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Cheap Talk and the Efficacy of the ECB's Securities Market Programme : Did Bond Purchases Matter?
De Pooter, Michiel - 2015
In 2010, in response to an ever-worsening fiscal crisis, the ECB began purchasing sovereign debt from troubled euro-area countries through its Securities Market Programme (SMP). This program was designed to improve market functioning and restore the monetary transmission mechanism within the...
Persistent link: https://www.econbiz.de/10013014175
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Long-Lasting Consequences of the European Crisis
Jimeno, Juan F. - 2015
The Great Recession and the subsequent European crisis may have long-lasting effects on aggregate demand, aggregate supply and, hence, on macroeconomic performance over the medium and long run. Besides the fact that financial crises last longer and are succeeded by slower recoveries, and apart...
Persistent link: https://www.econbiz.de/10013018022
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Business Cycle and Monetary Policy Analysis in a Structural Sticky-Price Model of the Euro Area
Casares, Miguel - 2021
Structural models are a powerful tool for business cycle and monetary policy analysis because they are invariant to either policy changes or external shocks. In this paper, we derive a Sidrauski-type model in which both the demand and supply side are structural in the sense that the behavioral...
Persistent link: https://www.econbiz.de/10013320296
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SAFE to Update Inflation Expectations? New Survey Evidence on Euro Area Firms
Baumann, Ursel; Ferrando, Annalisa; Georgarakos, Dimitris; … - National Bureau of Economic Research - 2024
This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...
Persistent link: https://www.econbiz.de/10014544782
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SAFE to update inflation expectations? : new survey evidence on euro area firms
Baumann, Ursel; Ferrando, Annalisa; Georgarakos, Dimitris; … - 2024
This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...
Persistent link: https://www.econbiz.de/10014535260
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Investment booms, diverging competitiveness and wage growth within a monetary union : an AB-SFC model
Schütz, Bernhard - 2022
supposed drivers of imbalances in the build-up to the Great Recession: unequal developments in investment, competitiveness and …
Persistent link: https://www.econbiz.de/10013337982
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Inflation expectations, consumption and the lower bound : micro evidence from a large euro area survey
Duca, Ioana A.; Kenny, Geoff; Reuter, Andreas - 2018
aggregate private consumption. We find the effects to be economically relevant, especially when the lower bound is binding …
Persistent link: https://www.econbiz.de/10011928923
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Who bears the costs of inflation? : euro area households and the 2021-2022 shock
Pallotti, Filippo; Paz Pardo, Gonzalo; Slacalek, Jirka; … - 2023
-44 year-old winning; (iii) losses were quite uniform across consumption quantiles because rigid rents served as a hedge for …
Persistent link: https://www.econbiz.de/10014483008
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012063971
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012099559