3

αποτέλεσμα(ατα)

Λέξη (-εις)
Τύπος δημοσίευσης
Τομέας πολιτικής
Συντάκτης
Ημερομηνία

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.

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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