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Monetary Policy Strategies for the Euro Area : Optimal Rules in the Presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We find that simple feedback rules that implement inflation targeting result in a binding lower bound...

Persistent link: https://www.econbiz.de/10014355956

Monetary policy strategies for the euro area : optimal rules in the presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...

Persistent link: https://www.econbiz.de/10014278603

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012149021

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

Persistent link: https://www.econbiz.de/10012137689

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

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

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

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

The Drivers of Post-Pandemic Inflation

Giannone, Domenico; Primiceri, Giorgio E. - National Bureau of Economic Research - 2024

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but also in the Euro Area. In comparison, the inflationary impact of adverse supply shocks was less pronounced, even though these shocks significantly constrained economic activity....

Persistent link: https://www.econbiz.de/10015056186

A look back at 25 years of the ECB SPF

Allayioti, Anastasia; Arioli, Rodolfo; Bates, Colm; … - 2024

economic expectations and forecasts, but also valuable insights on key topical issues and on economic risks and uncertainties … unemployment rate - the track record of the ECB SPF in forecasting has been broadly comparable to that of the Eurosystem. In …) underlying SPF expectations and an analysis and assessment of measures of macroeconomic uncertainty. Technical assumptions are …

Persistent link: https://www.econbiz.de/10015156735

Improving the ECB's policy strategy

Orphanides, Athanasios - 2025

The ECB can fulfil its mandate better and contribute to a stronger Europe by adopting sensible rules instead of relying on discretionary decision-making. A simple rule for the policy rate can promote systematic monetary policy and protect against significant policy errors. Ending the reliance on...

Persistent link: https://www.econbiz.de/10015413857

The fiscal compact and current account patterns in Europe

Behrendt, Stefan - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is noew a more or less strict limit to deficit spending - absent from cyclical factors - some other sector has to make up...

Persistent link: https://www.econbiz.de/10010436737