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National Representation in Multinational Institutions : The Case of the European Central Bank
Badinger, Harald - 2013
Multinational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate's professional qualifications. On the other hand, multinational institutions often aim for broad national representation. Reviewing...
Persistent link: https://www.econbiz.de/10013092423
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The Monetary Policy of the ECB : A Robin Hood Approach?
Drometer, Marcus - 2013
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to approximate the interest rates countries would have implemented had they still been able to conduct independent monetary policy. We find that prior to the financial crisis the...
Persistent link: https://www.econbiz.de/10013083869
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Emu Enlargement, Policy Uncertainty and Economic Reforms
Hefeker, Carsten - 2021
The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank's reaction function leads to more reforms. I relate this...
Persistent link: https://www.econbiz.de/10013317517
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Do Parties Punish MPs for Voting against the Party Line?
Kauder, Bjoern - 2017
positions. The dataset includes the voting behavior of 257 MPs in 218 roll-call votes. Our results do not show that parties … account for the voting behavior by punishing politicians who have voted against the party line. Political parties may attract … different groups of voters by tolerating politicians who vote according to their own credo. Qualities other than the voting …
Persistent link: https://www.econbiz.de/10012953695
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The Failure of ECB Monetary Policy from a Mises-Hayek Perspective
Schnabl, Gunther - 2017
combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …
Persistent link: https://www.econbiz.de/10012958878
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Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area
Wischnewsky, Arina - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks' total asset growth and their risk assets ratio. Our dataset covers the period 2003Q1 - 2017Q3 and includes, in addition to the standard...
Persistent link: https://www.econbiz.de/10012912666
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State-Dependent Transmission of Monetary Policy in the Euro Area
Burgard, Jan Pablo - 2018
In this paper, we estimate a logit mixture vector autoregressive (Logit-MVAR) model describing monetary policy transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy. In our model, the time-varying state weights are...
Persistent link: https://www.econbiz.de/10012914916
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The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area
Neuenkirch, Matthias - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through the relaxation of lending standards for borrowers. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth,...
Persistent link: https://www.econbiz.de/10012917006
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The Transmission Mechanism of Credit Support Policies in the Euro Area
Boeckx, Jef - 2017
We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have indeed been succesful in stimulating the credit flow of...
Persistent link: https://www.econbiz.de/10012955416
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Quantitative Easing in the Euro Area - An Event Study Approach
Urbschat, Florian - 2017
We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from September 2014 onwards. Studying the short-term reaction of financial markets after APP press releases, we analyse the development of bond yields and spreads around these releases....
Persistent link: https://www.econbiz.de/10012942366