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A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … in the context of the euro crisis. This move is then compared to the ECB’s now terminated Securities Market Programme …

Persistent link: https://www.econbiz.de/10010255196

Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries

Belke, Ansgar; Klose, Jens - 2018

Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …

Persistent link: https://www.econbiz.de/10011894437

(How) do the ECB and the fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10010208788

Long-term interest rate spillovers from major advanced economies to emerging Asia

Belke, Ansgar; Dubova, Irina; Volz, Ulrich - 2016

This paper explores the extent to which changes to long-term interest rates in major advanced economies have influenced long-term government bond yields in Emerging Asia. To gauge long-term interest spillover effects, the paper uses VAR variance decompositions with high frequency data. Our...

Persistent link: https://www.econbiz.de/10011582282

Finance access of SMEs : what role for the ECB?

Belke, Ansgar - 2013

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher … market failures prevent SMEs in southern euro area countries from access to key inputs, in particular access to finance. This …

Persistent link: https://www.econbiz.de/10010255130

Central bank design in a non-optimal currency union : a lender of last resort for government debt?

Spahn, Peter - 2016

Without a Lender of Last Resort for government debt, multiple equilibria in bond markets may ensue where default emerges for non-fundamental reasons. The stabilising power of central bank interventions does not build on a real debt depreciation via inflation, but on a swap of bonds and central...

Persistent link: https://www.econbiz.de/10011582271

The bank lending channel in a simple macro model : how to extend the Taylor Rule?

Spahn, Peter - 2014

The growth and deepening of financial markets entailed the expectation that the bank lending channel of monetary policy transmission would lose its importance. The paper explains why, on the contrary, the banking sector has become a major locus of origination and amplification of macro-financial...

Persistent link: https://www.econbiz.de/10010430024

Asset prices, inflation and monetary control : re-inventing money as a policy tool

Spahn, Peter - 2010

Low inflation on goods markets provides no reliable precondition for asset-market stability; it might even promote the emergence of bubbles because interest rates and risk premia appear to be low. A further factor driving asset demand is easy availability of credit, which in turn roots in the...

Persistent link: https://www.econbiz.de/10010208776

How much fiscal backing must the ECB have? : the euro area is not the Philippines

Belke, Ansgar - 2010

losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. …

Persistent link: https://www.econbiz.de/10010208780

Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

technically out of reach within the euro area. …

Persistent link: https://www.econbiz.de/10010208781