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Risk Sharing in a Politically Divided Monetary Union
Parsley, David C.; Popper, Helen - 2021
We document stark asynchronicity across U.S. states, particularly across groups of states whose populations have voted consistently Democrat or consistently Republican in national elections; and we show that their risk-sharing channels differ substantially. However, we find that these groups of...
Persistent link: https://www.econbiz.de/10013233304
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Tracking global economic uncertainty : implications for the euro area
Bobasu, Alina; Geis, André; Quaglietti, Lucia; Ricci, … - 2021
This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the methodology proposed by Jurado et al. (2015) and estimate global as well as country-specific measures of economic uncertainty for fifteen key euro area trade partners and the euro...
Persistent link: https://www.econbiz.de/10012503567
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Uncertainty about QE effects when an interest rate peg is anticipated
Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel - 2018
After hitting the lower bound on interest rates, the Eurosystem engaged in a public sector purchase programme (PSPP … uncertainty in an analysis of these policies. We model FG as an anticipated temporary interest rate peg. The degree of parameter …
Persistent link: https://www.econbiz.de/10011846905
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Assessing uncertainty in the natural rate of interest : info-gap as guide for monetary policy in the euro area
Ben-Haim, Yakov; End, Jan-Willem van den - In: International journal of finance & economics : IJFE 27 (2022) 3, pp. 3228-3245
Persistent link: https://www.econbiz.de/10013329858
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Demand for money in Greece after Euro area and policy uncertainties
Ongan, Serdar; Gocer, Ismet - In: Review of Economic Analysis : REA 15 (2023) 1, pp. 49-62
This study examines the asymmetric effects of uncertainties in monetary policy on the demand for money in Greece. In doing so, it introduces and uses the monetary policy uncertainty (MPU) index, which can probably be a very appropriate and robust explanatory variable in demand-for-money models....
Persistent link: https://www.econbiz.de/10014310223
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Uncertainty shocks, monetary policy and long-term interest rates
Amisano, Gianni; Tristani, Oreste - 2019
We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or "uncertainty shocks", are an important model...
Persistent link: https://www.econbiz.de/10012009116
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Die Geldmarktsteuerung der Europäischen Zentralbank und das Geldangebot der Banken : mit 12 Tabellen
Nautz, Dieter - 2000
Persistent link: https://www.econbiz.de/10001472967
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Risk sharing by financial markets in federal systems : what do we really measure?
Dullien, Sebastian - 2017
This paper criticises the standard methodology used to measure the importance of different channels of risk sharing in federal states such as the one used in Asdrubali et al.'s (1996) seminal contribution. It argues that the methodology chosen in these papers systematically underestimates the...
Persistent link: https://www.econbiz.de/10011919725
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Trust in the central bank and inflation expectation
Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2020
Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB … find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about … future inflation. Moreover, results from quantile regressions suggest that trusting the ECB increases (lowers) inflation …
Persistent link: https://www.econbiz.de/10012165306
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Risk sharing revisited : empirics and concepts
Harms, Patrick Christian - 2021
The paper adds to the literature as follows: starting from the benchmark model of Asdrubali et al. (1996), we reproduce the original specification with a data set obtained from the authors as well as possible. In a second step, this specification is brought to euro area data. Again, the results...
Persistent link: https://www.econbiz.de/10012436572