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This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its … Hayek (2009) expressed it, i.e. that the bank will finally have to accept either a recession or inflation and that there is … countries of the Euro Area. The second main part of the paper assesses which other tools the ECB could use in order to stimulate …
Persistent link: https://www.econbiz.de/10010195538
This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its … Hayek (2009) expressed it, i.e. that the bank will finally have to accept either a recession or inflation and that there is … countries of the Euro Area. The second main part of the paper assesses which other tools the ECB could use in order to stimulate …
Persistent link: https://www.econbiz.de/10010350450
Over the past 10 years, central banks and governments throughout the developing world have accumulated foreign exchange reserves and other official assets at an unprecedented rate. This paper shows that this official asset accumulation has driven a substantial portion of the recent large global...
Persistent link: https://www.econbiz.de/10013108659
://ssrn.com/abstract=2166373' Are Central Bank Balance Sheets in Asia Too Large? …
Persistent link: https://www.econbiz.de/10013089502
central bank intervention in the foreign exchange market, either in the spot or in the forward market, the build-up of …
Persistent link: https://www.econbiz.de/10013049962
Since the global financial crisis, the Swiss National Bank has been accumulating reserve assets amounting to the size …
Persistent link: https://www.econbiz.de/10011762254
The main goal of this study is to develop a dynamic equilibrium model of central bank swap lines that helps understand …
Persistent link: https://www.econbiz.de/10013020183
In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 … settlement of swap line auctions. We then combine dealer-level dollar repo auctions by the Bank of England with a trade …
Persistent link: https://www.econbiz.de/10013289210
Neoclassical economic theory views current account imbalances as the result of (individual) decisions to save more than to invest domestically, in line with the loan-able funds doctrine. Monetary analysis in the Keynesian tradition rejects such approaches and emphasizes that a country's net...
Persistent link: https://www.econbiz.de/10012839037
An unresolved issue in international macroeconomics is the apparent lack of risk-sharing across countries, which contradicts the prediction of models based on the assumption of complete markets. We assess the importance of financial frictions in this issue by constructing an incomplete market...
Persistent link: https://www.econbiz.de/10014082523