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The 1955-56 macroeconomic crisis is a central event in modern Irish history. Yet, despite this centrality, its causes are not clearly understood. In 1955-6, Ireland, which had previously followed British interest rates in lockstep as part of its fixed exchange with the latter, briefly...
Persistent link: https://www.econbiz.de/10015202292
The 1955-56 macroeconomic crisis is a central event in modern Irish history. Yet, despite this centrality, its causes are not clearly understood. In 1955-6, Ireland, which had previously followed British interest rates in lockstep as part of its fixed exchange with the latter, briefly...
Persistent link: https://www.econbiz.de/10015202313
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10013412978
-term rebalancing of the energy trilemma towards energy security may even bring environmental benefits in the longer term given the … technologies and the issue of accounting for greenhouse gas emissions in the energy value chain. We return to look at China, which …
Persistent link: https://www.econbiz.de/10014278524
Global liquidity refers to the volumes of financial flows-largely intermediated through global banks and non-bank financial institutions-that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context of...
Persistent link: https://www.econbiz.de/10014480528
We study how monetary policy and risk shocks affect asset prices in the US, the euro area, and Japan, differentiating between "traditional" monetary policy and communication events, each decomposed into "pure" and information shocks. Communication shocks from the US spill over to risk in the...
Persistent link: https://www.econbiz.de/10014543667
financial development for the three largest economies of the region (China, Japan and South Korea) and discusses implications …
Persistent link: https://www.econbiz.de/10010369502
the role of exchange rate flexibility, capital account openness in line with trilemma, but also a significant role for …
Persistent link: https://www.econbiz.de/10011984930
This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks. Suspicion of a departure from the common currency induces a terminal outflow of central bank money in weaker member states. TARGET2 cannot inhibit this drain but only protects...
Persistent link: https://www.econbiz.de/10012030926
This paper studies the international spillovers of US monetary policy shocks on a number of macroeconomic and financial variables in 36 advanced and emerging economies. In most countries, a surprise US monetary tightening leads to depreciation against the dollar; industrial production and real...
Persistent link: https://www.econbiz.de/10011667220