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Financial systems and the role of banks in monetary policy transmission in the euro area

Ehrmann, Michael; Gambacorta, Leonardo; Martínez … - 2001

für die USA diesbezüglich vermuteten Gegebenheiten gelten wahrscheinlich nicht für Europa. Die ökonometrische Analyse … ergibt, dass die Geldpolitik das Bankkreditangebot beeinflußt, wobei die Stärke dieses Effekts über Banken in Abhängigkeit … ihres Liquiditätsgrads variiert. Im Gegensatz zu den USA ist im Allgemeinen die Größe einer Bank kein direkter …

Persistent link: https://www.econbiz.de/10011419463

Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area

Ehrmann, Michael - 2010

This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...

Persistent link: https://www.econbiz.de/10013134951

Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area

Ehrmann, Michael - 2016

Persistent link: https://www.econbiz.de/10012991292

Is Monetary Policy in the Eurozone Less Effective than in the Us?

De Grauwe, Paul; Costa Storti, Claudia - 2021

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the … monetary policies in the US and the Eurozone countries. This consists of collecting the estimated transmission coefficients …

Persistent link: https://www.econbiz.de/10013318120

Cross-Country Differences in Monetary Policy Transmission

Berben, Robert-Paul; Locarno, Alberto; Morgan, Julian … - 2021

This paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. In particular it considers the extent to which these differences are due to differences in the underlying economies or (possibly...

Persistent link: https://www.econbiz.de/10013319065

Empirical Comparisons on the Effects of the US and the Japan Quantitative Easing Policies on the Asian Exchange Rates

Han, Young Wook - 2019

This paper considers the long memory volatility property in the daily return data of six major Asian exchange rates of KRW, SGD and INR in terms of USD and JPY. The daily returns generally are found to exhibit the widespread long memory volatility property and the FIGARCH model appears to be...

Persistent link: https://www.econbiz.de/10012899210

Differences in Resilience Between the Euro-Area and US Economies

Drew, Aaron - 2004

This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run...

Persistent link: https://www.econbiz.de/10012444383

Learning from Japan : the European Central Bank and the European Sovereign Debt Crisis

Gabor, Daniela - 2013

interests play important roles. Thus, New Keynesian ideas led central banks to interpret Japan's experience with quantitative …, as the Bank of Japan did by buying government bonds. Hence, market-based finance engenders a trade-off between financial …

Persistent link: https://www.econbiz.de/10013089738

How bad is divergence in the Euro-zone? : lessons from the United States of America and Germany

Dullien, Sebastian; Fritsche, Ulrich - 2006 - This version: October 06

This paper compares relative unit labour cost developments in the countries of the euro-area since the beginning of the European Monetary Union (EMU) both with historical developments and with intra-regional unit labour cost developments in the United States of America and Germany. To this end,...

Persistent link: https://www.econbiz.de/10010426369

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Christiano, Lawrence J. - 2007

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012776610

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