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Non-standard monetary policy measures : magic wand or tiger by the tail?

Belke, Ansgar - 2013

This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its main focus is on the Outright Monetary Transactions (OMT) Programme which is praised by some as the ECB’s “magic wand”. Moreover, it discloses further possible unintended...

Persistent link: https://www.econbiz.de/10010195538

Non-standard monetary policy measures : magic wand or tiger by the tail?

Belke, Ansgar - 2014

Persistent link: https://www.econbiz.de/10010350450

QE in the euro area : has the PSPP benefited peripheral bonds?

Belke, Ansgar; Gros, Daniel - 2019

Zentralbank das Risiko für die verbleibenden privaten Anleihegläubiger erhöhen. Dies mag zunächst mit der Beobachtung unvereinbar …

Persistent link: https://www.econbiz.de/10011994801

QE in the euro area : has the PSPP benefited peripheral bonds?

Belke, Ansgar; Gros, Daniel - 2019

The asset purchase program of the Euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB's (Public Sector Purchase Program) PSPP program involved the purchase of the bonds of peripheral Euro area governments, which were...

Persistent link: https://www.econbiz.de/10012031124

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

Policy uncertainty and international financial markets : the case of Brexit

Belke, Ansgar; Dubova, Irina; Osowski, Thomas - 2016

This study assesses the impact of Brexit uncertainty on the UK and also on international financial markets, for the first and the second statistical moments. As financial markets are highly linked in general and several countries apart from the UK might be negatively affected, one may expect...

Persistent link: https://www.econbiz.de/10011582007

Policy uncertainty and international financial markets : the case of Brexit

Belke, Ansgar; Dubova, Irina; Osowski, Thomas - 2016

This study assesses the impact of the uncertainty caused by Brexit, on both the UK and international financial markets, for the first and second statistical moments (i.e. on changes and the standard deviations of the respective variables.) As financial markets are by nature highly interlinked,...

Persistent link: https://www.econbiz.de/10011570794

International effects of euro area versus US policy uncertainty : a FAVAR approach

Belke, Ansgar; Osowski, Thomas - 2017

Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we estimate a large-scale FAVAR model for 18 OECD member countries. We quantify the global effects of economic policy uncertainty shocks and check whether the signs, the magnitude, and the...

Persistent link: https://www.econbiz.de/10011640939

The impact of uncertainty on macro variables : an SVAR-based empirical analysis for EU countries

Belke, Ansgar; Kronen, Dominik - 2017

In light of the rising political and economic uncertainty in Europe, we aim to provide a basic understanding of the impact of economic policy uncertainty and financial market uncertainty on a set of macroeconomic variables such as production, consumption and investment. In this paper, we apply a...

Persistent link: https://www.econbiz.de/10011662699

Unconventional monetary policy and inflation expectations in the euro area

Aßhoff, Sina; Belke, Ansgar; Osowski, Thomas - 2020

Auswirkungen der unkonventionellen Geldpolitik ist nicht trivial, da standardisierte empirische Instrumente wie die VAR … Problem zu lösen. Wir stellen fest, dass die unkonventionelle Geldpolitik zwar kurzfristig zu einem Anstieg der … beigetragen hat. Dennoch deuten sie auf einen durch die unkonventionelle Geldpolitik ausgelösten Anstieg des mittelfristigen …

Persistent link: https://www.econbiz.de/10012149519