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Quantitative easing in the euro area and SMEs' access to finance : who benefits the most?

Funk, Anne Kathrin - 2018

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically bringing the economy close to a credit crunch. It was only after the start of the ECB’s quantitative easing programme in early 2015 that bank...

Persistent link: https://www.econbiz.de/10011977350

The role of ECB communication in guiding markets

Anderes, Marc; Rathke, Alexander; Streicher, Sina; … - 2019 - This version: October 2019

Economists and central bankers nowadays believe that forward guidance has become more important in a world in which key interest rates have hit their effective lower bounds (ELB). In case of the European Central Bank (ECB), this should have increased the informational content of the introductory...

Persistent link: https://www.econbiz.de/10012105109

The quantity theory of money in historical perspective

Graff, Michael (contributor) - 2008

The paper reconstructs the origins of the quantity theory of money and its applications. Against the background of the … history of money, it is shown that the theory was flexible enough to adapt to institutional change and thus succeeded in … positive correlation between the excess growth rate of the stock of money and the rate of inflation cannot be rejected. Yet …

Persistent link: https://www.econbiz.de/10003767739

Liquid equity and boom-bust dynamics

Buggenum, Hugo van - 2024

I develop and analyze a monetary model with liquid equity. Equity is a claim on the profits of firms acting as sellers in the search-and-matching market. Buyers in that market devote search to obtain matches with firms, and use the equity to relax a liquidity constraint. The dual nature of...

Persistent link: https://www.econbiz.de/10014633356

The high-frequency response of the EUR-US Dollar exchange rate to EBC monetary policy announcements

Conrad, Christian A. (contributor); … - 2007

We investigate the impact of the European Central Bank's monetary policy announcements on the level and volatility of the EUR-US Dollar exchange rate employing an AR-FIGARCH specification. Using high-frequency data we estimate the individual and complementary effects of the release of the...

Persistent link: https://www.econbiz.de/10003763600

The tress of having a single monetary policy in Europe

Sturm, Jan-Egbert (contributor); … - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the EuropeanMonetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10003767708

Too many cooks? : committees in monetary policy

Berger, Helge (contributor); Nitsch, Volker (contributor) - 2008

How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decision-makers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees...

Persistent link: https://www.econbiz.de/10003767748

Interest rate expectations in the media and central bank communication

Lamla, Michael; Sturm, Jan-Egbert - 2013

While there is ample evidence how central bank communication and interest rate decisions are perceived by financial markets, insights regarding the response of the public is lacking. Media is known to be an important transmitter of news to the public. Based on articles in the Financial Times...

Persistent link: https://www.econbiz.de/10009719531

Has the EMU reduced wage growth and unemployment? : testing a model of trade union behavior

Mikosch, Heiner; Sturm, Jan-Egbert - 2011

By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...

Persistent link: https://www.econbiz.de/10009270311

Does money matter in the ECB strategy? : New evidence based on ECB communication

Berger, Helge (contributor); Haan, Jakob de (contributor); … - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the …

Persistent link: https://www.econbiz.de/10003289275