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Did quantitative easing affect interest rates outside the US? : new evidence based on interest rate differentials
Belke, Ansgar; Gros, Daniel; Osowski, Thomas - 2016
Eurozone, it appears difficult to find a distinct impact of the Fed’s QE1 on US interest rates for which the global environment …, recursive estimation methods. Using data between 2002 and 2014, we find limited evidence that QE1 caused a breakup or a … „Quantitative Easings“ der Federal Reserve auf den amerikanischen Zins erkennen. Ausgehend von diesem Ergebnis werden empirisch im …
Persistent link: https://www.econbiz.de/10011414128
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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
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QE in the euro area : has the PSPP benefited peripheral bonds?
Belke, Ansgar; Gros, Daniel - 2019
The asset purchase programme 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 Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not...
Persistent link: https://www.econbiz.de/10011994801
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Did Quantitative Easing Affect Interest Rates Outside the US? – New Evidence Based on Interest Rate Differentials
Belke, Ansgar Hubertus - 2016
Eurozone, it appears difficult to find a distinct impact of the Fed's QE1 on US interest rates for which the global environment …, recursive estimation methods. Using data between 2002 and 2014, we find limited evidence that QE1 caused a breakup or a …
Persistent link: https://www.econbiz.de/10013000543
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Asymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?
Belke, Ansgar; Gros, Daniel - 2005
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...
Persistent link: https://www.econbiz.de/10010261156
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EMU and capital markets : the institutional framework
Gros, Daniel - 1998
This paper reviews the factors that will determine the shape of financial markets under EMU. It argues that financial markets will not be unified by the introduction of the euro. National central banks have a vested interest in preserving local idiosyncracies (e.g. the Wechsels in Germany) and...
Persistent link: https://www.econbiz.de/10009768844
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Has the Financial Crisis Eroded Citizens’ Trust in the European Central Bank? Panel Data Evidence for the Euro Area 1999-2011
Roth, Felix - 2012
. Taking panel data and using a fixed effects DFGLS estimation for a 12–country sample over the time period 1999 to 2011 with a …
Persistent link: https://www.econbiz.de/10013114710
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One Size Must Fit All : National Divergences in a Monetary Union
Gros, Daniel; Hefeker, Carsten - 2021
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates of inflation and growth? We find that a central bank that...
Persistent link: https://www.econbiz.de/10013321188
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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 Political and Technical Aspects of Controlling Inflation
Gros, Daniel - In: Intereconomics 58 (2023) 3, pp. 133-135
After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...
Persistent link: https://www.econbiz.de/10014334696