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, 2020 AbstractThe European Central Bank (ECB) is the only central bank governed by supranational constitutional law. As such, it is not only the most important institution of the Economic and Monetary Union (EMU), but it also marks a new stage in the history of central banking in general.
Michael Heine, Hansjörg Herr
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Inflation Developments in the Euro Area Since the Onset of the Pandemic
Intereconomics, 2022 There is hope that the Russian war on Ukraine could expedite the energy transition in Europe leading to a new and more environmentally sustainable steady state.
Christiane Nickel +2 more
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Do non-performing loans matter for bank lending and the business cycle in euro area countries?
Journal of Applied Economics, 2022 We estimate the impact of changes in non-performing loan (NPL) ratios on aggregate banking sector variables and the macroeconomy by estimating a panel Bayesian VAR model for twelve euro area countries.
Ivan Huljak +3 more
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The Euro Area in Between Crises? Considerations on Fiscal Policies and Rules
Intereconomics, 2022 Credibility of the revised fiscal rules will be crucial so that vulnerable countries can benefit from confidence effects. National ownership will be key in that respect and can be supported via a stronger role of independent national fiscal institutions.
Cristina Checherita-Westphal +2 more
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How long can austerity persist? The factors that sustain fiscal consolidations
European Journal of Government and Economics, 2013 To put public debt on a sustainable path, many governments face the task of enacting large fiscal consolidation followed by years of sustained primary surpluses.
David Lodge, Marta Rodriguez-Vives
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A BVAR toolkit to assess macrofinancial risks in Brazil and Mexico
Latin American Journal of Central Banking, 2023 This paper describes the set of Bayesian vector autoregression (BVAR) models that Banco de España uses to project GDP growth rates and to simulate macrofinancial risk scenarios for Brazil and Mexico.
Erik Andres–Escayola +3 more
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The ESCB Quality Framework for European Statistics
Austrian Journal of Statistics, 2015 The aim of the paper is to provide a general presentation of the ESCB statistics quality framework. The first part of the paper is dedicated to the “Public commitment on European statistics by the ESCB”[1]and presents some of the similarities and ...
Aurel Schubert, Catherine Ahsbahs
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Monetary policy decision-making when information search is costly [PDF]
Banks and Bank Systems, 2016 This paper explores monetary policy decision-making within an insurance model with expected utility-maximizing policy-makers. The authors consider that policy-makers are different in terms of their backgrounds, experience and skills and they may disagree
Alexander Jung, Francesco Paolo Mongelli
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Monetary Policy Spillovers to Polish Financial Markets
Gospodarka Narodowa. The Polish Journal of Economics, 2023 This paper analyses the impact of monetary policy shocks from large advanced economies on Polish financial markets. I explore the spillovers from the US Federal Reserve’s and European Central Bank’s monetary policy decisions, differentiating between the ...
Magdalena Grothe
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A Liquidity Shortfall Analysis Framework for the European Banking Sector
Mathematics, 2020 This paper presents an analytical framework for the identification of vulnerabilities arising from the liquidity and funding profile of banks. It is composed of two pillars—estimation of liquidity needs and the counterbalancing capacity of the total ...
Oana-Maria Georgescu +3 more
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