Unconventional monetary policy, fiscal side effects and euro area (im)balances
| Autor: | Malte Rieth, Michael Hachula, Michele Piffer |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: |
Inflation
Transmission channel media_common.quotation_subject central banks Monetary policy monetary union Monetary economics Relative price structural VAR with external instruments Shock (economics) Sovereignty Economics ddc:330 Asset (economics) E58 General Economics Econometrics and Finance E52 E63 fiscal policy media_common Private interest |
| Zdroj: | Piffer, M, Hachula, M & Rieth, M 2020, ' Unconventional monetary policy, fiscal side effects and euro area (im)balances ', Journal of the European Economic Association, vol. 18, no. 1, pp. 202-231 . https://doi.org/10.1093/jeea/jvy052 |
| DOI: | 10.1093/jeea/jvy052 |
| Popis: | We study the effects and transmission channels of non-standard monetary policy in the euro area using structural vector autoregressions, identified with an external instrument. The instrument is the common component of unexpected variations in euro area sovereign yields vis-à-vis Germany for different maturities on policy announcement days. We find that expansionary monetary surprises are effective in stimulating economic activity, prices and inflation expectations. Shock transmission functions through public and private interest rates, asset prices and credit conditions. The policy innovations, however, also lead to a rise in primary public expenditures, a divergence of relative prices within the union and a widening of internal trade balances. |
| Databáze: | OpenAIRE |
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