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Low-frequency determinants of inflation in the euro area

Schreiber, Sven - 2009 - this version: August 2009

treibenden Kräfte hinter den längerfristigen Inflationsentwicklungen in der Eurozone. Wir verwenden einen eklektischen Ansatz …

Persistent link: https://www.econbiz.de/10003915318

(When) does money growth help to predict Euro-area inflation at low frequencies?

Schreiber, Sven - 2013 - this version: June 2013

Short answer: It helps a lot when other important variables are excluded from the information set. Longer answer: We revisit claims in the literature that money growth is Granger-causal for inflation at low frequencies. Applying frequency-specific tests in a comprehensive system setup for...

Persistent link: https://www.econbiz.de/10009774367

Demand for money in Greece after Euro area and policy uncertainties

Ongan, Serdar; Gocer, Ismet - In: Review of Economic Analysis : REA 15 (2023) 1, pp. 49-62

This study examines the asymmetric effects of uncertainties in monetary policy on the demand for money in Greece. In …

Persistent link: https://www.econbiz.de/10014310223

Excess liquidity in the euro area : sources and remedies

Dąbrowski, Marek - 2023

The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and...

Persistent link: https://www.econbiz.de/10014491928

Is the Eurozone Not a Monetary Union, But an Extraordinary Exchange Rate Union?

Sauer, Beate - 2015

The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …

Persistent link: https://www.econbiz.de/10013028252

Monetary aggregates to improve early output gap estimates in the euro area -- an empirical assessment

Boysen-Hogrefe, Jens - 2014

Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...

Persistent link: https://www.econbiz.de/10010248220

M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...

Persistent link: https://www.econbiz.de/10011384239

Economic recovery and inflation : this policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Mon...

Dąbrowski, Marek - 2018

In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed - in particular, the new financial regulations (which led to a deep decline in the money multiplier)....

Persistent link: https://www.econbiz.de/10011852813

M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2010

Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In contrast we present a "stable''...

Persistent link: https://www.econbiz.de/10011518878

Money and monetary policy transmission in the euro area : evidence from FAVAR- and VAR approaches

Blaes, Barno - 2009

This paper investigates the transmission of monetary policy in the euro area based on the factor augmented vector autoregressive approach of Bernanke, Boivin and Eliasz (2005) as well as on a standard VAR model. We focus on the reaction of monetary aggregates to a one-off monetary policy shock....

Persistent link: https://www.econbiz.de/10003857699

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