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The Transmission of Euro Area Monetary Policy to Financially Euroised Countries

Moder, Isabella - 2021

This paper provides a comprehensive analysis of the interest rate pass-through of euro area monetary policy to retail rates outside the euro area, contributing to the literature on the consequences of unofficial financial euroisation and on the transmission channels of monetary policy...

Persistent link: https://www.econbiz.de/10013323906

International Medium-Term Business Cycles

Hirschbühl, Dominik; Spitzer, Martin - 2021

Foreign driven medium-term oscillations that originate from fluctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale,...

Persistent link: https://www.econbiz.de/10013233525

Growth in Euro Area Labour Quality

Schwerdt, Guido; Turunen, Jarkko - 2021

nearly one third of euro area labour productivity growth. The results point to a significant decline in the contribution of … total factor productivity to euro area growth …

Persistent link: https://www.econbiz.de/10013318111

The Effect of Durable Goods and ICT on Euro Area Productivity Growth?

Jalava, Jukka - 2008

productivity growth in 1995-2004. ICT's impacts were larger, i.e., one-fifth of GVA growth and one-sixth of labour productivity … statistical conventions. The purpose of this paper is to estimate the effect of durable goods and ICT on euro area economic growth … and productivity change; when expenditure on consumer durables is recorded as capital investment. The capitalization of …

Persistent link: https://www.econbiz.de/10012770430

The effect of durable goods and ICT on euro area productivity growth?

Jalava, Jukka; Kavonius, Ilja Kristian - 2008

Persistent link: https://www.econbiz.de/10011604986

Brexit, What Brexit? Euro Area Portfolio Exposures to the United Kingdom Since the Brexit Referendum

Carvalho, Daniel; Schmitz, Martin - 2022

We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK … exposures to debt securities and listed shares. Our key finding is the absence of a negative "Brexit-effect" for euro area … since the Brexit referendum. The analysis also reveals an increase in the euro area's exposure to listed shares issued by UK …

Persistent link: https://www.econbiz.de/10014239454

Monetary policy in exceptional times

Lenza, Michele; Pill, Huw; Reichlin, Lucrezia - 2010

This paper describes the response of three central banks to the 2007-09 financial crisis: the European Central Bank, the Federal Reserve and the Bank of England. In particular, the paper discusses the design, implementation and impact of so-called "non-standard" monetary policy measures focusing...

Persistent link: https://www.econbiz.de/10011605299

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10012892581

From Cash- to Securities-Driven Euro Area Repo Markets : The Role of Financial Stress and Safe Asset Scarcity

Brand, Claus - 2019

Focusing on repo specialness premia, using ISIN-specific transaction-by-transaction data of one-day maturity repos, we document a gradual shift from cash- to securities-driven transactions in euro area repo markets over the period 2010-2018. Compared to earlier studies focusing only on specific...

Persistent link: https://www.econbiz.de/10012893730

Money, Credit, Monetary Policy and the Business Cycle in the Euro Area : What Has Changed since the Crisis?

Giannone, Domenico - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012893985