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Liquidity dependence : why shrinking central bank balance sheets is an uphill task

Acharya, Viral V.; Chauhan, Rahul; Rajan, Raghuram Govind; … - 2022

Persistent link: https://www.econbiz.de/10013415016

Monetary policy and balance sheet adjustment

Issing, Otmar - 2014

In the wake of the Global Financial Crisis that started in 2007, policymakers were forced to respond quickly and forcefully to a recession caused not by short-term factors, but rather by an over-accumulation of debt by sovereigns, banks, and households: a so-called "balance sheet recession."...

Persistent link: https://www.econbiz.de/10010362902

Forward guidance : a new challenge for central banks ; [contribution to the Athens Symposium "Banking Union, Monetary Policy and Economic Growth" Athens, 19 June 2014]

Issing, Otmar - 2014

In a contribution prepared for the Athens Symposium on “Banking Union, Monetary Policy and Economic Growth”, Otmar Issing describes forward guidance by central banks as the culmination of the idea of guiding expectations by pure communication. In practice, he argues, forward guidance has...

Persistent link: https://www.econbiz.de/10010366280

Money, stock prices and central banks : cross-country comparisons of cointegrated VAR models

Belke, Ansgar; Wiedmann, Marcel - 2013

and emerging economies - namely the United States, the Euro Area, Japan, the United Kingdom, Australia, South Korea … liquidity conditions play a significant role for stock market developments. As an innovation, liquidity conditions enter the … in our case stands for the share of global liquidity that arrives in the recipient economy. A second aim is to check …

Persistent link: https://www.econbiz.de/10010255144

Interest rates and macroeconomic investment under uncertainty

Belke, Ansgar; Göcke, Matthias - In: Credit and capital markets : Kredit und Kapital 54 (2021) 3, pp. 319-345

Persistent link: https://www.econbiz.de/10012803289

Money and inflation : lessons from the US for ECB monetary policy

Belke, Ansgar; Polleit, Thorsten - 2007

We turn our attention to the role of money for determining nominal magnitudes. Using US data, we find that the aggregate “nominal output plus and stock market capitalisation” is closely related to the money stock, lending support to one of Milton Friedman’s key monetarist propositions....

Persistent link: https://www.econbiz.de/10010206409

Does the ECB rely on a Taylor rule? : comparing ex-post with real time data

Belke, Ansgar; Klose, Jens - 2009

We assess the differences that emerge in Taylor rule estimations for the ECB when using expost data instead of real time forecasts and vice versa. We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and...

Persistent link: https://www.econbiz.de/10010207062

European monetary policy and the ECB rotation model voting power of the core versus the periphery

Belke, Ansgar; Schnurbein, Barbara von - 2010

We analyze the ECB Governing Council’s voting procedures. The literature has by now discussed numerous aspects of the rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization scheme based on the multilinear extension (MLE) of...

Persistent link: https://www.econbiz.de/10010208783

Monetary policy, stock prices and central banks cross-country comparisons of cointegrated VAR models

Belke, Ansgar; Wiedmann, Marcel - 2013

and emerging economies – namely the United States, the Euro Area, Japan, the United Kingdom, Australia, South Korea … liquidity conditions play a significant role for stock market developments. As an innovation, liquidity conditions enter the … in our case stands for the share of global liquidity that arrives in the recipient economy. A second aim is to check …

Persistent link: https://www.econbiz.de/10009779040

Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the euro area

Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019

The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank’s effectiveness in a low interest rate environment...

Persistent link: https://www.econbiz.de/10012063971