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Interest on Reserves and the Flexibility of Monetary Policy in the Euro Area
Eurosystem interbank market Monetary policy instruments required reserves
2011/8/21
This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current policy rate implies constant net marginal interest costs of holdin...
US–Euro Area Monetary Policy Interdependence: New Evidence from Taylor Rule-based VECMs
monetary policy interdependence European Central Bank the Federal Reserve vector error correction model
2011/8/21
(1227) Ansgar Belke and Yuhua Cui This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999–2006. Two models are...
INSURANCE POLICIES FOR MONETARY POLICY IN THE EURO AREA
monetary policy model uncertainty policy parameters investigate the implications
2011/8/21
In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilit...
What Firms’ Surveys Tell Us about Price-Setting Behavior in the Euro Area
Firms’ Surveys Price-Setting Behavior the Euro Area
2010/11/5
This study investigates the pricing behavior of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks, covering more than 11,000 firms.
The results, consi...
Macroeconomic forecasting in the Euro area: Country speci&c versus area-wide information
Forecasting Aggregation Factor models
2014/3/18
This paper compares several time series methods for short-run forecasting of Euro-wide in2ation and real activity using data from 1982 to 1997. Forecasts are constructed from univariate autoregression...