europe's low interest rates (trajectory and drivers)
Arena, Marco; Di Bella, Gabriel; Cuevas, Alfredo; … - 2020
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...
Persistent link: https://www.econbiz.de/10012252665
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Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy
Monnet, Eric; Vari, Miklos - 2019
on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were … mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects …
Persistent link: https://www.econbiz.de/10012103606
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The scarcity effect of quantitative easing on repo rates : evidence from the euro area
Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...
Persistent link: https://www.econbiz.de/10011978433
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Inflation news and euro area inflation expectations
Garcia, Juan Angel; Werner, Sebastian - 2018
Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sensitivity to inflation and macroeconomic news, this paper expands existing results...
Persistent link: https://www.econbiz.de/10011878736