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Weekly Report

Policy Responses to Turkey’s Crisis: Independent Central Bank and International Credit

The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment ...

19.09.2018| Alexander Kriwoluzky, Malte Rieth
Forschungsprojekt

Bank lending under BASEL III: The contribution of unconventional monetary policy

Aktuelles Projekt| Makroökonomie
Forschungsprojekt

The Impact of Monetary Policy on Structural Reforms in the Euro Area

The aim of this project is to estimate the impact of monetary policy on structural reforms in the euro area. We first identify exogenous ECB policy changes through an event study that extracts the unexpected variation in euro area interest rates on ...

Aktuelles Projekt| Makroökonomie
Monographien

Floating with a Load of FX Debt?

Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to ..

Washington D.C.: IMF, 2015, 35 S.
(IMF Working Paper ; 15/284)
| Tatsiana Kliatskova, Uffe Mikkelsen
Externe referierte Aufsätze

Monetary Policy and Defaults in the United States

This paper uses a structural VAR model to study the effect of monetary policy on the delinquency rate of business loans and consumer credit. The VAR is identified using, jointly, several external instruments that reflect different approaches from the

In: International Journal of Central Banking 14 82018), 4, S. 327-358 | Michele Piffer
Diskussionspapiere 1792 / 2019

Exchange Rates, Foreign Currency Exposure and Sovereign Risk

We quantify the causal link between exchange rate movements and sovereign risk of 16 major emerging market economies (EMEs) by means of structural vector autoregressive models (SVARs) using data from 10/2004 through 12/2016. We apply a novel data ...

2019| Kerstin Bernoth, Helmut Herwartz
Seminar

When and Why Can Forward Guidance De-anchor Expectations? (with Gaetano Gaballo, Peter Hoffmann and Georg Strasser)

The form of forward guidance matters for its effectiveness in anchoring expectations about the future path of policy rates. We report cross-country evidence about the impact of different types of forward guidance on the reactiveness of markets to ...

24.10.2018| Michael Ehrmann, European Central Bank
Seminar

"News-driven inflation expectations and information rigidities"

We investigate the role played by the media in the expectations formation process of households. Using a novel news-topic-based approach we show that the news types the media choose to report on are good predictors of households' stated ination ...

16.01.2019| Leif Anders Thorsrud, Norges Bank
Seminar

Monetary Policy Spillovers, Capital Controls and Exchange Rate Regimes, and the Financial Channel of Exchange Rates

We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to ...

23.01.2019| Georgios Georgiadis, European Central Bank
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