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The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …

Persistent link: https://www.econbiz.de/10011619626

Optimal Monetary Policy in a Currency Union : Should a Central Bank Care about Output Stabilization?

Thams, Andreas - 2008

In this paper we derive optimal monetary targeting rules under various assumptions about fiscal behavior. In contrast to the existing literature we use a linear-quadratic approach and allow for dynamic games between the two policy authorities. It is shown that optimal monetary behavior is...

Persistent link: https://www.econbiz.de/10012726512

Monetary policy and wandering overinvestment cycles in East Asia and Europe

Schnabl, Gunther - 2017

The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...

Persistent link: https://www.econbiz.de/10011655779

Market-stabilization QE

Motto, Roberto; Özen, Kadir - 2022

We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...

Persistent link: https://www.econbiz.de/10012818740

Asymmetric shocks in a currency union : the role of central bank collateral policy

Koulischer, François - 2015

Persistent link: https://www.econbiz.de/10011305214

Systemic risk in a network model of interbank markets with central bank activity

Georg, Co-Pierre; Poschmann, Jenny - 2010

stability. We model the default of a large bank and analyse the resulting contagion effects. This is compared to a common shock …

Persistent link: https://www.econbiz.de/10003971540

Regional price adjustment in a monetary union

Berk, Jan Marc; Swank, Job - 2002

Using a New-Keynesian framework, we investigate how far the inflationary processes in member states of EMU cause regional price levels to converge. We fail to produce hard evidence of the present existence of such an adjustment mechanism, notwithstanding that inflation in some countries tends to...

Persistent link: https://www.econbiz.de/10011327545

Housing-market heterogeneity in a monetary union

Rubio, Margarita - In: Journal of international money and finance 40 (2014), pp. 163-184

Persistent link: https://www.econbiz.de/10010239992

Interbank market frictions and unconventional policy in a currency union

Swarbrick, Jonathan; Blattner, Tobias - 2017

the initial shock; and (iii) asset purchase policies and long-term refinancing operations can both be successful in …

Persistent link: https://www.econbiz.de/10011653062

Central bank policies and financial markets : lessons from the Euro crisis

Mody, Ashoka; Nedeljkovic, Milan - 2018 - This version: November 20, 2018

The European Central Bank (ECB) took many measures to combat the eurozone's rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

Persistent link: https://www.econbiz.de/10011942687

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