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Is Euro Area Money Demand (Still) Stable? Cointegrated VAR Versus Single Equation Techniques

Belke, Ansgar Hubertus - 2010

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows … stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …. Hence, FMOLS, CCR and DOLS are useful in estimating standard money demand as well, although they have only been rarely …

Persistent link: https://www.econbiz.de/10013144626

Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme

Belke, Ansgar Hubertus - 2010

Persistent link: https://www.econbiz.de/10013138570

How Much Fiscal Backing Must the ECB Have? – The Euro Area is Not the Philippines

Belke, Ansgar Hubertus - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (“repo”). This has led some commentators to argue that the ECB needs...

Persistent link: https://www.econbiz.de/10013142783

Political Business Cycles and Monetary Policy Revisited – An Application of a Two-Dimensional Asymmetric Taylor Reaction Function

Klose, Jens - 2011

This paper uses two-dimensional asymmetric Taylor reaction functions for 16 OECD-countries to account for different reactions to the inflation rate and output by central banks before or after an election of the fiscal authorities in the respective country. Important for such an investigation is...

Persistent link: https://www.econbiz.de/10014175931

Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound – Evidence for the ECB and the Fed

Belke, Ansgar Hubertus - 2012

inflation gap, money growth and the risk spread, the response to asset price inflation becomes more pronounced during the crisis …

Persistent link: https://www.econbiz.de/10013102781

(How) do the ECB and the Fed React to Financial Market Uncertainty? The Taylor Rule in Times of Crisis

Belke, Ansgar Hubertus - 2010

in order to account for variations within these variables over time. We argue that measures of money and credit growth … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis …

Persistent link: https://www.econbiz.de/10013144669

Interest Rate Pass-Through in the EMU – New Evidence from Nonlinear Cointegration Techniques for Fully Harmonized Data

Belke, Ansgar Hubertus - 2012

purpose, we investigate the interest rate pass-through from money market to various loan rates for up to twelve countries of … incomplete and the dynamics of loans adjustment are different for reductions and hikes of money market rates …

Persistent link: https://www.econbiz.de/10013102761

Finance Access of SMEs : What Role for the ECB?

Belke, Ansgar Hubertus - 2013

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher borrowing rates than their peers of the core (e.g. Germany, France) and this divergence is widening. It is argued that severe market failures prevent SMEs in southern euro area...

Persistent link: https://www.econbiz.de/10013077806

Technology Shocks and Monetary Policy in an Estimated Sticky Price Model of the US Economy

Avouyi-Dovi, S.; Matheron, J. - Banque de France - 2005

In this paper, we, seek to characterize the dynamic effects of permanent technology shocks and the way in which US monetary authorities reacted to these shocks over the sample 1955(1)--2002(4). To do so, we develop an augmented sticky price-sticky wage model of the business cycle, which is...

Persistent link: https://www.econbiz.de/10005056524

Technology Shocks and Monetary Policy in an Estimated Sticky Price Model of the Euro Area.

Avouyi-Dovi, S.; Matheron, J. - Banque de France - 2005

In this paper, we seek to characterize the dynamic effects of permanent technology shocks and the way in which European monetary authorities reacted to these shocks over the past two decades. To do so, we develop an augmented sticky price-sticky wage model of the business cycle, which is...

Persistent link: https://www.econbiz.de/10005056527