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Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme
Belke, Ansgar - 2010
Analysten äußern Bedenken, dass durch die Anleihenkäufe von nun an die Geldpolitik von den nationalen Fiskalpolitiken dominiert …
Persistent link: https://www.econbiz.de/10010273588
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Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme
Belke, Ansgar - Rheinisch-Westfälisches Institut für … - 2010
After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds – to ensure an “orderly monetary policy transmission mechanism”. Many observers argued that, by bond purchases, national fi scal policies...
Persistent link: https://www.econbiz.de/10008641787
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How Much Fiscal Backing Must the ECB Have? – The Euro Area is not the Philippines
Belke, Ansgar - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ('repo'). This has led some commentators to argue that the ECB needs 'fiscal...
Persistent link: https://www.econbiz.de/10010270000
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How Much Fiscal Backing Must the ECB Have? – The Euro Area is not the Philippines
Belke, Ansgar - Rheinisch-Westfälisches Institut für … - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (“repo”). This has led some commentators to argue that the ECB needs...
Persistent link: https://www.econbiz.de/10008520838
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Financial Crisis, Global Liquidity and Monetary Exit Strategies
Belke, Ansgar - 2010
We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit easing in order to prevent inflation. The exits should be step-by-step rather than one-off . Communicating about the exit strategy must be an integral part of the exit strategy....
Persistent link: https://www.econbiz.de/10010269980
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Does Government Ideology Matter in Monetary Policy? – A Panel Data Analysis for OECD Countries
Belke, Ansgar; Potrafke, Niklas - 2009
This paper examines the effect of government ideology on monetary policy in a quarterly data set of 15 OECD countries in the period 1980.1-2005.4. Our Taylor-rule specification focuses on the interactions of a new time-variant indicator for central bank independence and government ideology. The...
Persistent link: https://www.econbiz.de/10010265771
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Monetary Dialogue 2009-2014 – Looking Backward, Looking Forward
Belke, Ansgar - 2014
regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a … optimal degree of ECB transparency and accountability towards the EP, the key democratic institution. … gegenwärtig stark verändernden Geldpolitik. Die Diskussion wird geführt im Hinblick auf die Verwendung eines Zinsausblicks …
Persistent link: https://www.econbiz.de/10010335209
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Monetary Dialogue 2009-2014 – Looking Backward, Looking Forward
Belke, Ansgar - Rheinisch-Westfälisches Institut für … - 2014
regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a … optimal degree of ECB transparency and accountability towards the EP, the key democratic institution. …
Persistent link: https://www.econbiz.de/10010860300
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Financial Crisis, Global Liquidity and Monetary Exit Strategies
Belke, Ansgar - Rheinisch-Westfälisches Institut für … - 2010
We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit easing in order to prevent inflation. The exits should be step-by-step rather than one-off . Communicating about the exit strategy must be an integral part of the exit strategy....
Persistent link: https://www.econbiz.de/10008520839
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Is Fiscal Policy Coordination Needed in a Common Currency Area?
Belke, Ansgar; Gros, Daniel - 2008
It is widely assumed that a common currency makes it desirable to have also a common fiscal policy. However, if fiscal policy is a source of shocks, independent national fiscal policies are generally preferable because they allow for risk diversification.
Persistent link: https://www.econbiz.de/10010264733