Cargando…
Does global liquidity matter for monetary policy in the euro area? /
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find that...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
|
| Colección: | IMF working paper ;
WP/09/17. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is some evidence that this result may be related to a weakening of the effectiveness of monetary policy in the euro area during times of excessive U.S. liquidity. |
|---|---|
| Descripción Física: | 1 online resource (24 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 21-23). |
| ISBN: | 9781452744025 1452744025 1462391095 9781462391097 1451871643 9781451871647 1282842390 9781282842397 9786612842399 6612842393 |