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We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE anouncement shocks are...
Persistent link: https://www.econbiz.de/10011488021
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period 1999 to 2012. They approximate desirable national interest rates countries would have liked to implement if they could still conduct independent monetary policy. We find that...
Persistent link: https://www.econbiz.de/10009724004
Persistent link: https://www.econbiz.de/10012059729
Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
Persistent link: https://www.econbiz.de/10011511101
Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
Persistent link: https://www.econbiz.de/10001913438
Druckerpresse den Patienten am Leben zu halten. Die Folgen: Nullzinsen, immense Staatsverschuldung und eine drohende Inflation … Rückschläge hat sich die Europäische Zentralbank zur Rettungsinstanz erhoben. Sie versuchte mit diversen Rettungsschirmen … immense Risiken. Staatsverschuldung, Negativzinsen, Inflation IBM ein giftiger Cocktail. Die Schulden der Euroländer sind …
Persistent link: https://www.econbiz.de/10012506145
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10001753567
Persistent link: https://www.econbiz.de/10003888595