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National prices and wage setting in a currency union

Sánchez, Marcelo - European Central Bank - 2009

Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...

Persistent link: https://www.econbiz.de/10005866574

Does uncertainty affect participation in the European Central Bank's Survey of Professional Forecasters?

López Pérez, Victor (contributor) - European Central Bank - 2015

This paper explores how changes in macroeconomic uncertainty have affected the decision to participate in the European …. First, a time-series analysis explores if changes in measures of uncertainty over time have led to changes in aggregate … response rates. And second, a discrete-choice model for panel data is estimated to test if changes in uncertainty measures have …

Persistent link: https://www.econbiz.de/10015299004

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...

Persistent link: https://www.econbiz.de/10005866598

ECB - Working paper series

European Central Bank

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Persistent link: https://www.econbiz.de/10009635880

Central Bank communication and monetary policy: a survey of theory and evidence

Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - European Central Bank - 2008

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this...

Persistent link: https://www.econbiz.de/10005530856

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001

Dewald, William G. - European Central Bank - 2003

JEL Classification: E3, E40, E50, N10

Persistent link: https://www.econbiz.de/10005530990

Liquidity (risk) concepts: definitions and interactions

Nikolaou, Kleopatra - European Central Bank - 2009

We discuss the notion of liquidity and liquidity risk within the financial system. We distinguish between three different liquidity types, central bank liquidity, funding and market liquidity and their relevant risks. In order to understand the workings of financial system liquidity, as well as...

Persistent link: https://www.econbiz.de/10005002810

The timing of central bank communication

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10005816134

The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis

Eisenschmidt, Jens; Holthausen, Cornelia - European Central Bank - 2010

This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...

Persistent link: https://www.econbiz.de/10008776788

Financial imbalances and household welfare: empirical evidence from the EU

Stracca, Livio - European Central Bank - 2013

This paper uses Eurobarometer survey data from 26 EU countries to evaluate whether the general public cares about financial stability and imbalances over and above their effects on key macroeconomic variables such as unemployment and inflation. I confirm previous results in the literature that...

Persistent link: https://www.econbiz.de/10010686743