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How Low Can Central Banks Go? The Banking Threshold to Negative Interest Rates

Berriel, Tiago - 2019

Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...

Persistent link: https://www.econbiz.de/10012899581

The tress of having a single monetary policy in Europe

Sturm, Jan-Egbert (contributor); … - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the EuropeanMonetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10003767708

The euro area interbank market and the liquidity management of the eurosystem in the financial crisis

Hauck, Achim; Neyer, Ulrike - 2010

This paper develops a theoretical model which explains several stylized facts observed in the euro area interbank market after the collapse of Lehman Brothers in 2008. The model shows that if costs of participating in the interbank market are high, the central bank assumes an intermediary...

Persistent link: https://www.econbiz.de/10008667613

Financial factors in economic fluctuations

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10003973320

Towards a robust monetary policy rule for the euro area

Blattner, Tobias S.; Margaritov, Emil - 2010

Estimations of simple monetary policy rules are often very rigid. Standard practice requires that a decision is made as to which indicators the central bank is assumed to respond to, ignoring the data-rich environment in which policy-makers typically form their decisions. However, the choice of...

Persistent link: https://www.econbiz.de/10003973570

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

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …

Persistent link: https://www.econbiz.de/10009503821

How should large and small countries be represented in a currency union?

Berger, Helge; Müller, Till - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10009303502

IW monetary outlook December 2015 : weak credit growth hinders eurozone inflation to increase

Hüther, Michael; Demary, Markus - 2015

Persistent link: https://www.econbiz.de/10011392885

International spillovers of ECBś unconventional monetary policy : the effect on Central and Eastern Europe

Halova, Klara; Horváth, Roman - 2015

We examine how unconventional monetary policy of the European Central Bank influences macroeconomic stability in Central and Eastern European economies. We estimate various panel vector autoregressions using monthly data from 2008-2014. Using the shadow policy rate and central bank assets as...

Persistent link: https://www.econbiz.de/10011375694

Distributional consequences of asset price inflation in the euro area

Adam, Klaus; Tzamourani, Panagiota - 2015

We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...

Persistent link: https://www.econbiz.de/10011316626