Does global liquidity matter for monetary policy in the euro area? / prepared by Helge Berger and Thomas Harjes.

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...

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Bibliographic Details
Main Authors: Berger, Helge (Author), Harjes, Thomas, 1969- (Author)
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2009.
Series:IMF working paper ; WP/09/17.
Subjects:
Online Access:Click for online access

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100 1 |a Berger, Helge,  |e author. 
245 1 0 |a Does global liquidity matter for monetary policy in the euro area? /  |c prepared by Helge Berger and Thomas Harjes. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2009. 
300 |a 1 online resource (24 pages) :  |b color illustrations 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
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490 1 |a IMF working paper ;  |v WP/09/17 
504 |a Includes bibliographical references (pages 21-23). 
588 0 |a Print version record. 
520 3 |a 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. 
505 0 |a Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. How to Identify Movements in Liquidity Relevant for Monetary Policy?; III. Some Stylized Facts; 1. Excess Liquidity, 1970Q1-2008Q2; 2. Dynamic Correlation Coefficients of Excess Liquidity; IV. Global Excess Liquidity and EA Inflation; A. Within Sample; Table 1. The Impact of EA, US, and JP Excess Liquidity on Future Inflation; B. Out-of Sample; 3. RMSEs for Alternative Models of Euro Area Inflation for the Forecasting Period 1991Q1 to 2007 Q1. 
505 8 |a v. A Glimpse at the Link between Global Liquidity and Monetary Policy Effectiveness4. Results from an Uncionditioanl VAR for th Euro Area 1991Q1 to 2007Q1; 5. Results from a VAR for the Euro Area 1991Q1 to 2007Q1, Conditional on the US Excess Liquidity Regime; VI. Conclusion; Appendix; References; Footnotes. 
546 |a English. 
650 0 |a Liquidity (Economics) 
650 0 |a Monetary policy  |z Europe. 
650 7 |a Liquidity (Economics)  |2 fast 
650 7 |a Monetary policy  |2 fast 
651 7 |a Europe  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJxCxPbbk4CPJDQJb4r6rq 
700 1 |a Harjes, Thomas,  |d 1969-  |e author.  |1 https://id.oclc.org/worldcat/entity/E39PCjt9tXrGDrW6DhqCgBhQG3 
758 |i has work:  |a Does global liquidity matter for monetary policy in the Euro area? (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCFtMqDXJ8Y7f6WYKcgYhpd  |4 https://id.oclc.org/worldcat/ontology/hasWork 
776 0 8 |i Print version:  |a Berger, Helge.  |t Does global liquidity matter for monetary policy in the euro area?  |d [Washington, D.C.] : International Monetary Fund, ©2009  |w (OCoLC)463629345 
830 0 |a IMF working paper ;  |v WP/09/17. 
856 4 0 |u https://ebookcentral.proquest.com/lib/holycrosscollege-ebooks/detail.action?docID=1586716  |y Click for online access 
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