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Disinflation and monetary independence in Romania
Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79
In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....
Persistent link: https://www.econbiz.de/10011890553
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The ECB'’s unconventional monetary policy and the role of exchange rate regimes in cross-country spillovers
Jensen, Jakob Roager; Mikkelsen, Jakob Guldbæk; … - 2017
We study the impact of the ECB's large scale asset purchase programme on selected euro area and neighbouring countries. The effects of the programme are assessed by conducting an event study as well as by estimating a structural VAR model using a shadow short rate as a measure of the monetary...
Persistent link: https://www.econbiz.de/10011740711
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The Effectiveness of the ECB's Asset Purchase Programs of 2009 to 2012
Tavlas, G. S.; Gibson, Heather D.; Hall, Stephen G. - 2022
We examine the impact of the ECB’s Securities Market Program (SMP) and the ECB’s two Covered Bond Purchase Programs (CBPPs) on sovereign bond spreads and covered-bond prices, respectively, for five euro-area stressed countries -- Greece, Ireland, Italy, Portugal, and Spain. Our data are...
Persistent link: https://www.econbiz.de/10013492698
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The fragility of two monetary regimes : the European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …
Persistent link: https://www.econbiz.de/10011590398
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The fragility of two monetary regimes : the European Monetary System and the eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
Persistent link: https://www.econbiz.de/10010243556
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The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009
Eser, Fabian - 2012
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...
Persistent link: https://www.econbiz.de/10013104347
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The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework Since 2012
Kedan, Danielle - 2017
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral...
Persistent link: https://www.econbiz.de/10012954333
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The use of the Eurosystem's monetary policy instruments and operational framework since 2012
Alvarez, Inmaculada; Casavecchia, Fabio; De Luca, Marino; … - 2017
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral...
Persistent link: https://www.econbiz.de/10011642679
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The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework in 2022 and 2023
Hudepohl, Tom (ed.); Malderez, Suzanne (ed.) - 2024
The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs). The period covered by this report (2022-23) was dominated by high inflation, which led to a change from an easing to a tightening monetary policy environment in line with the mandate of the...
Persistent link: https://www.econbiz.de/10015052097
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Interest on reserves and the flexibility of monetary policy in the euro area
Neyer, Ulrike - 2007
This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current repo rate implies constant net marginal interest costs of holding required reserves. This allows the central bank also to change the rate also within a reserve...
Persistent link: https://www.econbiz.de/10010206405