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Kortelainen, Mika - 2020

We study the yield curve control in Eurozone. We apply Chen, Cúrdia and Ferrero (2012) model that uses a financial friction to break Wallace's neutrality. We calibrate a bond supply shock that corresponds to the observed change in the time premium in euro area when the APP program was...

Persistent link: https://www.econbiz.de/10012221811

ECB macroeconometric models for forecasting and policy analysis : development, current practices and prospective challenges

Ciccarelli, Matteo (ed.); Darracq Pariès, Matthieu (ed.); … - 2024

This paper takes stock of the ECB's macroeconometric modelling strategy by focusing on the models and applications used in the Forecasting and Policy Modelling Division. We focus on the guiding principles underpinning the current portfolio of the main macroeconomic models and illustrate how they...

Persistent link: https://www.econbiz.de/10014507371

2023 macroprudential stress test of the euro area banking system : bank resilience in a changing environment : challenges and opportunities

Cappelletti, Giuseppe; Dimitrov, Ivan; Le Grand, Catherine - 2024

This paper presents the updated macroprudential stress test for the euro area banking system, comprising around 100 of the largest euro area credit institutions across 19 countries. The approach involves modelling banks' reactions to changing economic conditions. It also examines the effects of...

Persistent link: https://www.econbiz.de/10014530281

How effective quantitative tightening can be with a higher-for-longer pledge?

Kortelainen, Mika - 2024

We study the effect of quantitative tightening both without forward guidance and with higher for longer guidance. This is done by simulating quantitative tightening strategies in a dynamic stochastic general equilibrium model estimated with the euro area data. Quantitative tightening is...

Persistent link: https://www.econbiz.de/10014483114

Repercussions in Latin America and the Caribbean of the war in Ukraine : how should the region face this new crisis?ECLAC

Vereinte Nationen / Economic Commission for Latin … - 2022

this year, presenting policy proposals to mitigate its impact on the recovery process following the COVID-19 crisis, which …A. Globalization is slowing: the successionof crises has weakened the world’s production structure and its growth .-- B …. The world in 2022: slower growth, higher inflation, interest rate hikes .-- C. Effects on the region: large differences …

Persistent link: https://www.econbiz.de/10013329423