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Topic Monetary Policy

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282 results, from 251
  • Weitere externe Aufsätze

    Fiscal Risk Sharing and Stabilization in the EMU

    In: George Christodoulakis (Ed.) , Managing Risks in the European Periphery Debt Crisis : Lessons from the Trade-off between Economics, Politics and the Financial Markets
    London: MacMillan
    S. 148-162
    | Kerstin Bernoth, Philipp Engler
  • Externe Monographien

    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
  • DIW Roundup 55 / 2015

    Bubbles and Monetary Policy: To Burst or Not to Burst?

    The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but actively seeking to stabilize prices and output after they burst. The macroeconomic and financial turbulence that followed the subprime housing bubble has ...

    2015| Philipp König, David Pothier
  • Diskussionspapiere 1448 / 2015

    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 ...

    2015| Marcel Fratzscher, Malte Rieth
  • DIW Roundup 60 / 2015

    Central Bank Asset Puchases I: The Theory

    In the face of interest rates having hit their zero lower bound in major economies, large-scale asset purchases have become an important weapon of central banks in recent years. It is, however, not clear whether and under which circumstances such policy measures produce the desired effects. This round-up provides a selective overview of theoretical research that has been devoted to understand under ...

    2015| Carolin Raab, Philipp König, Kerstin Bernoth
  • DIW Economic Bulletin 13 / 2015

    Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank

    The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again. Given the lack of experience with this unconventional monetary policy instrument, the ECB is venturing into ...

    2015| Kerstin Bernoth, Philipp König, Carolin Raab, Marcel Fratzscher
  • DIW Economic Bulletin 13 / 2015

    ECB Bond Purchases: No Panacea for Deflation: Seven Questions to Kerstin Bernoth and Philipp König

    2015
  • Externe referierte Aufsätze

    The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

    This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

    In: International Economics and Economic Policy 12 (2015), 1, S. 143-161 | Ansgar Belke, Christian Dreger
  • Diskussionspapiere 1479 / 2015

    Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis

    The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...

    2015| Michael Ehrmann, Marcel Fratzscher
  • Externe Monographien

    Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

    This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as bank ...

    Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2014, 56 S.
    (Discussion Paper / School of Business & Economics ; 2014,35)
    | Philipp Engler, Christoph Große Steffen
282 results, from 251
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