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Crisis Liquidity Provision in the US and Euro Area – Evolving the Role of Lender of Last Resort
Ellis, Colin - 2017
Reserve and the European Central Bank used emergency liquidity provision powers in a variety of creative ways. In doing so …
Persistent link: https://www.econbiz.de/10012961672
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Oil price shock in the US and the euro area - evidence from the shadow rate and the term premium
Pažický, Martin - In: Národohospodářský obzor : časopis věnovaný … 21 (2021) 3, pp. 309-346
The aim of this article is to investigate the consequences of oil price changes for the economy of the US and the euro area. Oil price transmission channel is assessed using Granger causalities and structural vector autoregressive (VAR) specifications (applying the Cholesky factorization and the...
Persistent link: https://www.econbiz.de/10012651358
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Das Verrechnungssystem der Federal Reserve und seine Übertragbarkeit auf den Euroraum
Klose, Jens; Weigert, Benjamin - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 92 (2012) 4, pp. 243-250
Persistent link: https://www.econbiz.de/10009523253
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Das Verrechnungssystem der Federal Reserve und seine Übertragbarkeit auf den Euroraum
Klose, Jens; Weigert, Benjamin - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 92 (2012) 4, pp. 243-250
In der aktuellen Debatte über die Target2-Salden im Eurosystem wurde zu deren Abbau das Ausgleichsverfahren der Federal Reserve in den USA vorgeschlagen. Der dortige Ausgleichsmechanismus ist jedoch rein bilanzieller Natur und führt lediglich zu einer Neuaufteilung der Aktivseite des...
Persistent link: https://www.econbiz.de/10009532549
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Impact of US quantitative easing policy on emerging Asia
Morgan, Peter J. - 2011
The adoption of quantitative easing (QE) policy by the United States (US) Federal Reserve Bank since early 2009 has aroused widespread concerns in Asia and elsewhere regarding its possible impact in terms of the weakening of the US dollar and stimulating capital outflows to emerging economies...
Persistent link: https://www.econbiz.de/10009379704
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …
Persistent link: https://www.econbiz.de/10003836155
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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The eurozone in the current crisis
Wyplosz, Charles - 2010
European Central Bank (ECB) intervened promptly and massively to attempt to maintain liquidity in the money market, it has been …
Persistent link: https://www.econbiz.de/10003983135
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International spillovers of (un)conventional monetary policy : the effect of the ECB and US fed on non-euro EU countries
Hajek, Jan; Horváth, Roman - 2017
We estimate a global vector autoregression model to examine the effects of euro area and US monetary policy stances, together with the effect of euro area consumer prices, on economic activity and prices in non-euro EU countries using monthly data from 2001-2016. Along with some standard...
Persistent link: https://www.econbiz.de/10011729621
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Eurosystem monetary targeting : lessons from U.S. data
Rudebusch, Glenn D.; Svensson, Lars E. O. - 1999
Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10011585352