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Asset Prices in Taylor Rules : Specification, Estimation, and Policy Implications for the ECB
Siklos, Pierre L. - 2016
Persistent link: https://www.econbiz.de/10012991350
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Euro Area Inflation Persistence
Batini, Nicoletta - 2021
This paper presents evidence on the lag between monetary policy actions and the response of inflation in the euro area as a whole and in Germany, Italy and France. In line with findings for the US and the UK, results here show that this lag is longer than one year both in the euro area and in...
Persistent link: https://www.econbiz.de/10013320116
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Using Money Market Rates to Assess the Alternatives of Fixed vs. Variable Rate Tenders : The Lesson from 1989-1998 Data for Germany
Manna, Michele - 2021
This paper uses the variability of money market rates to compare the conduct of the central bank's key market operation as a fixed-rate tender (FRT) or a variable-rate tender (VRT). Nowadays, leading central banks generally use FRTs or other approaches (e.g. target rates) which yield step...
Persistent link: https://www.econbiz.de/10013320189
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How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area
Batini, Nicoletta; Cantelmo, Alessandro; Melina, Giovanni; … - 2020
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint monetary and fiscal policy stance in the euro area (EA) and its three largest member countries over the period 2007-2018. The index is based on the relative...
Persistent link: https://www.econbiz.de/10014092440
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Liquidity Crunch in Late 2008 : High-Frequency Differentials Between Forward-Implied Funding Costs and Money Market Rates
Yiu, Matthew S. - 2010
rate cuts, to ease the liquidity crunch in the financial markets following the collapse of Lehman Brothers. Using high … the 2008 global financial turmoil, this study examines the variations of intraday funding liquidity across the global … undertaken by central banks affect the dynamics of market liquidity conditions. Similar to Hui et al. (2009), the paper uses the …
Persistent link: https://www.econbiz.de/10013136586
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Bargaining power and outside options in the interbank lending market bargaining power and outside options in the interbank lending market
Abbassi, Puriya; Bräuning, Falk; Schulze-Stahl, Niels G. - 2020 - This version: June 2020
We study the role of bargaining power and outside options with respect to the pricing of over-the-counter interbank loans using a bilateral Nash bargaining model, and we test the model predictions with detailed transaction-level data from the euro-area interbank market. We find that lender banks...
Persistent link: https://www.econbiz.de/10012301128
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Bargaining power and outside options in the interbank lending market
Abbassi, Puriya; Bräuning, Falk; Schulze, Niels - 2017
We study the role of bargaining power and outside options for the pricing of over-the-counter interbank loans using a bilateral Nash bargaining model and test the model predictions with detailed transaction-level data from the euro-area interbank market. We find that lender banks with greater...
Persistent link: https://www.econbiz.de/10011740274
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Stability issues in German money multiplier forecasts
Polster, Rainer; Gottschling, Andreas - 1999
This paper investigates the stability of the German money supply focusing on the period 1991 - 1998. It is shown that the standard ARIMA-Transfer model approach in the literature needs to be augmented by a cointegration term to adequately model the dynamics of money supply in Germany. Additional...
Persistent link: https://www.econbiz.de/10010503733
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An Estimated DSGE Model for the German Economy within the Euro Area
Pytlarczyk, Ernest - 2016
Persistent link: https://www.econbiz.de/10012991205
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Bitcoin as an Innovative Payment Currency in Germany : Development of the E-Gold Standard
Arsov, Doc. Dr. Aleksandar - 2016
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource...
Persistent link: https://www.econbiz.de/10012992686