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Is Monetary Policy in the Eurozone Less Effective than in the Us?
De Grauwe, Paul; Costa Storti, Claudia - 2021
There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the … monetary policies in the US and the Eurozone countries. This consists of collecting the estimated transmission coefficients …
Persistent link: https://www.econbiz.de/10013318120
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Monetary policy in EMU when the transmission is asymmetric and uncertain
De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
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The fragility of two monetary regimes : the European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. …
Persistent link: https://www.econbiz.de/10011590398
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Green money without inflation
De Grauwe, Paul - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 2, pp. 51-54
The ECB has announced that when government and corporate bonds come to maturity in the context of its QE-program, new bonds will be bought in the market so as to keep the money stock (money base) unchanged. This creates a "window of opportunities" for the ECB. It could replace the old bonds with...
Persistent link: https://www.econbiz.de/10012154787
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The Fragility of Two Monetary Regimes : The European Monetary System and the Eurozone
De Grauwe, Paul - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened …
Persistent link: https://www.econbiz.de/10013074520
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Monetary Policy in Emu When the Transmission is Assymmetric and Uncertain
De Grauwe, Paul; Senegas, Marc-Alexandre - 2021
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10013320041
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Do Asymmetries Matter for European Monetary Policy?
Aksoy, Yunus; De Grauwe, Paul; Dewachter, Hans - 2007
In this paper we analyze the impact of economic and institutional (ECB decision rules) asymmetries on the effectiveness of monetary policy in Euroland. We consider a model where asymmetric shocks and divergent propagation of shocks in output and inflation are potential causes of tensions within...
Persistent link: https://www.econbiz.de/10014123696
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A New Two-Pillar Strategy for the ECB
De Grauwe, Paul - 2013
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10013095572
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The legacy of the Eurozone crisis and how to overcome it
De Grauwe, Paul - In: Journal of empirical finance 39 (2016), pp. 147-155
Persistent link: https://www.econbiz.de/10011663811
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The European Central Bank : decision rules and macroeconomic performance
De Grauwe, Paul; Dewachter, Hans; Aksoy, Yunus - 1998
Persistent link: https://www.econbiz.de/10000679198