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Persistent link: https://www.econbiz.de/10013336641
Zusammenfassung Dieser Beitrag liefert einen Uberblick über die Bedeutung asymmetrischer makroökonomischer Strukturen in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche grundsätzliche Bedeutung asymmetrischen...
Persistent link: https://www.econbiz.de/10014608865
This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...
Persistent link: https://www.econbiz.de/10009635885
Announcing a quantitative objective for price developments has become a common practice in modern monetary policy making. While the specific features of such announced objectives vary across countries, a common rationale for this is to help anchoring inflation expectations. We use survey data on...
Persistent link: https://www.econbiz.de/10009635904
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...
Persistent link: https://www.econbiz.de/10009635907
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10009635926
This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...
Persistent link: https://www.econbiz.de/10009635957
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after u0096 and because of u0096 EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of...
Persistent link: https://www.econbiz.de/10009635961
In this paper, we discuss the consequences of taking into account the variations of the natural real interest rate (r t *) in simple monetary policy rules. We also provide one possible model-based analysis of the level of r t * that has prevailed in the euro area since the early 1970s, and...
Persistent link: https://www.econbiz.de/10009635981
On several occasions during the period 2001-2003, the European Central Bank (ECB) decided to deviate from its "neutral" benchmark allotment rule, with the effect of not alleviating a temporary liquidity shortage in the banking system. This is remarkable because it implied the possibility of...
Persistent link: https://www.econbiz.de/10009636518