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The Eurosystem's asset purchase programme and TARGET balances
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin; … - 2017
TARGET balances have risen during the period of the Eurosystem's asset purchase programme (APP). The APP gives rise to substantial cross-border flows of reserves at the time of asset purchases and beyond, reflecting the interaction of decentralised monetary policy implementation and the...
Persistent link: https://www.econbiz.de/10011719852
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Stress-testing of liquidity risk in TARGET2
Papsdorf, Patrick (contributor); Arciero, Luca (contributor) - Europäische Zentralbank / Group on TARGET2 Stress Testing - 2017
The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …
Persistent link: https://www.econbiz.de/10011627053
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How institutions shape the distributive impact of macroeconomic shocks : a DSGE analysis
Ahrend, Rudiger; Moeser, Charlotte; Monacelli, Tommaso - 2011
Persistent link: https://www.econbiz.de/10009689711
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The sharing of macroeconomic risk : who loses (and gains) from macroeconomic shocks
Ahrend, Rudiger; Arnold, Jens Matthias; Moeser, Charlotte - 2011
Persistent link: https://www.econbiz.de/10009689718
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How do structural policies affect financial crisis risk? : evidence from past crises across OECD and emerging economies
Ahrend, Rudiger; Goujard, Antoine - 2012
, vulnerability to international bank balance-sheet shocks is found to be lower in situations of abundant global liquidity …
Persistent link: https://www.econbiz.de/10009691018
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The transmission channels of monetary, macro- and microprudential policies and their interrelations
Beyer, Andreas; Nicoletti, Giulio; Papadopoulou, Niki; … - 2017
This paper investigates the interrelations between monetary, macro- and microprudential policies. It first provides an overview of the three policies, starting with their main instruments and objectives. Monetary policy aims at maintaining price stability and promoting balanced economic growth,...
Persistent link: https://www.econbiz.de/10011647771
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Accounting for Russia's post-crisis growth
Ahrend, Rudiger - 2004
Persistent link: https://www.econbiz.de/10013427056