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Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....

Persistent link: https://www.econbiz.de/10012063951

Interest rate rules and monetary targeting : what are the links?

Gerberding, Christina; Seitz, Franz; Worms, Andreas - 2009

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. We show that this type of...

Persistent link: https://www.econbiz.de/10010206357

Impact of a low interest rate environment : global liquidity spillovers and the search-for-yield

Belke, Ansgar - 2013

On 10 January 2013 the ECB Governing Council decided “to keep the key ECB interest rates unchanged” based on an assessment of a 'contained' inflationary pressure and a weak economic activity, a contraction of real GDP in second and third quarter of 2012. Similar decisions have been taken by...

Persistent link: https://www.econbiz.de/10010255176

Driven by the markets? : ECB sovereign bond purchases and the securities markets programme

Belke, Ansgar - 2010

, sterilization takes place in a setting of still ultra-lax monetary policies, i.e. liquidity-enhancing operations with unlimited …

Persistent link: https://www.econbiz.de/10010208777

Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …

Persistent link: https://www.econbiz.de/10010208781

Monetary policy, global liquidity and commodity price dynamics

Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben - 2010

, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … considerations. The inclusion of commodity prices helps to identify a significant monetary transmission process from global liquidity … clear empirical pattern it appears justified to argue that global liquidity merits attention in the same way as the …

Persistent link: https://www.econbiz.de/10010208787

Global liquidity and house prices : a VAR analysis for OECD countries

Belke, Ansgar; Orth, Walther; Setzer, Ralph - 2008

; however, while global liquidity shocks lead to relatively fast responses in global house prices, significant responses of the …

Persistent link: https://www.econbiz.de/10010206379

Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2019

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

Persistent link: https://www.econbiz.de/10012063640

International effects of euro area versus US policy uncertainty : a FAVAR approach

Belke, Ansgar; Osowski, Thomas - 2017

Building on the growing evidence on the importance of large data sets for empirical macroe-conomic modeling, we estimate a large-scale FAVAR model for 18 OECD member countries. We quantify the global effects of economic policy uncertainty shocks and check whether the signs, the magnitude, and...

Persistent link: https://www.econbiz.de/10011691548

After the bazooka a bonanza from heaven : "helicopter money" now?

Belke, Ansgar - 2018

Helicopter money has once been proposed as a theoretical thought experiment by Milton Friedman in order to elucidate the effect of money injections into the macroeconomy over time. However, some Euro area member states nowadays consider helicopter money, i.e. permanent Quantitative Easing (QE),...

Persistent link: https://www.econbiz.de/10011894450