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Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

A tale of two decades : the ECB's monetary policy at 20

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2019

- stretching slightly beyond the ECB's mid-point - marked by decent growth in real incomes and a distribution of shocks to … endemic instability and crisis, with the distribution of shocks eventually switching from inflationary to continuously …

Persistent link: https://www.econbiz.de/10012135959

Monetary policy between stability and growth

Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42

The global financial crisis and the coronavirus pandemic were marked by expansionary policies of key central banks in an attempt to stop the recession. The degree of expansiveness of monetary policy was unprecedented. As a result of expansionary policies, global inflation has been present since...

Persistent link: https://www.econbiz.de/10014496247

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

Persistent link: https://www.econbiz.de/10010311797

Bond Markets and Unconventional Monetary Policy

Buraschi, Andrea - 2015

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

Persistent link: https://www.econbiz.de/10013020631

Does the Purchase of Government Bonds by the ECB Endanger its Independence?

Sauer, Beate - 2015

Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme and, thus, its government bond purchases by the need...

Persistent link: https://www.econbiz.de/10013028248

Does Monetary Policy Affect Income Inequality in the Euro Area?

SamarIna, Anna - 2019

This paper examines how monetary policy affects income inequality in 10 euro area countries over the period 1999–2014. We distinguish macroeconomic and financial channels through which monetary policy may have distributional effects. The macroeconomic channel is captured by wages and...

Persistent link: https://www.econbiz.de/10012890688

Combining Negative Rates, Forward Guidance and Asset Purchases : Identification and Impacts of the ECB's Unconventional Policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

) and quantitative easing (QE), the identification of the impacts of these unconventional instruments of monetary policy is … challenging. We propose a novel identification approach that seeks to overcome this challenge by combining a dense, controlled … back end of the yield curve. We then feed these rate counterfactuals into a large-scale Bayesian VAR and generate …

Persistent link: https://www.econbiz.de/10013225325

Can Central Banks Go Broke?

Buiter, Willem H. - 2014

The paper answers three questions.(1) Does it matter if a central bank suffers a large capital loss? (2) Can the central bank become insolvent? (3) When, how and by whom should the central bank be recapitalised?

Persistent link: https://www.econbiz.de/10013048185

The Transmission of Unconventional Monetary Policy to Bank Credit Supply : Evidence From the TLTRO

Afonso, António - 2019

We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014:05-2018:01) and for Portugal (2011:01-2018:01), using a panel data setup. For the Euro area, we find a positive relationship between the TLTRO and the amount of...

Persistent link: https://www.econbiz.de/10012895300