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

Belke, Ansgar - 2010

addresses how effective these sterilisation policies are. -- Accountability ; bail-out ; bond purchases ; central bank … independence ; insolvency risk ; Securities Markets Programme ; transparency … Analysten äußern Bedenken, dass durch die Anleihenkäufe von nun an die Geldpolitik von den nationalen Fiskalpolitiken dominiert …

Persistent link: https://www.econbiz.de/10008933298

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/10003961040

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/10010259542

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/10003824728

Central bank communication : managing expectations through the monetary dialogue

Belke, Ansgar - 2017

, coordinated messages that are anchored in the central banks' mandate are essential. We focus upon transparency and "forward … effectiveness of central bank’s policies can be improved through more transparency and "forward guidance". We do so by highlighting … Kontext einer sich entwickelnden neuen unkonventionellen Geldpolitik. Kommunikation wird als eine geldpolitische Politikoption …

Persistent link: https://www.econbiz.de/10011644116

Exit strategies and their impact on the Euro area : a model based view

Belke, Ansgar - 2014

Dieser Beitrag untersucht die Argumente für und gegen einen Ausstieg aus der expansiven Geldpolitik. Der Fokus liegt …

Persistent link: https://www.econbiz.de/10010227698

A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridge-financing. It is mindful of the legal issues that this will raise and that such a suggestion will be highly controversial....

Persistent link: https://www.econbiz.de/10009771146

QE in the euro area : has the PSPP benefited peripheral bonds?

Belke, Ansgar; Gros, Daniel - 2019

The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB’s Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not...

Persistent link: https://www.econbiz.de/10011994801

Long-term interest rate spillovers from major advanced economies to emerging Asia

Belke, Ansgar; Dubova, Irina; Volz, Ulrich - 2016

This paper explores the extent to which changes to long-term interest rates in major advanced economies have influenced long-term government bond yields in Emerging Asia. To gauge long-term interest spillover effects, the paper uses VAR variance decompositions with high frequency data. Our...

Persistent link: https://www.econbiz.de/10011566825

Finance access of SMEs : what role for the ECB?

Belke, Ansgar - 2013

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher borrowing rates than their peers of the core (e.g. Germany, France) and this divergence is widening. It is argued that severe market failures prevent SMEs in southern euro area...

Persistent link: https://www.econbiz.de/10009779172