3

resultat(er)

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Type af publikation
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Dato

Simulating the macroeconomic effects of ECB tapering

15-11-2017

Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing “tapering” is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the expansionary stage, the announcements of an earlier exit, and a faster than expected exit. In all three cases the effects on long-term yields are positive and negative on output growth and inflation. Quantitatively ...

Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing “tapering” is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the expansionary stage, the announcements of an earlier exit, and a faster than expected exit. In all three cases the effects on long-term yields are positive and negative on output growth and inflation. Quantitatively, the effects are rather modest, however.

Ekstern forfatter

Marius CLEMENS, Stefan GEBAUER, Malte RIETH (DIW Berlin)

ECB’s unconventional monetary policy - Tapering or Extension? Options on the table

21-11-2016

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

The Determination of Interest Rates

15-12-1999

Everyone believes that they know what an interest rate is. This study, however, examines some of the theoretical and practical complexities: the differences between interest, rent and profit; between nominal and real rates; between long and short rates; and how these interact. It looks, in particular, at how changes in short-term rates feed through into financial markets; and how the level of long-term rates influences the real economy. Finally, it examines the development of rates in the ¿ area ...

Everyone believes that they know what an interest rate is. This study, however, examines some of the theoretical and practical complexities: the differences between interest, rent and profit; between nominal and real rates; between long and short rates; and how these interact. It looks, in particular, at how changes in short-term rates feed through into financial markets; and how the level of long-term rates influences the real economy. Finally, it examines the development of rates in the ¿ area since the beginning of 1999, and the conduct of monetary policy by the European Central Bank.

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