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Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001

Christiano, Lawrence J. - 2008

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012773305

The Optimal Currency Area in a Liquidity Trap

Cook, David E. - 2013

Open economy macro theory says that when a country is subject to idiosyncratic macro shocks, it should have its own …

Persistent link: https://www.econbiz.de/10013073571

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

Persistent link: https://www.econbiz.de/10013077642

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2012

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10013100660

Long-Run Determinants of Inflation Differentials in a Monetary Union

Altissimo, Filippo; Benigno, Pierpaolo; … - 2021

This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that...

Persistent link: https://www.econbiz.de/10013229085

Inflation Band Targeting and Optimal Inflation Contracts

Mishkin, Frederic S. - 2006

In this paper we examine how target ranges work in the context of a Barro-Gordon (1983) type model, in which the time-inconsistency problem stems from political pressures from the government. We show that target ranges turn out to be an excellent way to cope with the time-inconsistency problem,...

Persistent link: https://www.econbiz.de/10012779650

The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis

Reis, Ricardo - 2013

In spite of the mystique behind a central bank's balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute...

Persistent link: https://www.econbiz.de/10013087884

Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the Target2 Debate

Eichengreen, Barry - 2014

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

Persistent link: https://www.econbiz.de/10013051745

The Collateral Channel of Monetary Policy : Evidence from China

Fang, Hanming; Wang, Yongqin; Wu, Xian - 2022

Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy … become eligible collateral for financial institutions to borrow money from its Medium-Term Lending Facility (MLF). This … policy shift allows us to implement a triple-difference strategy to estimate the causal impact of the collateral …

Persistent link: https://www.econbiz.de/10013324714

Conditional PPP and Real Exchange Rate Convergence in the Euro Area

Bergin, Paul R. - 2016

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international …

Persistent link: https://www.econbiz.de/10012998959

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