Showing 1 - 10 of 10
We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...
Persistent link: https://www.econbiz.de/10011444944
We assess the macroeconomic effects of the Eurosystem's asset purchases on the four largest euro area economies using simulation exercises that combine unconventional monetary policy shocks with a fixed policy rate for the duration of the purchase programme. We identify unconventional monetary...
Persistent link: https://www.econbiz.de/10012227058
We update the wavelet-based analysis of the relationship between money growth and inflation in the euro area in Mandler and Scharnagl (2014). The relationship between headline M3 growth and inflation at low frequencies has weakened over the 1990s. However, we find evidence of stable comovement...
Persistent link: https://www.econbiz.de/10014476388
We estimate the effects of shocks to interest rate expectations on the four largest euro area economies. We identify these shocks in a Bayesian vector autoregressive (BVAR) model augmented by survey expectations. We separate the expectations shocks from standard monetary policy shocks by...
Persistent link: https://www.econbiz.de/10014504116
We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the euro area, Germany, France, Italy and Spain using a BVAR model with endogenous hyperparameter selection and identification via sign restrictions. We investigate the behaviour of...
Persistent link: https://www.econbiz.de/10012428841
We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...
Persistent link: https://www.econbiz.de/10011444752
Persistent link: https://www.econbiz.de/10013167491
We assess the macroeconomic effects of the Eurosystem's asset purchases on the four largest euro area economies using simulation exercises that combine unconventional monetary policy shocks with a fixed policy rate for the duration of the purchase programme. We identify unconventional monetary...
Persistent link: https://www.econbiz.de/10012222564
Persistent link: https://www.econbiz.de/10012122227
Persistent link: https://www.econbiz.de/10014292222