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The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...
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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....
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policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we … assess the effect of EMU on structural reform and investigate this question by an examination of the relationship between … fixed exchange rates and reform in two wider samples of countries. We also stress that loose monetary conditions, which …
Persistent link: https://www.econbiz.de/10003429626
In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low. Taking panel data and using a fixed effects DFGLS estimation for a 12–country sample over the time period 1999 to 2011 with a total of 312 observations, this paper detects a...
Persistent link: https://www.econbiz.de/10009711914
We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends on the comparison between the assessment of the banking union attractiveness and the robustness of a national safety net. The benefits of opting-in are still only potential and...
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