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After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...
Persistent link: https://www.econbiz.de/10014334696
Persistent link: https://www.econbiz.de/10014334698
description of the two main aggregate euro area models at the ECB. Both models share a common core but their detailed … block, which is useful for conditioning the euro area projections on assumptions about foreign economic activity, prices and …
Persistent link: https://www.econbiz.de/10010317065
In 2022, the European Central Bank (ECB) introduced the Transmission ProtectionInstrument (TPI) to counter the risk of financial fragmentation following the normalisation ofmonetary policy. The ECB has specified conditions under which the TPI can be activated.This paper examines these conditions...
Persistent link: https://www.econbiz.de/10014459470
. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …
Persistent link: https://www.econbiz.de/10010377866
description of the two main aggregate euro area models at the ECB. Both models share a common core but their detailed … block, which is useful for conditioning the euro area projections on assumptions about foreign economic activity, prices and …
Persistent link: https://www.econbiz.de/10010317112
the euro's existence. It argues that two formative intellectual currents converged at Maastricht to shape the design and … reception of the euro regime: ordoliberalism and neoliberalism. Germany's ordoliberalism inspired and shaped the euro regime … power. As a product of the zeitgeist, Europe got stuck with a deeply flawed euro regime. The Maastricht Treaty …
Persistent link: https://www.econbiz.de/10014363379
euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels … of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted … the euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary …
Persistent link: https://www.econbiz.de/10014521523
The purpose of this study is to estimate the natural yield curve for an emerging economy, with Indonesia as a case study. The estimation is done by a two-stage approach, namely, the decomposition of the yield curve component through a dynamic Nelson-Siegel model, the results of which are then...
Persistent link: https://www.econbiz.de/10014544655
A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...
Persistent link: https://www.econbiz.de/10010295302