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Has the reaction function of the European Central Bank changed over time?

Tatar, Balint - 2023 - This version: May 2, 2023

response to the expected inflation gap may have been less pronounced. I also find that the policy response has become more … forceful over the course of the recent sharp rise in inflation. Furthermore, it is essential to model the stochastic volatility …

Persistent link: https://www.econbiz.de/10014252499

The Taylor Rule and Monetary Policy in the Euro Area

Mésonnier, Jean-Stéphane - 2010

We estimate the reaction function of monetary policy in the Euro area and derive the Taylor-type policy rule that a would-be ECB would have followed since the beginning of the European Monetary System (1979-2003). We first follow the standard GMM methodology developed by Clarida, Galí and...

Persistent link: https://www.econbiz.de/10013136222

Disinflation and monetary independence in Romania

Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79

In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....

Persistent link: https://www.econbiz.de/10011890553

Leader of the Pack? German Monetary Dominance in Europe Prior to EMU

Reade, James - 2011

In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead' nation Germany, to assess the...

Persistent link: https://www.econbiz.de/10013118510

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012836323

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

Persistent link: https://www.econbiz.de/10012838235

The Macroeconomic Impact of the ECB's Expanded Asset Purchase Programme (APP)

Gambetti, Luca - 2017

stochastic volatility. The evidence suggests that the APP had a significant upward effect on both real GDP and HICP inflation in … HICP inflation seems more marked in the medium term. Moreover, several channels of transmission appear to have been … activated, including the portfolio rebalancing channel, the exchange rate channel, the inflation re-anchoring channel and the …

Persistent link: https://www.econbiz.de/10012954345