The Experts below are selected from a list of 26217 Experts worldwide ranked by ideXlab platform
Simon M. Potter - One of the best experts on this subject based on the ideXlab platform.
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Central Bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
Journal of Business & Economic Statistics, 2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard W. Peach, Simon M. PotterAbstract:This article documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The article is the result of a collaborative effort between staff at the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not exclusively focus on point forecast performance. It also examines methodological contributions, including how financial market data could have been incorporated into the forecasting process.
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Central Bank macroeconomic forecasting during the global financial crisis the European Central Bank and federal reserve Bank of new york experiences
2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard Peach, Simon M. PotterAbstract:This paper documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between staff at the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not exclusively focuses on point forecast performance. It also examines methodological contributions, including how financial market data could have been incorporated into the forecasting process.
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Central Bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
Staff Reports, 2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard W. Peach, Simon M. PotterAbstract:This paper documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not focus exclusively on point forecast performance. It also examines density forecasts, as well as methodological contributions, including how financial market data could have been incorporated into the forecasting process.
Ariel Smith - One of the best experts on this subject based on the ideXlab platform.
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the European Central Bank s covered bond purchase programs i and ii ecb gfc
Social Science Research Network, 2020Co-Authors: Ariel SmithAbstract:In July 2009, the European Central Bank introduced a nonstandard measure to revitalize the European covered bond market, which at the time financed about one-fifth of mortgages in Europe. The market struggled after the collapse of Lehman Brothers as the global financial crisis intensified in 2008. Over the course of the program, which lasted 12 months, European Central Banks, collectively known as “the Eurosystem,” conducted direct purchases in both primary and secondary markets to a total of €60 billion of covered bonds. The Eurosystem held the purchased covered bonds until maturity and made them eligible for lending to counterparties as of March 2010. Some evaluations consider the first CBPP a success, as the covered bond market began to function normally after the program’s implementation. However, the CBPP operated at the same time as other crisis-combatting programs within both the Eurosystem and individual member countries, and its results occurred during a general improvement in conditions. In November 2011, the European Central Bank introduced the second iteration of its covered bond purchase programs to stimulate funding to credit institutions and facilitate lending at the onset of the sovereign debt crisis. The program ran for one year and fell far short of its targeted €40 billion in purchases; at its completion, Eurosystem Central Banks had purchased €16.4 billion of covered bonds. It is difficult to holistically evaluate the program; while CBPP2 generally had a positive impact on the covered bond market, it was much less effective than CBPP1.
Matteo Luciani - One of the best experts on this subject based on the ideXlab platform.
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do euro area countries respond asymmetrically to the common monetary policy
Oxford Bulletin of Economics and Statistics, 2014Co-Authors: Matteo Barigozzi, Antonio Maria Conti, Matteo LucianiAbstract:We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.
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do euro area countries respond asymmetrically to the common monetary policy
Research Papers in Economics, 2013Co-Authors: Matteo Barigozzi, Antonio Maria Conti, Matteo LucianiAbstract:We investigate the possible existence of asymmetries among Euro Area countriesi?½ reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we nevertheless find that differences remain between Northern and Southern Europe in terms of prices and unemployment. These results are the consequence of country specific structures, not of European Central Bank policies.
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do euro area countries respond asymmetrically to the common monetary policy
Social Science Research Network, 2012Co-Authors: Matteo Barigozzi, Antonio Maria Conti, Matteo LucianiAbstract:We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. We find that, despite the single monetary policy has had the effect of reducing heterogeneity in impulse responses, member states still react asymmetrically in terms of prices and unemployment, while no difference appears in terms of output. These results are the consequence of country specific structures, rather than of European Central Bank policies.
Ernest Pytlarczyk - One of the best experts on this subject based on the ideXlab platform.
