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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; Gros, Daniel; Nowak-Lehmann D., Felicitas - 2012
In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low … total of 312 observations, this paper detects a structural break in citizens’ trust in the ECB. The paper confirms that … during the pre-crisis period, citizens’ trust in the ECB was driven by economic growth. In crisis time, however, trust in the …
Persistent link: https://www.econbiz.de/10010311682
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Inflation perceptions and expectations in the euro area: the role of news
Badarinza, Cristian; Buchmann, Marco - 2009
The aim of this study is to assess empirically to what extent the degree of heterogeneity of consumers’ inflation perceptions and expectations is driven by the flow of information related to current and future price developments in the euro area. We conduct the analysis both on an aggregate...
Persistent link: https://www.econbiz.de/10011605134
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Fiscal and monetary policy determinants of the Eurozone crisis and its resolution
Dabrowski, Marek - 2012
quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …
Persistent link: https://www.econbiz.de/10011430901
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign...
Persistent link: https://www.econbiz.de/10011604863
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A double-edged sword: High interest rates in capital-control regimes
2009
Persistent link: https://www.econbiz.de/10014306479
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How flexible can inflation targeting be and still work?
Kuttner, Kenneth N.; Posen, Adam S. - 2011
This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy of the Bank of England, which has a formal inflation target, has been any less flexible than that of the Federal Reserve, which does not have such a...
Persistent link: https://www.econbiz.de/10010323567
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The importance of being vigilant: has ECB communication influenced Euro area inflation expectations?
Jansen, David-Jan; de Haan, Jakob - 2007
Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword vigilance' - and changes in euro area break-even inflation. However, this...
Persistent link: https://www.econbiz.de/10010274042
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Assessing the anchoring of inflation expectations
Strohsal, Till; Winkelmann, Lars - 2012
This paper proposes an ESTAR modeling framework to analyze the anchoring of inflation expectations. Anchoring criteria are empirical estimates of a market implied inflation target as well as the strength of the anchor that holds expectations at the target. Results from daily financial market...
Persistent link: https://www.econbiz.de/10010281520
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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...
Persistent link: https://www.econbiz.de/10010322189
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Where next for monetary policy? Lessons from the financial crisis and the pandemic
Minford, Patrick - 2023
Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...
Persistent link: https://www.econbiz.de/10014480560