dc.contributor.author
Berger, Helge
dc.contributor.author
Harjes, Thomas
dc.date.accessioned
2018-06-08T08:14:57Z
dc.date.available
2009-08-04T12:51:37.964Z
dc.identifier.isbn
3-938369-84-1
dc.identifier.uri
https://refubium.fu-berlin.de/handle/fub188/19663
dc.identifier.uri
http://dx.doi.org/10.17169/FUDOCS_document_000000002821
dc.description.abstract
Global excess liquidity roaming the world’s financial markets (or its sudden
absence) is sometimes believed to limit sovereign monetary policy even in
large economies such as the euro area. However, there is still discussion
about what constitutes global excess liquidity and how exactly it shapes the
policy environment. Our approach adjusts liquidity for longerterm interest
rate and output effects and focuses on U.S. and Japanese liquidity as relevant
proxies for global developments from a euro area perspective. We find that
both excess liquidity in Japan and, in particular, the U.S. tend to lead
developments in euro area liquidity. U.S. excess liquidity also enters
consistently positive as a determinant of euro area inflation and is shown to
be Granger-causal for euro area inflation in an out-of-sample forecasting
exercise. In part, this result seems to be related to a weakening of the euro
area interest rate channel during times of excessive U.S. liquidity. In
contrast, the influence of Japanese and euro area excess liquidity on euro
area inflation is more limited.
de
dc.relation.ispartofseries
urn:nbn:de:kobv:188-fudocsseries000000000310-0
dc.relation.ispartofseries
urn:nbn:de:kobv:188-fudocsseries000000000006-7
dc.rights.uri
http://www.fu-berlin.de/sites/refubium/rechtliches/Nutzungsbedingungen
dc.subject
Global excess liquidity
dc.subject
monetary policy
dc.subject
interest rate channel
dc.subject
forecasting accuracy
dc.subject.ddc
300 Sozialwissenschaften::330 Wirtschaft::337 Weltwirtschaft
dc.subject.ddc
300 Sozialwissenschaften::330 Wirtschaft::339 Makroökonomie und verwandte Themen
dc.title
Does global liquidity matter for monetary policy in the Euro area?
refubium.affiliation
Wirtschaftswissenschaft
de
refubium.affiliation.other
Volkswirtschaftslehre
![Im Normdatenbereich gibt es keinen passenden Wert.](/cache_202e45ad85b55efaeb29160f63cd3f3b/themes/FuCD/images/authority_control/invisible.gif)
refubium.mycore.fudocsId
FUDOCS_document_000000002821
refubium.series.issueNumber
2008,13 : Volkswirtschaftliche Reihe
refubium.series.name
Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin
refubium.mycore.derivateId
FUDOCS_derivate_000000000554
dcterms.accessRights.openaire
open access