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Early exit from ECB bond purchase program could reduce GDP growth and inflation
Clemens, Marius; Gebauer, Stefan; Rieth, Malte - In: DIW economic bulletin 7 (2017) 49, pp. 533-540
volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed … that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with … particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank …
Persistent link: https://www.econbiz.de/10011750746
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The ECB’s fight against low inflation : on the effects of ultra-low interest rates
Riet, Ad van - In: International Journal of Financial Studies : open … 5 (2017) 2, pp. 1-27
prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to …
Persistent link: https://www.econbiz.de/10011649375
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The European Public Debt Refinancing Program - Why the ECB Quantitative Easing Should Envisage Euro-Zone Government Bonds
Minenna, Marcello - 2014
The credit risk exposure of the German banking system is growing again after the 2009 peak and its subsequent reduction. This column comments it through the lens of the Target2 net balances in connection with the capital flows experienced by the Eurozone (EZ) balance of payments. Several aspects...
Persistent link: https://www.econbiz.de/10013047170
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Policy-making of the European Central Bank during the crisis : do personalities matter?
Basham, James; Roland, Aanor - 2014
The European sovereign debt crisis represents an interesting opportunity to investigate the reaction of the European Central Bank as a crisis fighting institution and the importance of central bank personalities in policy execution. Accordingly, this paper aims at investigating to what extent...
Persistent link: https://www.econbiz.de/10010375822
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Fiscal policy in a currency union at the zero lower bound
Cook, David; Devereux, Michael B. - 2018 - Revised, November 2017
When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy-makers to respond to regional demand asymmetries. How do...
Persistent link: https://www.econbiz.de/10011786683
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Nominal, structural and real convergence of the EU candidate countries' economies
Bobeva, Daniela - In: Journal of central banking theory and practice 10 (2021) 3, pp. 59-78
Despite the significant academic interest in the economic cohesion, the various aspects of convergence and the ways they can be measured still remain theoretically unclear. These are issues of extreme political significance, especially for countries aspiring for EU and euro area membership. The...
Persistent link: https://www.econbiz.de/10012650896
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Inflation : an einem Strang ziehen!
Wollmershäuser, Timo - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 103 (2023) 2, pp. 77
Persistent link: https://www.econbiz.de/10014233621
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From antigrowth bias to quantitative easing : the ECB's belated conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...
Persistent link: https://www.econbiz.de/10011481632
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Flow effects of central bank asset purchases on euro area sovereign bond yields : evidence from a natural experiment
De Santis, Roberto A.; Holm-Hadulla, Fédéric - 2017
We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the estimated relationship between yields and purchase...
Persistent link: https://www.econbiz.de/10011648320