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The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

Neri, Stefano; Siviero, Stefano - In: Credit and Capital Markets – Kredit und Kapital 51 (2018) 4, pp. 513-560

Dieser Beitrag untersucht die Herausforderungen, vor denen die Europäische Zentralbank seit dem Ausbruch der globalen … Transmissionsmechanismus zu wahren und die Kreditversorgung des privaten Sektors sicherzustellen, die Grenzen der konventionellen Geldpolitik …

Persistent link: https://www.econbiz.de/10014522193

Sparen, Sparkultur und die neuen Wege der Geldpolitik

Fahrenschon, Georg - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 121-129

Der Beitrag behandelt die Auswirkungen der expansiven Geldpolitik auf das Sparen und die Sparkultur. Dem Konstrukt der … geringere Renten in den staatlichen Systemen der Altersvorsorge zu erwarten. Durch die Geldpolitik fehlt darüber hinaus der … Zinseszinseffekt bei der privaten Vorsorge. Deshalb ist gerade in Zeiten ohne Zins mehr Sparen besonders wichtig. Es gilt aber, das …

Persistent link: https://www.econbiz.de/10014522246

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

Fiscal Stabilization in the United States: Lessons for Monetary Unions

Nikolov, Plamen; Pasimeni, Paolo - 2019

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...

Persistent link: https://www.econbiz.de/10012148930

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

Yield curve control

Kortelainen, Mika - 2020

We study the yield curve control in Eurozone. We apply Chen, Cúrdia and Ferrero (2012) model that uses a financial friction to break Wallace's neutrality. We calibrate a bond supply shock that corresponds to the observed change in the time premium in euro area when the APP program was...

Persistent link: https://www.econbiz.de/10012222272

The effects of the ECB's pandemic-related monetary policy measures

Nelimarkka, Jaakko; Laine, Olli-Matti - 2021

We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...

Persistent link: https://www.econbiz.de/10012626268

Is there an information channel of monetary policy?

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2024

Exploiting the heteroscedasticity of the changes in short-term and long-term interest rates and exchange rates around the FOMC announcement, we identify three structural monetary policy shocks. We eliminate the predictable part of the shocks and study their effects on financial variables and...

Persistent link: https://www.econbiz.de/10014530719

The bank lending channel of monetary policy transmission in Vietnam: Impacts of the COVID-19 pandemic and the financial crisis

Loi, Minh Thanh; Dang, Van Dan - In: Cogent Business & Management 10 (2023) 1, pp. 1-20

This paper aims to analyze changes in the transmission of monetary policy via bank lending when considering the impact of the COVID-19 pandemic and the financial crisis. Using bank-level data of 31 commercial banks in Vietnam from 2007 to 2021, we provide consistent evidence that the impact of...

Persistent link: https://www.econbiz.de/10014527670

Inflation-induced liquidity constraints in real estate financing

Gubitz, Andrea; Toedter, Karl-Heinz; Ziebarth, Gerhard - 2024

Despite the "interest rate turnaround" initiated by the ECB in the second half of 2022 as a late reaction to the clearly underestimated persistence of high inflation rates in the euro area, real interest rates are by no means to be regarded as restrictive, neither in the ex post nor in the ex...

Persistent link: https://www.econbiz.de/10014528331