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Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model

Dées, Stéphane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2021

This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...

Persistent link: https://www.econbiz.de/10013316169

Central Bank Information Effects and Transatlantic Spillovers

Jarocinski, Marek - 2021

The news about the economy contained in a central bank announcement can affect public expectations. This paper shows, using both event studies and vector autoregressions, that such central bank information effects are an important channel of the transatlantic spillover of monetary policy. They...

Persistent link: https://www.econbiz.de/10013315198

Introducing Dominant Currency Pricing in the ECB's Global Macroeconomic Model

Georgiadis, Georgios; Meuchelböck, Saskia - 2021

A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter’s or the … rate is a major driver of global trade, even for transactions that do not involve the US. In order to illustrate the … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

Persistent link: https://www.econbiz.de/10013315335

Substitution Between Domestic and Foreign Currency Loans in Central Europe. Do Central Banks Matter?

Brzoza-Brzezina, Michal - 2010

, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm …

Persistent link: https://www.econbiz.de/10013144575

What shapes spillovers from monetary policy shocks in the United States to emerging market economies?

Andres-Escayola, Erik; McQuade, Peter; Schroeder, Christofer - 2024

Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US monetary policy shocks on macro-financial outcomes in emerging market economies (EMEs). We shed...

Persistent link: https://www.econbiz.de/10015199446

Monetary policy spillovers and the role of prudential policies in the European Union

Coman, Andra - 2023

This paper empirically examines the extent to which prudential policies can help to reduce the macro-financial spillover effects of foreign monetary policy for all 28 EU countries. Using local projection methods, I show that EU countries with tighter prudential policies face significantly...

Persistent link: https://www.econbiz.de/10014543604

Who's afraid of euro area monetary tightening? CESEE shouldn't

Geis, André; Moder, Isabella; Schuler, Tobias - 2020

After a first phasing out of the ECB's net asset purchases at end-2018, the question of how a future tightening of the ECB's monetary policy may affect countries located in the vicinity of the euro area has gained prominence, but has been left largely unanswered so far. Our paper aims to close...

Persistent link: https://www.econbiz.de/10012422078

What is global excess liquidity, and does it matter?

Rüffer, Rasmus; Stracca, Livio - 2006

This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of “global excess liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on...

Persistent link: https://www.econbiz.de/10011604742

Global corporate bond issuance: what role for US quantitative easing?

Lo Duca, Marco; Nicoletti, Giulio; Vidal Martinez, Ariadna - 2014

The paper investigates the impact of US quantitative easing (QE) on global non-financial corporate bond issuance. It distinguishes between two QE instruments, MBS/GSE debt and Treasury bonds, and disentangles between two channels of transmission of QE to global bond markets, namely flow effects...

Persistent link: https://www.econbiz.de/10011605694

Negative rates, monetary policy transmission and cross-border lending via international financial centres

Andreeva, Desislava éC.; Coman, Andra; Everett, Mary; … - 2023

We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their...

Persistent link: https://www.econbiz.de/10014374458