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Low Real Rates as Driver of Secular Stagnation : Empirical Assessment

van den End, Jan Willem - 2014

, which could be a harbinger of secular stagnation if the real rate declines. Outcomes of VAR models for Japan, Germany and … natural rate will be more effective in avoiding secular stagnation than reducing the real rate through higher inflation …

Persistent link: https://www.econbiz.de/10013045212

Mixing QE and Interest Rate Policies at the Effective Lower Bound : Micro Evidence from the Euro Area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2022

This paper studies the distinct roles of expansionary rate-based monetary policy and quantitative easing, in spite of their concurrent implementation around the world. We exploit the introduction of negative monetary-policy rates in a fragmented euro area alongside cross-sectional heterogeneity...

Persistent link: https://www.econbiz.de/10013322554

The effective rate of interest on target balances

Sinn, Hans-Werner - 2019

paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the … balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash …

Persistent link: https://www.econbiz.de/10012110196

Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2024

We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply...

Persistent link: https://www.econbiz.de/10014520834

Macroeconomic determinants of MIR interest rate margin in the Euro area

Anastasiou, Dimitrios - In: Journal of central banking theory and practice 10 (2021) 1, pp. 39-53

This study aims to examine the determinants of the MIR interest rate in the Euro area for the period 2003Q1-2015Q3. By employing Fixed and Random Effects as econometric methodologies, I examine whether the MIR rate is affected by the following macroeconomic factors: unemployment rate, inflation...

Persistent link: https://www.econbiz.de/10012548930

Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

Persistent link: https://www.econbiz.de/10011710723

Does one size fit all in the Euro Area? : some counterfactual evidence

Destefanis, Sergio; Fragetta, Matteo; Gasteiger, Emanuel - 2021

This paper examines whether Euro Area countries would have faced a more favorable inflation output variability tradeoff without the Euro. We provide evidence supporting this claim for the periods of the Great Recession and the Sovereign Debt Crisis. The deterioration of the tradeoff becomes...

Persistent link: https://www.econbiz.de/10012421194

20 years of common European monetary policy : reasons to celebrate

Fritsche, Jan Philipp; Harms, Patrick Christian - In: DIW weekly report : economy, politics, science : a … 9 (2019) 20/21, pp. 179-187

Twenty years after the introduction of the euro, this Weekly Report uses an empirical analysis to assess the performance of monetary policy in the EMU founding states. It is often claimed that the monetary policy of the European Central Bank (ECB) cannot outperform its national predecessors, as...

Persistent link: https://www.econbiz.de/10012007718

Does one size fit all in the Euro Area? : some counterfactual evidence

Destefanis, Sergio; Fragetta, Matteo; Gasteiger, Emanuel - 2019

This paper examines whether Euro Area countries would have faced a more favorable inflation output variability tradeoff without the Euro. We provide evidence that this claim is true for the periods of the Great Recession and the European Sovereign Debt Crisis. For the Euro Area as a whole, the...

Persistent link: https://www.econbiz.de/10012014855

Better off without the euro? : structural VAR assessment of European monetary policy

Fritsche, Jan Philipp; Harms, Patrick Christian - 2020

Modern OCA theory has developed different conclusions on when forming a currency union is beneficial. An important pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area countries? An SVAR analysis reveals that monetary stress...

Persistent link: https://www.econbiz.de/10012301359