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A model of the eurosystem's operational framework for monetary policy implementation
Ewerhart, Christian (contributor) - 2002
Persistent link: https://www.econbiz.de/10001735712
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The operational target of monetary policy and the rise and fall of reserve position doctrine
Bindseil, Ulrich (contributor) - 2004
Persistent link: https://www.econbiz.de/10002233649
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Interest rate setting and communication at the ECB
Cour, Philippine; Jung, Alexander - 2020
Based on ordered Probit models and twenty years of euro area data, we estimate empirical reaction functions for the ECB's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price stability in line with its primary objective, and that...
Persistent link: https://www.econbiz.de/10012244764
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Using money market rates to assess the alternatives of fixed vs. variable rate tenders : the lesson from 1989-1998 data for Germany
Manna, Michele (contributor) - 2002
Persistent link: https://www.econbiz.de/10001735701
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The collateral channel of open market operations
Cassola, Nuno; Koulischer, François - 2016
Persistent link: https://www.econbiz.de/10011618298
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Macroeconomic implications of oil price fluctuations : a regime-switching framework for the euro area
Holm-Hadulla, Fédéric; Hubrich, Kirstin - 2017
patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the same … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …
Persistent link: https://www.econbiz.de/10011771984
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Monetary policy transmission in segmented markets
Eisenschmidt, Jens; Ma, Yiming; Zhang, Anthony Lee - 2022
We show that dealer market power impedes the pass-through of monetary policy in repo markets, which is an important first stage of monetary policy transmission. In the European repo market, most participants do not have access to trade on centralized exchanges. Rather, they rely on OTC...
Persistent link: https://www.econbiz.de/10013337376
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The minimum liquidity deficit and the maturity structure of central banks' open market operations : lessons from the financial crisis
Eisenschmidt, Jens; Holthausen, Cornelia - 2010
This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10008771777
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The relationship between central bank auctions and bill market liquidity
Bats, Joost V.; Hoondert, Jurian J. A. - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The analysis includes data on the purchases of bills in the auctions by the Dutch Central Bank under the European Central Bank's Pandemic Emergency Purchase Programme (PEPP). The results...
Persistent link: https://www.econbiz.de/10013337422
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Consumer inflation expectations in Poland
£yziak, Tomasz - 2003
Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …
Persistent link: https://www.econbiz.de/10009635882