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Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …

Persistent link: https://www.econbiz.de/10009635917

Modelling inflation in the euro area

Jansen, Eilev S. - 2004

The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the implicit inflation equation of the Area Wide model (AWM) - cf. Fagan, Henry...

Persistent link: https://www.econbiz.de/10009636545

Cross-border banking and the international transmission of financial distress during the crisis of 2007 - 2008

Popov, Alexander; Udell, Gregory F. - 2010

by the following types of bank financial distress: 1) low equity ratio; 2) low Tier 1 capital ratio; and 3) losses on …

Persistent link: https://www.econbiz.de/10009640337

Financial factors in economic fluctuations

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10009640348

Bank mergers, competition and liquidity

Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete … in liquidity risk and expected liquidity needs for each bank and for the banking system. Large mergers tend to increase … expected aggregate liquidity needs, and thus the liquidity provision by the central bank. Comparative statics suggest that a …

Persistent link: https://www.econbiz.de/10009635892

The bank lending channel

Gambacorta, Leonardo; Marqués-Ibáñez, David - 2011

strength of the bank lending channel, recent evidence shows that bank-specific characteristics can have a large impact on the …

Persistent link: https://www.econbiz.de/10009640774

A monetary policy strategy in good and bad times

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10009640775

A monthly monetary model with banking intermediation for the euro area

Bruggeman, Annick; Donnay, Marie - 2003

demand and a loan demand model which both include the relation between the respective retail bank rates and the short … for the existence of a bank lending channel. Finally, the estimation of the Structural-VECM highlights very rich dynamics …

Persistent link: https://www.econbiz.de/10009635913

Relevant economic issues concerning the optimal rate of inflation

Rodriguez-Palenzuela, Diego; Camba-Mendez, Gonzalo; … - 2003

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

Persistent link: https://www.econbiz.de/10009635897

Money and payments

Holthausen, Cornelia; Monnet, Cyril - 2003

The role of money in society has been a controversial topic in economic theory over many years. Particular attention …

Persistent link: https://www.econbiz.de/10009635956