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controlled dismantlement of the eurozone a proposal for a new European monetary system and a new role for the European Central Bank
Social Science Research Network, 2013Co-Authors: Stefan Kawalec, Ernest PytlarczykAbstract:In Kawalec and Pytlarczyk (2013), we argue that the single European currency constitutes a serious threat to the European Union and the Single European Market, and we propose a controlled dismantlement of the Eurozone. In this paper, we undertake a deeper analysis of the measures which would minimize the risks throughout the process of the Eurozone dismantlement and contribute to rebuilding confidence in the future of Europe.· The dismantlement should be the result of a consensual decision to replace the euro with an alternative system of currency coordination.· The dismantlement should start with the exit of the most competitive countries. In the meantime, the euro should remain the common currency of less competitive countries.· The European Central Bank (ECB) should be preserved as the Central Bank for all 17 Eurozone member countries, even after some of those countries have replaced the euro with new currencies. In this capacity, the ECB should be in charge of designing, preparing, and implementing the segmentation of the Eurozone as well as managing the new currency coordination system – European Monetary System 2.· The forthcoming EU – USA free trade agreement would build new momentum for economic growth and contribute to restoring confidence in the future of Europe.As of today, neither the member states of the Eurozone nor European institutions such as the European Commission or the ECB have been able to come up with a game-changing proposal such as the Eurozone dismantlement. However, this may change as a result of adverse economic and political developments. One of the potential triggers could be the situation in France.
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controlled dismantlement of the eurozone a proposal for a new European monetary system and a new role for the European Central Bank
Research Papers in Economics, 2013Co-Authors: Stefan Kawalec, Ernest PytlarczykAbstract:In Kawalec and Pytlarczyk (2013), we argue that the single European currency constitutes a serious threat to the European Union and the Single European Market,and we propose a controlled dismantlement of the Eurozone. In this paper, we undertake a deeper analysis of the measures which would minimize the risks throughout the process of the Eurozone dismantlement and contribute to rebuilding confidence in the future of Europe. · The dismantlement should be the result of a consensual decision to replace the euro with an alternative system of currency coordination. · The dismantlement should start with the exit of the most competitive countries. In the meantime, the euro should remain the common currency of less competitive countries. · The European Central Bank (ECB) should be preserved as the Central Bank for all 17 Eurozone member countries, even after some of those countries have replaced the euro with new currencies. In this capacity, the ECB should be in charge of designing,preparing, and implementing the segmentation of the Eurozone as well as managing the new currency coordination system – European Monetary System 2. · The forthcoming EU – USA free trade agreement would build new momentum for economic growth and contribute to restoring confidence in the future of Europe. As of today, neither the member states of the Eurozone nor European institutions such as the European Commission or the ECB have been able to come up with a game-changing proposal such as the Eurozone dismantlement. However, this may change as a result of adverse economic and political developments. One of the potential triggers could be the situation in France. Classification-JEL: E5, E58, F15, F31, G18
Lucia Alessi - One of the best experts on this subject based on the ideXlab platform.
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Central Bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
Journal of Business & Economic Statistics, 2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard W. Peach, Simon M. PotterAbstract:This article documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The article is the result of a collaborative effort between staff at the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not exclusively focus on point forecast performance. It also examines methodological contributions, including how financial market data could have been incorporated into the forecasting process.
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Central Bank macroeconomic forecasting during the global financial crisis the European Central Bank and federal reserve Bank of new york experiences
2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard Peach, Simon M. PotterAbstract:This paper documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between staff at the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not exclusively focuses on point forecast performance. It also examines methodological contributions, including how financial market data could have been incorporated into the forecasting process.
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Central Bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
Staff Reports, 2014Co-Authors: Lucia Alessi, Eric Ghysels, Luca Onorante, Richard W. Peach, Simon M. PotterAbstract:This paper documents macroeconomic forecasting during the global financial crisis by two key Central Banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not focus exclusively on point forecast performance. It also examines density forecasts, as well as methodological contributions, including how financial market data could have been incorporated into the forecasting process.
