-Board-Systeme das Zeitinkonsistenzproblem der Geldpolitik lösen, da aufgrund ihrer gesetzlichen Verankerung eine überraschende … Zeitinkonsistenz­problem der Geldpolitik dominant ist, und dies obwohl asymmetrische Schocks nicht stabilisiert werden können. Eine …

use as collateral to participate in Eurosystem financing operations. This paper, after a brief summary of the collateral … over the others in terms of the amount of collateral provided: the acceptance of partially government-guaranteed credit … impact has differed widely, determined by the characteristics of the assets used as collateral and their management. Finally …

use as collateral to participate in Eurosystem financing operations. This paper, after a brief summary of the collateral … over the others in terms of the amount of collateral provided: the acceptance of partially government-guaranteed credit … impact has differed widely, determined by the characteristics of the assets used as collateral and their management. Finally …

Rationale The share of non-marketable assets (mainly bank loans) pledged as collateral in the Eurosystem’s monetary … the collateral pledged by Spanish counterparties in Eurosystem financing operations. A significant proportion of these non …

fixed majority rule in a simple shock structure. This insight is robust, if we apply more complex shock structures or if we …In der Geldpolitik besteht das grundsätzliche Problem die widerstreitenden Ziele "Preisstabilität" und … der Zentralbank, deren Variablen die Abweichung vom Inflationsziel und vom Outputziel sind. Das Kontrollinstrument für …

general equilibrium model with housing and collateral constraints to explore this issue. Results show that in a monetary union … the country receiving the shock if it can conduct monetary policy independently. I also find that after country …-specific housing price shocks consumption does not only increase in the country where the shock takes place, there is an international …

to macroeconomic shocks, since it transfers and magnifies the impact of the shock into future periods through borrowing … the property of intertemporal shock smoothing, whereas financial markets concentrate the burden of the shock in one period …