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Explosive target balances of the German Bundesbank

Potrafke, Niklas; Reischmann, Markus - 2014

Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in...

Persistent link: https://www.econbiz.de/10010380612

Sovereign Debt Sustainability and Central Bank Credibility

Willems, Tim; Zettelmeyer, Jeromin - 2022

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an “accounting based” view of debt sustainability, evaluated using government borrowing rates, to a “model based” view...

Persistent link: https://www.econbiz.de/10013295141

The European Central Bank and Why Things are the Way They Are : A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

Dubois, Robert - 2012

Persistent link: https://www.econbiz.de/10013109818

The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …

Persistent link: https://www.econbiz.de/10009503821

Inflation: thruway of ECB's monetary policy

Seidl, Christian - 2023

Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused by the Corona Pandemic, in particular lockdowns, part is caused by the Ukrainian War, part is caused by European sanctions, and part - and not the smallest one - is caused by...

Persistent link: https://www.econbiz.de/10013553631

Twenty years of the German euro are more than enough

Bibow, Jörg - 2018

This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those...

Persistent link: https://www.econbiz.de/10011894027

The (unintended?) consequences of the largest liquidity injection ever

Crosignani, Matteo; Faria-e-Castro, Miguel; Fonseca, Luís - 2016

We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. Using a unique security-level data set, we find that the European Central Bank's three-year Long-Term Refinancing...

Persistent link: https://www.econbiz.de/10011975661

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012836323

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

Persistent link: https://www.econbiz.de/10012838235

Unconventional monetary policy shocks in the euro area and the sovereign-bank nexus

Hristov, Nikolay; Hülsewig, Oliver; Scharler, Johann - 2020

We explore the effects of the ECB’s unconventional monetary policy on the banks’ sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy...

Persistent link: https://www.econbiz.de/10012194625