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Asymmetric macroeconomic effects of QE-induced increases in excess reserves in a monetary union
Horst, Maximilian; Neyer, Ulrike; Stempel, Daniel - 2020
The Eurosystem's large-scale asset purchases (quantitative easing, QE) induce a strong and persistent increase in excess reserves in the euro area banking sector. These excess reserves are heterogeneously distributed across euro area countries. This paper develops a two-country New Keynesian...
Persistent link: https://www.econbiz.de/10012243601
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Inflation: thruway of ECB's monetary policy
Seidl, Christian - 2023
Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused … the past and in the presence. This paper attributes inflation decisively to the overwhelming money creation by the …
Persistent link: https://www.econbiz.de/10013553631
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Evolving key risks in the banking sector, and related priorities for the SRB : the impact of the current ‘inflation crisis’
Gortsos, Christos V. - 2023
particular, on the impact of the current “inflation crisis” on financial stability vulnerabilities. Furthermore, it addresses two …
Persistent link: https://www.econbiz.de/10014258303
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The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area
Horst, Maximilian; Neyer, Ulrike - 2019
In March 2015, the Eurosystem launched its QE-programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem's liquidity...
Persistent link: https://www.econbiz.de/10012099037
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Euro area monetary policy and TARGET balances: a trilogy
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022
The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show that large TARGET balances can only arise with...
Persistent link: https://www.econbiz.de/10013448708
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Do large TARGET2 balances bear risks for the euro area?
Horst, Maximilian; Neyer, Ulrike - In: Credit and capital markets : Kredit und Kapital 55 (2022) 1, pp. 3-34
Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate interpretation and policy reaction - in particular in TARGET2 creditor countries such as Germany. Against this background, we examine the main drivers of the increases and...
Persistent link: https://www.econbiz.de/10014518497
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Too Green to Be True? Forging a Climate Consensus at the European Central Bank
Deyris, Jérôme - 2022
In its strategy review, the European Central Bank's Governing Council unanimously decided to make climate change one of its priorities for the coming years. In this article, we try to understand how this change was achieved, and to what extent it represents a break from central banking as usual....
Persistent link: https://www.econbiz.de/10013405556
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The 'Uncovered Inflation Rate Parity' Condition in a Monetary Union
Acocella, Nicola - 2020
), the problem of instability is simply transferred to inflation rate differentials, what we call the (impossibility of the …) "uncovered inflation rate parity condition" in a monetary union. The analysis of the actual divergences and imbalances in the EMU …, then, suggests that failure to respect the "uncovered inflation rate parity condition" in a monetary union may lead to …
Persistent link: https://www.econbiz.de/10012851840
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The "uncovered inflation rate parity" condition in a monetary union
Acocella, Nicola; Pasimeni, Paolo - 2018
), the problem of instability is simply transferred to inflation rate differentials, what we call the (impossibility of the …) "uncovered inflation rate parity condition" in a monetary union. The analysis of the actual divergences and imbalances in the EMU …, then, suggests that failure to respect the "uncovered inflation rate parity condition" in a monetary union may lead to …
Persistent link: https://www.econbiz.de/10011926988
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Bad for Euroland, worse for Germany : the ECB's record
Bibow, Jörg (contributor) - 2005
This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the bank...
Persistent link: https://www.econbiz.de/10003229840