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Unconventional monetary policy in the euro area : impacts on loans, employment, and investment

Afonso, António; Pereira, Francisco Gomes - 2022

Using a difference-in-differences identification strategy on a micro panel at the bank and firm level, we study the …

Persistent link: https://www.econbiz.de/10012888479

The ECB's price stability framework : past experience, and current and future challenges

2021

"automatic stabilisers" and work alongside the central bank. …

Persistent link: https://www.econbiz.de/10012627164

ECB communication as a stabilization and coordination device: evidence from ex-ante inflation uncertainty

Fernandes, Cecilia Melo - 2021

uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook … bank information acts as a "coordination device" able to influence opinions and actions. Most importantly, it generates a … unconditional aggregate mean. The results of this paper not only help to explain the impact of new central bank information, but …

Persistent link: https://www.econbiz.de/10012603073

The impacts of speeches on nowcasting GDP : a case study on euro area markets

Koçak, Necmettin Alpay - In: Financial studies 25 (2021) 1, pp. 6-29

European Central Bank's (ECB) officials on nowcasting Euro Area GDP is investigated in this paper. After performing a detailed …

Persistent link: https://www.econbiz.de/10012664479

Should the ECB adjust its strategy in the face of a lower r*?

Andrade, Philippe; Galí, Jordi; Le Bihan, Hervé; … - 2022 - This version: April 2021

increase in the inflation target, and assuming the effective lower bound prevents the European Central Bank from implementing …

Persistent link: https://www.econbiz.de/10012815104

Monetary policy rules and the effective lower bound in the Euro area

Haavio, Markus; Laine, Olli-Matti - 2021

We analyze the economic performance of di§erent monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often the e§ective lower bound of interest rates (ELB) is likely to bind, and...

Persistent link: https://www.econbiz.de/10012499974

The financial accelerator in the euro area : new evidence using a mixture VAR model

Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021 - This Version: July 22, 2021

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...

Persistent link: https://www.econbiz.de/10012320523

The financial accelerator in the euro area : new evidence using a mixture VAR model

Bennani, Hamza; Neuenkirch, Matthias - 2020

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...

Persistent link: https://www.econbiz.de/10012383710

Estimating the effects of the Eurosystem's asset purchase programme at the country level

Mandler, Martin; Scharnagl, Michael - 2020

estimate positive output effects in all countries as well as positive effects on bank lending to firms. Effects on HICP …

Persistent link: https://www.econbiz.de/10012222564

New evidence on the anchoring of inflation expectations in the euro area

Möhrle, Sascha - 2020

This paper examines the anchoring of inflation expectations in the euro area based on data from the Survey of Professional Forecasters (SPF). The analysis shows that the overall distribution of medium- and long-term inflation forecasts has changed considerably following the global financial...

Persistent link: https://www.econbiz.de/10012270464