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Der europäische Zahlungsverkehr im Umbruch
Mersch, Yves - In: Zahlungsverkehrssymposium der Deutschen Bundesbank 2017, (pp. 55-65). 2017
Persistent link: https://www.econbiz.de/10011883097
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021 - First draft: November 23, 2020 ; this version: May 17, 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...
Persistent link: https://www.econbiz.de/10013328355
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Tracing the impact of the ECB's asset purchase programme on the yield curve
Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2020
We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by pricesensitive investors. We...
Persistent link: https://www.econbiz.de/10012424954
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Information Effects of Euro Area Monetary Policy : new evidence from high-frequency futures data
Kerssenfischer, Mark - 2019
Central bank announcements have strong effects on interest rates, but small or even counterintuitive effects on economic expectations. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and provide evidence that they are...
Persistent link: https://www.econbiz.de/10012265893
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The Phillips Curve at the ECB
Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura - 2020
We explain the role of the Phillips Curve at the ECB in the analysis of the economic outlook and the formulation of monetary policy. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from reduced-form estimates and relate the...
Persistent link: https://www.econbiz.de/10012435565
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ECB announcements and stock market volatility
Neugebauer, Frederik - 2019
This paper documents that ECB announcements increase the stock market volatility in the euro area (EA) on the same day. I consider two volatility measures from January 1998 to May 2019. First, a realized volatility measure uses intraday data for 8 different stock market indices. Second, a range...
Persistent link: https://www.econbiz.de/10012286218
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Talking in a language that everyone can understand? : transparency of speeches by the ECB Executive Board
Glas, Alexander; Müller, Lena - 2021
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully...
Persistent link: https://www.econbiz.de/10013326553
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Capital flows to emerging market and developing economies : global liquidity and uncertainty versus country-specific pull factors
Belke, Ansgar; Volz, Ulrich - 2019
-type fashion. Regarding push factors, our study focuses on the relative importance of global liquidity and economic policy … and developing economies. Global liquidity, economic policy uncertainty and other risk factors, such as the US yield …
Persistent link: https://www.econbiz.de/10012314337
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Clearing systems of Central and Eastern Europe, waiting for the TARGET2 Securities
Kriskó, Andrea - 2014
Clearing Systems of Central and Eastern Europe, waiting for the TARGET2 Securities I investigate the clearing systems … in Europe, and try to assess the condition of clearing houses before the launch of TARGET2 Securities. I examine the … also reflect on the kinds of clearing practices prevalent today in areas outside the EU. I try to summarize the …
Persistent link: https://www.econbiz.de/10011491305
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Regional integration and the euro crisis : problems and solutions
Pessoa, Argentino - 2013
Along time the European Union (EU) has been pointed as the most succeeded example of regional integration. Now, this example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It is evident that the proposed solutions for attacking...
Persistent link: https://www.econbiz.de/10011515832