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performance of monetary policy in the EMU founding states. It is often claimed that the monetary policy of the European Central … common currency, European monetary policy has also become largely independent of exchange rates. However, the central bank is …
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We study the macroeconomic consequences of the money market tensions associated with the financial crisis in the euro area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response functions to calibrate key parameters of a Smets and Wouters...
Persistent link: https://www.econbiz.de/10011764878
We study the macroeconomic consequences of the money market tensions associated with the .nancial crisis in the euro area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response functions to calibrate key parameters of a Smets and Wouters...
Persistent link: https://www.econbiz.de/10011754899
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of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in …
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