Monetary Policy Transmission In The Euro Area
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Monetary Policy Transmission In The Euro Area
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Author : Ignazio Angeloni
language : en
Publisher: Cambridge University Press
Release Date : 2003-12-04
Monetary Policy Transmission In The Euro Area written by Ignazio Angeloni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-04 with Business & Economics categories.
This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.
Financial Systems And The Role Of Banks In Monetary Policy Transmission In The Euro Area
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Author : Michael Ehrmann
language : en
Publisher:
Release Date : 2001
Financial Systems And The Role Of Banks In Monetary Policy Transmission In The Euro Area written by Michael Ehrmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Bank loans categories.
Monetary Policy Transmission In The Euro Area
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Author : Carlo A. Favero
language : en
Publisher:
Release Date : 1999
Monetary Policy Transmission In The Euro Area written by Carlo A. Favero and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Firm Investment And Monetary Policy Transmission In The Euro Area
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Author :
language : en
Publisher:
Release Date : 2001
Firm Investment And Monetary Policy Transmission In The Euro Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business enterprises categories.
Fragmentation And Monetary Policy In The Euro Area
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Author : Mr.Ali J Al-Eyd
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-04
Fragmentation And Monetary Policy In The Euro Area written by Mr.Ali J Al-Eyd and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-04 with Business & Economics categories.
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.
Monetary Policy Transmission In The Euro Area
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Author :
language : en
Publisher:
Release Date : 2001
Monetary Policy Transmission In The Euro Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
One Money Many Markets Monetary Transmission And Housing Financing In The Euro Area
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Author : Giancarlo Corsetti
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-26
One Money Many Markets Monetary Transmission And Housing Financing In The Euro Area written by Giancarlo Corsetti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-26 with Business & Economics categories.
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption, consumer prices, and variables related to local housing and labor markets. Building a small open economy model featuring a housing sector and calibrating it to Spain, we show that varying the share of adjustable-rate mortgages and loan-to-value ratios explains up to one-third of the cross-country heterogeneity in the responses of output and private consumption.
Firm Investment And Monetary Policy Transmission In The Euro Area
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Author : Jean-Bernard Chatelain
language : en
Publisher:
Release Date : 2001
Firm Investment And Monetary Policy Transmission In The Euro Area written by Jean-Bernard Chatelain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we explore what can be learned about the interest channel and the broad credit channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This implies an operative interest channel in these euro-area countries. We also find investment in all countries to be quite sensitive to cash flow movements. However, only in Italy do smaller firms react more to cash flow movements than large firms, implying that a broad credit channel might not be equally pervasive in all countries.
The Monetary Transmission Process
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Author : D. Bundesbank
language : en
Publisher: Springer
Release Date : 2001-01-29
The Monetary Transmission Process written by D. Bundesbank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-29 with Business & Economics categories.
The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
Euro Area Monetary Policy In Uncharted Waters
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Author : Emil Stavrev
language : en
Publisher: International Monetary Fund
Release Date : 2009-08
Euro Area Monetary Policy In Uncharted Waters written by Emil Stavrev and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08 with Business & Economics categories.
We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates. Furthermore, the results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads.