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The conduct of monetary policy in the future : instrument use

Inaba, Kei-Ichiro; O'Farrell, Rory; Rawdanowicz, Łukasz; … - 2015

due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of … liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use …

Persistent link: https://www.econbiz.de/10011392833

The Eurosystem's asset purchase programme and TARGET balances

Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin; … - 2017

TARGET balances have risen during the period of the Eurosystem's asset purchase programme (APP). The APP gives rise to substantial cross-border flows of reserves at the time of asset purchases and beyond, reflecting the interaction of decentralised monetary policy implementation and the...

Persistent link: https://www.econbiz.de/10011719852

Europe's new fiscal rules

Barnes, Sebastian; Davidsson, David; Rawdanowicz, Łukasz - 2012

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called “six pack” to upgrade the Stability and Growth Pact to a new Treaty incorporating the “fiscal...

Persistent link: https://www.econbiz.de/10009690998

Stress-testing of liquidity risk in TARGET2

Papsdorf, Patrick (contributor); Arciero, Luca (contributor) - Europäische Zentralbank / Group on TARGET2 Stress Testing - 2017

The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …

Persistent link: https://www.econbiz.de/10011627053

How effective are automatic fiscal stabilisers in the OECD countries?

Maravalle, Alessandro; Rawdanowicz, Łukasz - 2020

This paper proposes an approach to assess the extent of automatic fiscal stabilisation of aggregate household disposable income after a specific shock. The approach is based on the national account identity of household disposable income and elements of the OECD methodology to cyclically adjust...

Persistent link: https://www.econbiz.de/10012420959

The benefits and costs of highly expansionary monetary policy

Rawdanowicz, Łukasz; Bouis, Romain; Watanabe, Shingo - 2013

How far to go – and to remain – in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four...

Persistent link: https://www.econbiz.de/10010231107

The transmission channels of monetary, macro- and microprudential policies and their interrelations

Beyer, Andreas; Nicoletti, Giulio; Papadopoulou, Niki; … - 2017

This paper investigates the interrelations between monetary, macro- and microprudential policies. It first provides an overview of the three policies, starting with their main instruments and objectives. Monetary policy aims at maintaining price stability and promoting balanced economic growth,...

Persistent link: https://www.econbiz.de/10011647771