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Drivers of European public debt management
Wolswijk, Guido Franciscus Theodorus - 2020
This study analyses the choice of government debt managers in the euro area between issuing short-term or long-term debt over the period 1992-2017. Debt managers increased short-term debt issuance in response to higher interest rate spreads and to rising government debt, notably in vulnerable,...
Persistent link: https://www.econbiz.de/10012241253
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Funding behaviour of debt management offices and the ECB's Public Sector Purchase Programme
Plessen-Mátyás, Katharina; Kaufmann, Christoph; … - 2021
This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...
Persistent link: https://www.econbiz.de/10012518265
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Monetary/fiscal policy regimes in post-war Europe
Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three …
Persistent link: https://www.econbiz.de/10014482924
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US imbalances : the role of technology and policy
Bems, Rudolfs (contributor); Dedola, Luca (contributor);  … - 2007
This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...
Persistent link: https://www.econbiz.de/10003410610
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The geography of the great rebalancing in euro area bond markets during the sovereign debt crisis
Beck, Roland; Georgiadis, Georgios; Gräb, Johannes - 2015
Persistent link: https://www.econbiz.de/10011349818
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Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - 2013
Persistent link: https://www.econbiz.de/10010233241
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Dealing with a liquidity trap when government debt matters : optimal time-consistent monetary and fiscal policy ; conference paper
Burgert, Matthias; Schmidt, Sebastian - 2014
sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. …
Persistent link: https://www.econbiz.de/10010486054
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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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Debt stabilizing fiscal rules
Michel, Philippe; Thadden, Leopold von; Vidal, Jean-Pierre - 2006
Persistent link: https://www.econbiz.de/10009269065
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Post-COVID fiscal rules : a central bank perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
expenditure growth targets which take account of the ECB's symmetric 2% inflation target can improve the cyclical properties of … the framework. Fiscal policy would be tighter when inflation is above the target but looser when inflation is below target … inflation environment would enable monetary policy to operate more effectively especially in the vicinity of the effective lower …
Persistent link: https://www.econbiz.de/10012939717