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How Much Fiscal Backing Must the ECB Have? – The Euro Area is not the Philippines

Belke, Ansgar - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ('repo'). This has led some commentators to argue that the ECB needs 'fiscal...

Persistent link: https://www.econbiz.de/10010270000

How much fiscal backing must the ECB have? The euro area is not the Philippines

Belke, Ansgar - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (repo). This has led some commentators to argue that the ECB needs fiscal...

Persistent link: https://www.econbiz.de/10010271365

The Interaction of Political, Fiscal and Financial Stability: Lessons from the Crisis

Gnan, Ernest; Nowotny, Ewald; Simor, András; Begg, Iain; … - 2013

The current financial, economic and fiscal crisis is among other things characterised by complex interrelations between financial, fiscal, macroeconomic and political instability. One instability breeds another, with feedback loops generating self-reinforcing adverse cycles: The financial crisis...

Persistent link: https://www.econbiz.de/10011689957

States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives

Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013

On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...

Persistent link: https://www.econbiz.de/10011689959

The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

Persistent link: https://www.econbiz.de/10010286538

Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …

Persistent link: https://www.econbiz.de/10003958646

Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …

Persistent link: https://www.econbiz.de/10003961040

Alice through the Looking Glass : Strategic Monetary and Fiscal Policy Interaction in a Liquidity Trap

Dhami, Sanjit - 2008

The recent experience with low inflation has reopened interest in the liquidity trap; which occurs when the nominal … interaction, we find that the optimal institutional response to the possibility of a liquidity trap has two main components. First …

Persistent link: https://www.econbiz.de/10012724407

How much fiscal backing must the ECB have? : the euro area is not the Philippines

Belke, Ansgar - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...

Persistent link: https://www.econbiz.de/10010208780

A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2020

Did the Federal Reserves' Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, the authors estimate a large-scale DSGE model over the sample from 1998 to 2020, including data of the Fed's balance sheet. The authors allow for QE to...

Persistent link: https://www.econbiz.de/10012230143