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Persistent link: https://www.econbiz.de/10008934666
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10012462492
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10013141286
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10014025618
Persistent link: https://www.econbiz.de/10008655878
Persistent link: https://www.econbiz.de/10012023874
What drives the strong reaction of financial markets to central bank communication on the days of policy decisions? We highlight the role of two factors that we identify from highfrequency monetary surprises: news on future macroeconomic conditions (Delphic shocks) and news on future monetary...
Persistent link: https://www.econbiz.de/10012136948
This paper studies the emergence of sovereign bond yield spreads in the Eurozone prior to the financial crisis. While … cycles deviate most from the average Eurozone cycle. In contrast, spreads did not arise in response to adverse macroeconomic …
Persistent link: https://www.econbiz.de/10014364133
Persistent link: https://www.econbiz.de/10011960273
Monetary policy increasingly relies on steering market expectations about future policy. This paper identifies a monetary policy news shock based on a VAR model. A monetary news shock is equivalent to new information about the Fed's future monetary policy becoming available today. One example of...
Persistent link: https://www.econbiz.de/10014637094