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Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand?

The ECB has engaged in several forms of unconventional monetary policy since 2007. This report documents empirically that the implemented measures were effective. In a counterfactual analysis, the report simulates the effects of an unconventional monetary policy shock of -10 basis points to euro area sovereign yields, consistent with the effect of the first announcement of the Expanded Asset Purchase ...

In: Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand? Monetary Dialogue June 2016
Brussels: European Parliament
S. 7-21
Economic and Monetary Affairs
| Kerstin Bernoth, Michael Hachula, Michele Piffer, Malte Rieth

Committed to Flexible Fiscal Rules

Paris: Banque de France, 2021, III, 43 S.
(Working Papers / Banque de France ; 854)
| Chistoph Grosse-Steffen, Laura Pagenhardt, Malte Rieth

Government Spending Multipliers in (Un)certain Times

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption and non-residential investment. We rationalize the results empirically through a contemporaneously countercyclical ...

Berlin: DIW Berlin, 2019, 27 S. | Jan Philipp Fritsche, Mathias Klein, Malte Rieth

Monetary Policy, Bank Bailouts and the Sovereign-Bank Risk Nexus in the Euro Area

The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard ...

London: CEPR, 2015, 49 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 10370)
| Marcel Fratzscher, Malte Rieth
164 results, from 161