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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …
Persistent link: https://www.econbiz.de/10012100198
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10011606235
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Neo-Fisherian monetary policy
Kortelainen, Mika - 2017
According to the Neo-Fisherian Hypothesis a nominal policy rate increase leads to an in-crease in the rate of inflation also in the short-run and the effects of Neo-Fisherian forward guidance on inflation and output are small. These results are obtained by assuming that the nominal interest rate...
Persistent link: https://www.econbiz.de/10012148918
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How effective is the Taylor rule? Some insights from the time-frequency domain
Crowley, Patrick M.; Hudgins, David - 2020
When the central bank sets monetary policy according to a conventional or modified Taylor rule (which is known as the Taylor Principle), does this deliver the best outcome for the mac-roeconomy as a whole? This question is addressed by extending the wavelet-based control (WBC) model of Crowley...
Persistent link: https://www.econbiz.de/10012175727
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Strengthening the role of local currencies in EU candidate and potential candidate countries
Windischbauer, Ulrich - 2016
This paper deals with the phenomenon of high levels of unofficial euroisation in countries preparing for EU membership (Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Serbia and Turkey). The challenges stemming from unofficial euroisation are particularly relevant...
Persistent link: https://www.econbiz.de/10011606322
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Exchange rate pass-through in the euro area and EU countries
Ortega, Eva; Osbat, Chiara - 2020
Aggregate exchange rate pass-through (ERPT) to import and consumer prices in the EU is currently lower than it was in the 1990s and is non-linear. Low estimated aggregate ERPT to consumer prices does not at all mean that exchange rate movements do not have an impact on inflation, as aggregate...
Persistent link: https://www.econbiz.de/10012521145
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Energy markets and the euro area macroeconomy
2010
This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the...
Persistent link: https://www.econbiz.de/10011606265
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The sovereign-bank nexus: The role of debt and monetary policy
Seoane, Hernán D. - 2020
This policy report analyzes one aspect of the sovereign-bank nexus: the feedback effects between banks and sovereigns derived from the holdings of sovereign debt in domestic banks. We study how this relationship evolved during the European debt crisis and how it responded to the implementation...
Persistent link: https://www.econbiz.de/10012505199
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Potential impact of financial innovation on financial services and monetary policy
Dabrowski, Marek - 2017
The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry's business model in both its banking and non-banking components. It has already revolutionised financial...
Persistent link: https://www.econbiz.de/10011859169
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Structural features of distributive trades and their impact on prices in the euro area
2011
The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual prices of most consumer goods. They are the main interface...
Persistent link: https://www.econbiz.de/10011606280