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The demand for M3 in the euro area
Coenen, Günter; Vega, Juan Luis - European Central Bank - 1999
In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a multivariate system, three cointegrating relationships with economic content are found: (i) the spread between the long- and the short-term nominal interest rates, (ii) the long-term...
Persistent link: https://www.econbiz.de/10005162897
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The impact of supply constraints on bank lending in the euro area - crisis induced crunching?
Hempell, Hannah Sabine; Kok, Christoffer - European Central Bank - 2010
Aggregate loan development typically hinges on a combination of factors that impact simultaneously on the demand and the supply side of bank lending. The financial turmoil starting in mid-2007 had detrimental consequences for banks’ balance-sheets, cost of funds and profitability, thus...
Persistent link: https://www.econbiz.de/10008694055
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Do bank loans and credit standards have an effect on output? A panel approach for the euro area
Cappiello, Lorenzo; Kadareja, Arjan; Kok, Christoffer; … - European Central Bank - 2010
Applying the identification strategy employed by Driscoll (2004) for the United States, this paper provides empirical evidence for the existence of a bank lending channel of monetary policy transmission in the euro area. In addition, and in contrast to recent findings for the US, we find that in...
Persistent link: https://www.econbiz.de/10008480912
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...
Persistent link: https://www.econbiz.de/10005344909
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Non-linear dynamics in the euro area demand for M1
Calza, Alessandro; Zaghini, Andrea - European Central Bank - 2006
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is firstly estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there...
Persistent link: https://www.econbiz.de/10005222297
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How do firms in Argentina get financing to export?
Castagnino, Tomás; D’Amato, Laura; Sangiácomo, Máximo - European Central Bank - 2013
This paper, developed in the context of the CompNet initiative, delves into the importance of access to financing for the performance of firms in export markets. Using a unique microeconomic database that combines data on Argentine firms’ characteristics and export performance with information...
Persistent link: https://www.econbiz.de/10010709542
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A markup model of inflation for the euro area
Bowdler, Christopher; Jansen, Eilev S. - European Central Bank - 2004
Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for...
Persistent link: https://www.econbiz.de/10005079101
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Interest rate reaction functions and the Taylor rule in the euro area
Gerlach-Kristen, Petra - European Central Bank - 2003
JEL Classification: C22, E52
Persistent link: https://www.econbiz.de/10005816240
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Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3
Warne, Anders - European Central Bank - 2006
The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …
Persistent link: https://www.econbiz.de/10005816301
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A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
Beyer, Andreas - European Central Bank - 2009
In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...
Persistent link: https://www.econbiz.de/10008558668