Showing 1 - 10 of 1,747
(after the German Unification: 1990-1998) in order to test the hypothesis of an ECB with “Bundesbank’s preferences” put …This paper compares the European Central Bank’s conduct of monetary policy (1999-2005) with that of the Bundesbank … monetary policy reaction functions show that the continuation of the former Bundesbank regime is supported by the data. Given …
Persistent link: https://www.econbiz.de/10005650754
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …
Persistent link: https://www.econbiz.de/10011349470
In this paper, we analyze the relationship between certain characteristics of incumbent central bank governors and their interest-rate-setting behavior. We focus on (i) occupational backgrounds, (ii) party affiliation, and (iii) experience in office and estimate augmented Taylor rules for 20...
Persistent link: https://www.econbiz.de/10009775039
This study assesses the European Central Bank's (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB's scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …
Persistent link: https://www.econbiz.de/10011545305
Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. Many want central banks to embrace this expanded role as "market maker of...
Persistent link: https://www.econbiz.de/10010356675
Central bank intervention in the form of quantitative easing (QE) during times of low interest rates is a controversial topic. This paper introduces a novel approach to study the effectiveness of such unconventional measures. Using U.S. data on six key financial and macroeconomic variables...
Persistent link: https://www.econbiz.de/10014532350
This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...
Persistent link: https://www.econbiz.de/10010335949
This paper presents a model that pictures how inflation is determined in a decentralized market process where prices are set in both simultaneous and sequential contracts. Price setting is seen as a coordination game between the price setters of sequential contracts. An important property of the...
Persistent link: https://www.econbiz.de/10013208483
In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...
Persistent link: https://www.econbiz.de/10012497748
In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...
Persistent link: https://www.econbiz.de/10012309007