WORKING PAPER SERIES NO 546 / NOVEMBER 2005: THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION doc
WORKING PAPER SERIES NO. 546 / NOVEMBER 2005: THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION doc
... Paper Series No. 546 November 2005 WORKING PAPER SERIES NO. 546 / NOVEMBER 2005 THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION by Julien Garnier and Bjørn-Roger ... between the actual real in terest rate and the real interest rate gap are high an d their standard deviations are roughly identical. In other w or ds, the variation in the real inte rest rate is not ... y∗t, the output gap ˜yt, the actual and the natural real rate an d the real rate gap (rt,r∗t and ˜rt) and i nflation πt. A notable featureof the reported statistics is that the correlation...
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WORKING PAPER SERIES NO. 548 / NOVEMBER 2005: THE LINK BETWEEN INTEREST RATES AND EXCHANGE RATES DO CONTRACTIONARY DEPRECIATIONS MAKE A DIFFERENCE? doc
... their same study, Australia is classi…ed as freely‡oating since December 1983 and as having a managed ‡oat since 1974, and New Zealand is de…ned as having a managed ‡oat since 1985 and a de factomoving ... of individual variablessuch as exchange rates and interest rates in EMEs against the benchmark ofsmall open advanced economies. These s tudies normally …nd that in thoseEMEs that have abandoned ... either expansionary or contractionary. The economy specialises in the 18ECB Working Paper Series No. 548 November 2005 WORKING PAPER SERIES NO. 548 / NOVEMBER 2005 THE LINK BETWEEN INTEREST RATES...
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WORKING PAPER SERIES NO 1394 / NOVEMBER 2011: BANK RISK DURING THE FINANCIAL CRISIS DO BUSINESS MODELS MATTER? pot
... and Drehmann, 2009), and also changes in the broad stock market indices for non-financial corporations (sm), as calculated by Datastream. Both of these 26ECB Working Paper Series No 1394 November ... Katerina Deligiannidou, Francesca Fabbri and Silviu Oprica for their help obtaining data. We thank for their insights to participants at the seminar held at Tilburg University and the European ... activities. The second major structural development was financial innovation. Large increases in the use of direct funding available via the financial markets and securitization activity formed part...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
... money and credit demand in the euro area and to analyse the transmission of monetary policy. We showed in this paper that the long commented sluggishness of retail rates in the euro area is largely ... References Agresti, A M. and J. Claessens, 2003, Financial structure in the euro area, in I. Angeloni, A. Kashyap and B. Mojon (eds), Monetary Policy Transmission in the Euro Area , Cambridge: Cambridge ... Manrique and J. Sousa, 2003, Aggregate loans to euro area private sector, ECB Working Paper, 202. Calza, A. , C. Gartner and J. Sousa, 2003, Modelling the demand for loans to the private sector in the...
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WORKING PAPER SERIES NO 1395 / NOVEMBER 2011: ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS pptx
... categories The performance data also allow making inferences that pertain to loan amounts. We know the monthly repayment rate (i.e. interest plus principal repayment) and can calculate the loan maturity ... how the information in the account helps the bank, i.e. instead of analyzing the benefits of providing jointly a loan and a checking account to the same borrower, we examine the impact of relationships ... 9ECB Working Paper Series No 1395 November 2011cards, the amount of funds in these accounts as well as the existence and performance of a prior loan. The available data also comprise detailed information...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx
... money and credit demand in the euro area and to analyse the transmission of monetary policy. We showed in this paper that the long commented sluggishness of retail rates in the euro area is largely ... References Agresti, A M. and J. Claessens, 2003, Financial structure in the euro area, in I. Angeloni, A. Kashyap and B. Mojon (eds), Monetary Policy Transmission in the Euro Area , Cambridge: Cambridge ... Manrique and J. Sousa, 2003, Aggregate loans to euro area private sector, ECB Working Paper, 202. Calza, A. , C. Gartner and J. Sousa, 2003, Modelling the demand for loans to the private sector in the...
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Working PaPer SerieS no 967 / november 2008: Central bank miSPerCePtions and the role of money in interest rate rules pptx
... changes to in ation in Keynesian-style models. In these modelschanges in the nominal interest rate in uence the real interest rate due to the presence of pricerigidities; the real interest rate determines ... run, that is nominal variables. Two candidates, in additionto filtered money-growth, are long-run nominal interest rates and filtered measures of in ationitself.Nominal interest rates are difficult ... information value of monetary aggregates? Since we treat actual output and in ation as observable variables, monetary aggregates have no additional information value. The estimate of potential output, ...
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WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING potx
... bank’s information and action set the bank can set (w,π∗) pairs and baseher firing/retaining decision about zH, zL and π.(3) The bank can not observe the state of the world and can not provide ... most interestingones are analyzed in detail: banking consolidation and technological change. One should bear in mind that the model uses a partial setup: consequently the parameter values are ... solution in its volatility. The bank aimsat high effort level in the good state and in exchange accepts firing and slack in the bad stateof the world. The intuition behind the London policy is that the...
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WORKING PAPER SERIES NO. 527 / SEPTEMBER 2005: BANKING SYSTEM STABILITY A CROSS-ATLANTIC PERSPECTIVE pptx
... Draisma et al. (2001), Peng (1999), and Beirlandt and Vandewalle (2002).14Minimizing the asymptotic mean-squared error for the Hill estimator by bal-ancing bias and variance renders a nonlinear ... http :// www.few.eur.nl/people/cdevries/participants in the project, in particular by the organizers Mark Carey (also involving Dean Amel and Allen Berger) and Rene Stulz,2 European Central Bank, ... ad-vancing financial integration process. Interestingly, the introduction of the euro in Janu ary 1999 seems to have had a reductionary or no effecton ba nking system risk in the euro area. This...
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What is the neutral real interest rate, and how can we use it? doc
... interest rates in New Zealand and those in Australia and the United States. The currency risk premium was then derived from actual interest rate differentials between New Zealand and Australia and ... real interest rate . The interest rates that we observe in day-to-day life are almostalways expressed in nominal terms. For example, if an investorhas money in a savings account, the nominal ... where a contractionary real interest rate is sometimes referred to as‘above neutral’, and a stimulatory real interest rate is ‘belowneutral’. The gap between the current real interest rate and the...
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