Fundamentals of Monetary Policy in the Euro Area

... literature on both measuring competition and the bank interest rate pass-through. Section 3 describes the Boone indicator of competition and Section 4 the employed interest rate pass-through model of ... competition (measured by the Boone indicator) on the long-run bank interest rate pass- through. 4.1. Estimation of the long-run relationship I...

Ngày tải lên: 15/02/2014, 05:20

... 27 Central bank rates, market rates and retail bank rates in the euro area in the Context of the reCent Crisis Central bank rates, market rates and retail bank rates in the euro area in the context ... 29 Central bank rates, market rates and retail bank rates in the euro area in the Conte...

Ngày tải lên: 15/02/2014, 05:20

... Evaluating the size of shadow banking in the euro area 18 4.2 Interconnections of OFIs with the regulated banking system 21 4.3 Size of shadow banking in euro area countries 23 4.4 Banking ... other than MFIs and, for their own account (at least in economic terms), to grant credits and/or make investments in securities. OccasiOnal PaPer series nO...

Ngày tải lên: 06/03/2014, 09:22

... added. Interest rate setting by universal banks and the transmission mechanism in the euro area 2 1. Introduction The level of interest rates is one of the main determinants of savings and investment ... in the mortgage markets in Spain and Portugal and a quicker one in the consumer credit Interest rate setting by universal banks...

Ngày tải lên: 15/03/2014, 02:20

... speci…cations for the long -term perception of the monetary authorities’in‡ation target to explain, with the Fisher relationship, the presence of shifts in the long -term perception of the short -term interest ... outcome of the creation of the ECB. The …rst component is intended to identify the long -term perception of monetary policy by...

Ngày tải lên: 22/03/2014, 23:20

... Underbidding allotment day All allotment days when underbidding occurred. These days are 1 4/0 2/0 1, 1 1/0 4/0 1, 1 0/1 0/0 1, 0 7/1 1/0 1, 0 4/1 2/0 2, 1 8/1 2/0 2, 0 4/0 3/0 3, 0 4/0 6/0 3, 2 6/1 1/0 3 dunderbidding ... This implies that the interbank rate jumps to the marginal lending rate. Since the interest rate on a giv en day is a...

Ngày tải lên: 22/03/2014, 23:20

... inflation, the output gap and the real interest rate gap, defined as the difference between the real short term interest rate and estimates of the natural real interest rate. In addition, the natural ... gradually over the past 40 years, while the natural real interest rate in the US has been more stable around its long term averag...

Ngày tải lên: 22/03/2014, 23:20

... Paper Series No. 580 January 2006 Abstract The present paper investigates the pass-through between market interest rates and bank interest rates in the euro area. Compared to the large interest ... between bank- based and market-based products may have induced banks to increasingly pay attention to market rates when setting bank interest rates. 8...

Ngày tải lên: 22/03/2014, 23:20

... He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China 6 Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy ... Interest Rates and the Conduct of Monetary Policy in China 14 Interest rates (yields) in the interbank money and bond ma...

Ngày tải lên: 29/03/2014, 13:20

... International Economics Policy Brief January 2012) 10. Monetary Policy in the Eurozone: Evaluating the European Central Bank’s interest rate decisions and the needs of member states using a Taylor ... predicament are important in analyzing the state of Europe’s economies, focusing on the arenas of monetary policy and European...

Ngày tải lên: 29/03/2014, 13:20

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Ngày tải lên: 31/05/2014, 01:31

... EUROSYSTEM MONETARY POLICY INSTRUMENTS AND PROCEDURES EN THE IMPLEMENTATION OF MONETARY POLICY IN THE EURO AREA 27 ECB The implementation of monetary policy in the euro area September 2006 CHAPTER ... 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of cred...

Ngày tải lên: 28/06/2014, 08:20

... monetary policy of the Eurosystem for the purposes of steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy. Five types of instruments ... situation in the market and signalling the stance of monetary policy. They also provide the bulk of refinancing to the financial sector. The...

Ngày tải lên: 28/06/2014, 22:20

... Gerdesmeier Fundamentals of Monetary Policy in the Euro Area Concepts – Markets – Institutions Download free eBooks at bookboon.com 3 Fundamentals of Monetary Policy in the Euro Area: Concepts ... more Fundamentals of Monetary Policy in the Euro Area 5 4 Institutions 28 4.1 Learning objectives 28 4.2 e European Union 28 4.3 e European Cen...

Ngày tải lên: 05/11/2014, 18:59

... effective in the information economy, by allowing central banks to use signals of future policy intentions as an additional instrument of policy, and by tightening the linkages between the interest ... systematic commitments of the institution, thus making policy less rule-based in fact, and not merely in perception. More to the point would be an increase in the kin...

Ngày tải lên: 28/11/2014, 17:18