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Global liquidity, world savings glut and global policy coordination

Belke, Ansgar; Gros, Daniel - 2010

drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods …

Persistent link: https://www.econbiz.de/10003934687

Uncertainty and non-linear macroeconomic effects of fiscal policy in the US : a SEIVAR-based analysis

Belke, Ansgar; Goemans, Pascal - 2019 - First draft: December 18, 2018, this draft: September 8, 2019

We investigate whether the macroeconomic effects of government spending shocks vary with the level of uncertainty. Using postwar US data and a Self-Exciting Interacted VAR (SEIVAR) model, we find that fiscal spending has positive output effects in tranquil times but is contractionary during...

Persistent link: https://www.econbiz.de/10012268062

Uncertainty and non-linear macroeconomic effects of fiscal policy in the US : a SEIVAR-based analysis

Belke, Ansgar; Goemans, Pascal - 2019

Persistent link: https://www.econbiz.de/10012116248

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

Designing EU-US Atlantic monetary relations : exchange rate variability and labor markets

Belke, Ansgar; Gros, Daniel - 2001

Persistent link: https://www.econbiz.de/10001615812

US-euro area monetary policy interdependence : new evidence from Taylor Rule based VECMs

Belke, Ansgar (contributor); Cui, Yuhua (contributor) - 2009

This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999-2006. Two models are specified: a partial Vector Error Correction Model (VECM) and a general VECM. In the partial VECM, we look for a long-run...

Persistent link: https://www.econbiz.de/10003811795

(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10003931051

(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

Persistent link: https://www.econbiz.de/10003931391

Did quantitative easing affect interest rates outside the US? : new evidence based on interest rate differentials

Belke, Ansgar; Gros, Daniel; Osowski, Thomas - 2016

This paper explores the effects of non-standard monetary policies on international yield relationships. Based on a descriptive analysis of international long-term yields, we find evidence that long-term rates have followed a global downward trend prior to as well as during the financial crisis....

Persistent link: https://www.econbiz.de/10011414128

Back to the rules

Belke, Ansgar; Kösters, Wim; Leschke, Martin; Polleit, … - 2005

Persistent link: https://www.econbiz.de/10003196188