Applying a BVAR model, the present paper first identifies the possible drivers of Germany's TARGET claims. In this … euro area, and European monetary policy. It becomes evident that the TARGET flows between 2015 and 2017 can be ascribed in … large part to monetary policy and to a minor extent to the risk assessment within the euro area. At the peak of the European …

We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the …

Using confidential daily data, we analyse how the intervention episode of the Bank of Israel (BOI) from 2013 to 2019 …

Germany and the rest of the euro area. Using data from the German component of Eurosystem's real-time gross settlement system … and profit and loss accounts affect flows with Germany. We control for bilateral bank-specific relationships and time …This paper examines German and foreign bank factors that can explain cross-border central bank liquidity flows between …

The dynamic effects of ECB announcements, disentangled into pure monetary policy and central bank information shocks …, on the euro (EUR) exchange rate are examined using a Bayesian Proxy Vector Autoregressive (VAR) model fed with high … bank information shocks exhibit strong heterogeneities across currency pairs. This disparity can be rationalized by an …