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Sudden Stops and Asset Purchase Programmes in the Euro Area

Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 375-421

This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...

Persistent link: https://www.econbiz.de/10014523846

Interest Rates and Macroeconomic Investment under Uncertainty

Belke, Ansgar; Göcke, Matthias - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 319-345

The interest rate is generally considered as an important driver of macroeconomic investment characterised by a particular form of path dependency, "hysteresis". At the same time, the interest rate channel is a central ingredient of monetary policy transmission. In this context, we shed light on...

Persistent link: https://www.econbiz.de/10014523877

Ein Drei-Punkte-Plan zur Reform der Geldpolitik

Krueger, Malte - In: Credit and Capital Markets – Kredit und Kapital 46 (2013) 4, pp. 421-437

Prominente Ökonomen wie John B. Taylor oder William R. White sehen geldpolitische Fehler als wesentliche Ursache der gegenwärtigen Finanzkrise. Zentralbanken sind gegenwärtig jedoch hauptsächlich mit Trouble-Shooting und der Neugestaltung der Bankenregulierung beschäftigt. Unter Rückgriff...

Persistent link: https://www.econbiz.de/10014523929

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 347-373

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10014521523

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 151-169

geldpolitischen Krisenmanagements der Europäischen Zentralbank auf die Wirtschaftsordnung. Es wird argumentiert, dass im Europa der … Gesamteuropa war. Es wird gezeigt, dass die geldpolitischen Rettungsmaßnahmen der Europäischen Zentralbank die konstituierenden … politische Instabilität nach sich zieht, wird ein baldiges Ende der ultralockeren Geldpolitik gefordert. …

Persistent link: https://www.econbiz.de/10014521939

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

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

Uncertainty and effectiveness of monetary policy: A bayesian Markov switching-VAR analysis

Nain, Zulquar; Kamaiah, Bandi - In: Journal of Central Banking Theory and Practice 9 (2020) S1, pp. 237-265

There is a growing body of literature examining the effectiveness of the monetary policy on the macroeconomy in different contexts for developed and developing countries. However, lately, especially after the GFC, the focus of research shifted to examine the role of uncertainty in economic...

Persistent link: https://www.econbiz.de/10014558427

The effect of monetary policy on income inequality: Empirical evidence from Asian and African developing economies

Khan, Zulfiqar; Khan, Muhammad Azam - In: Journal of Central Banking Theory and Practice 12 (2023) 3, pp. 133-158

Inequality is a challenging issue for all developing coun-tries across the globe. Evaluating the role of monetary policy in miti-gating inequality is imperative for researchers and policy makers.The central objective of the present study is to empirically evaluatethe impact of monetary policy on...

Persistent link: https://www.econbiz.de/10014558472

Monetary policy after the Great Moderation

Peña, Guillermo - In: Journal of Central Banking Theory and Practice 9 (2020) 3, pp. 5-26

The interferences among some financial, economic and monetary variables are checked as an indicator of economic performance in the long run and for the monetary policy applied between the Great Moderation (GM) of 1987-2001 and the Global Financial Crisis of 2007-2009. For achieving this target,...

Persistent link: https://www.econbiz.de/10014558500