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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/10012034314
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An interest rate peg might be better than you think
Hörmann, Markus; Schabert, Andreas - 2009
Active interest rate policy is frequently recommended based on its merits in reducing macroeconomic volatility and being a simple and transparent policy device. In a standard New Keynesian model, we show that an even simpler policy, namely an interest rate peg, can be welfare enhancing: The...
Persistent link: https://www.econbiz.de/10003850900
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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/10003931399
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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/10003961040
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Impact of a low interest rate environment : global liquidity spillovers and the search-for-yield
Belke, Ansgar - 2013
Volkswirtschaften. Er befasst sich vor allem mit möglichen Konflikten zwischen Geldpolitik und Finanzstabilität in einem derartigen …
Persistent link: https://www.econbiz.de/10010533181
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The importance of global shocks for national policy makers : rising challenges for central banks
Belke, Ansgar; Rees, Andreas - 2009
area. According to our results, global liquidity shocks are a driving force of the global economy and various national … indicate that global liquidity shocks have recently become more important as a determinant for house prices. In general, global …
Persistent link: https://www.econbiz.de/10003884937
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Non-standard monetary policy measures : magic wand or tiger by the tail?
Belke, Ansgar - 2013
This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its main focus is on the Outright Monetary Transactions (OMT) Programme which is praised by some as the ECB’s “magic wand”. Moreover, it discloses further possible unintended...
Persistent link: https://www.econbiz.de/10010195538
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The impact of uncertainty on macro variables : an SVAR-based empirical analysis for EU countries
Belke, Ansgar; Kronen, Dominik - 2017
In light of the rising political and economic uncertainty in Europe, we aim to provide a basic understanding of the impact of economic policy uncertainty and financial market uncertainty on a set of macroeconomic variables such as production, consumption and investment. In this paper, we apply a...
Persistent link: https://www.econbiz.de/10011662699
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COVID-19 and financial markets : assessing the impact of the coronavirus on the eurozone
D'Orazio, Paola; Dirks, Maximilian W. - 2020
COVID-19 has quickly emerged as a novel risk, generating feverish behavior among investors, and posing unprecedented challenges for policymakers. The empirical analysis provides evidence for a significant negative effect on stock markets of COVID-19-related measures announced in the Euro Area...
Persistent link: https://www.econbiz.de/10012250433
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Fostering green investments and tackling climate-related financial risks : which role for macroprudential policies?
D'Orazio, Paola; Popoyan, Lilit - 2018
While there is a growing debate among researchers and practitioners on the possible role of central banks and financial regulators in supporting a smooth transition to a low-carbon economy, the information on which macroprudential instruments could be used for reaching the "green structural...
Persistent link: https://www.econbiz.de/10011932149