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Excess liquidity in the euro area: Sources and remedies
Dąbrowski, Marek - 2023
The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)'s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and...
Persistent link: https://www.econbiz.de/10014577250
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …
Persistent link: https://www.econbiz.de/10010321554
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Central banking for financial stability: Some lessons from the recent instability in the United States and euro area
Wall, Larry D. - 2012
Central banks have had an important role in maintaining financial stability through their lender of last resort role. As lender of last resort, the central bank is given enormous power which is normally tempered by a variety of limits. In the most recent crises in both the United States and euro...
Persistent link: https://www.econbiz.de/10010397238
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Sparen, Sparkultur und die neuen Wege der Geldpolitik
Fahrenschon, Georg - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 121-129
Der Beitrag behandelt die Auswirkungen der expansiven Geldpolitik auf das Sparen und die Sparkultur. Dem Konstrukt der sogenannten Sparschwemme oder "savings glut" als Erklärungsansatz niedriger Zinsen wird eine Absage erteilt. Gerade in Deutschland gibt es für das Sparen nach wie vor gute...
Persistent link: https://www.econbiz.de/10014522246
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Forward guidance and "lower for longer": The case of the ECB
Bletzinger, Tilman; Wieland, Volker - 2016
bound on nominal interest rates. As inflation and economic activity decline, policy should ease more aggressively than it … would in the absence of the lower bound. As activity recovers and inflation picks up, the central bank should act to keep …
Persistent link: https://www.econbiz.de/10011436668
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Policy rules and the inflation surge: The case of the ECB
Tatar, Balint; Wieland, Volker - 2024
This paper investigates the implications of monetary policy rules during the surge and subsequent decline of inflation … or domestic inflation data called for raising interest rates in 2021 and well ahead of the rate increases implemented by …
Persistent link: https://www.econbiz.de/10015072815
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Interaction between monetary policy and bank regulation: Lessons for the ECB
Dąbrowski, Marek - 2016
The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the...
Persistent link: https://www.econbiz.de/10011859161
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The ECB after the crisis: Existing synergies among monetary policy, macroprudential policies and banking supervision
Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, … - 2019
The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today...
Persistent link: https://www.econbiz.de/10012521141
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Managing GDP tail risk
Duprey, Thibaut; Ueberfeldt, Alexander - 2020
We propose a novel framework to analyze how policy-makers can manage risks to the median projection and risks specific to the tail of gross domestic product (GDP) growth. By combining a quantile regression of GDP growth with a vector autoregression, we show that monetary and macroprudential...
Persistent link: https://www.econbiz.de/10012619553
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Causes of the outbreak of the Eurozone crisis: The role of the USA and the European Central Bank monetary policy
Białek, Natalia - In: e-Finanse: Financial Internet Quarterly 11 (2015) 2, pp. 47-63
This paper argues that the loose monetary policy of two of the world's most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 - 05...
Persistent link: https://www.econbiz.de/10011551454