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Vetlov, Igor - 2011

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE models. Furthermore, it provides historical...

Persistent link: https://www.econbiz.de/10013124588

Potential output in DSGE models

Vetlov, Igor; Hlédik, Tibor; Jonsson, Magnus - 2011

Persistent link: https://www.econbiz.de/10009160009

Hysteresis and NAIRU in the Euro area

Logeay, Camille; Tober, Silke - 2005 - This version: July 2005

This paper analyses the Nairu in the Euro Area and the influence that hysteresis had on its development. Using the … is applied here using explicit exogenous variables. In order to test for hysteresis, the dependence of the Nairu on … respectively. The existence of hysteresis effects implies the possibility of a long-run non-superneutrality of monetary policy. …

Persistent link: https://www.econbiz.de/10003744523

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

A tale of two decades : the ECB's monetary policy at 20

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2019

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look back on the ECB's record and learn lessons that can improve the conduct of policy in the future. This paper charts the way the ECB has defined, interpreted and applied its monetary policy framework - its...

Persistent link: https://www.econbiz.de/10012135959

Monetary policy between stability and growth

Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42

The global financial crisis and the coronavirus pandemic were marked by expansionary policies of key central banks in an attempt to stop the recession. The degree of expansiveness of monetary policy was unprecedented. As a result of expansionary policies, global inflation has been present since...

Persistent link: https://www.econbiz.de/10014496247

Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area

Tressel, Thierry - 2016

The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess...

Persistent link: https://www.econbiz.de/10012996061

Bond Markets and Unconventional Monetary Policy

Buraschi, Andrea - 2015

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

Persistent link: https://www.econbiz.de/10013020631

Does the Purchase of Government Bonds by the ECB Endanger its Independence?

Sauer, Beate - 2015

Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme and, thus, its government bond purchases by the need...

Persistent link: https://www.econbiz.de/10013028248

Does Monetary Policy Affect Income Inequality in the Euro Area?

SamarIna, Anna - 2019

This paper examines how monetary policy affects income inequality in 10 euro area countries over the period 1999–2014. We distinguish macroeconomic and financial channels through which monetary policy may have distributional effects. The macroeconomic channel is captured by wages and...

Persistent link: https://www.econbiz.de/10012890688