Showing 1 - 10 of 271
expanding a model for crude oil prices to include refinery utilization rates, a non-linear effect of OPEC capacity utilization …
Persistent link: https://www.econbiz.de/10011604901
including a large cross section of oil exporting countries, we show with a panel cointegration analysis that import demand in …
Persistent link: https://www.econbiz.de/10012765191
We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the estimated relationship between yields and purchase...
Persistent link: https://www.econbiz.de/10011804367
This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit...
Persistent link: https://www.econbiz.de/10012422108
We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...
Persistent link: https://www.econbiz.de/10013272131
This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook information not only reduces professional...
Persistent link: https://www.econbiz.de/10012605278
This paper analyzes the role of contagion in the currency crises in emerging markets during the 1990s. It employs a non-linear Markov-switching model to conduct a systematic comparison and evaluation of three distinct causes of currency crises: contagion, weak economic fundamentals, and...
Persistent link: https://www.econbiz.de/10011604185
When enough agents do not participate in asset markets, the slope of the aggregate demand curve is reversed. Monetary policy should be passive, to ensure equilibrium determinacy and to minimize variations in output and inflation. This paper presents evidence that asset markets participation in...
Persistent link: https://www.econbiz.de/10011604454
Previous studies have interpreted the rise and fall of U.S. inflation after World War II in terms of the Fed's changing views about the natural rate hypothesis but have left an important question unanswered. Why was the Fed so slow to implement the low-inflation policy recommended by a natural...
Persistent link: https://www.econbiz.de/10011604524
Many economists are convinced that longer-term benefits from fiscal consolidation are in a trade-off with short-term deceleration in output growth. However, more recent research suggests that curbing fiscal imbalances contributes to faster growth already in the short term. This paper is about...
Persistent link: https://www.econbiz.de/10011604565