05270oam 22012374 450 991095741070332120250426110644.0978661284239997814623910971462391095978145187164714518716439781282842397128284239097814527440251452744025(CKB)3170000000055189(SSID)ssj0001475057(PQKBManifestationID)11901045(PQKBTitleCode)TC0001475057(PQKBWorkID)11490603(PQKB)11761486(OCoLC)465438763(IMF)WPIEE2009017(MiAaPQ)EBC1586716(IMF)WPIEA2009017WPIEA2009017(EXLCZ)99317000000005518920020129d2009 uf 0engurcn|||||||||txtccrDoes Global Liquidity Matter for Monetary Policy in the Euro Area? /Helge Berger, Thomas Harjes1st ed.Washington, D.C. :International Monetary Fund,2009.24 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph9781451916003 1451916000 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. How to Identify Movements in Liquidity Relevant for Monetary Policy? -- III. Some Stylized Facts -- IV. Global Excess Liquidity and EA Inflation -- A. Within Sample -- B. Out-of Sample -- V. A Glimpse at the Link between Global Liquidity and Monetary Policy Effectiveness -- VI. Conclusion -- References -- Table 1. The Impact of EA, US, and JP Excess Liquidity on Future Inflation -- Figures -- 1. Excess Liquidity, 1970Q1-2008Q2 -- 2. Dynamic Correlation Coefficients of Excess Liquidity -- 3. RMSEs for Alternative Models of Euro Area Inflation for the Forecasting Period 1991Q1 to 2007 Q1 -- 4. 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 -- Appendix.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.IMF Working Papers; Working Paper ;No. 2009/017Liquidity (Economics)Monetary policyEuropeAsset and liability managementimfDeflationimfDiffusion ProcessesimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfEconomicsimfExcess liquidityimfFinanceimfFinance: GeneralimfForecasting and Other Model ApplicationsimfInflationimfInternational financeimfInternational liquidityimfInternational Policy Coordination and TransmissionimfInvestment DecisionsimfLiquidity indicatorsimfLiquidity managementimfLiquidityimfMacroeconomicsimfMonetary PolicyimfPortfolio ChoiceimfPrice LevelimfPricesimfTime-Series ModelsimfUnited StatesimfLiquidity (Economics)Monetary policyAsset and liability managementDeflationDiffusion ProcessesDynamic Quantile RegressionsDynamic Treatment Effect ModelsEconomicsExcess liquidityFinanceFinance: GeneralForecasting and Other Model ApplicationsInflationInternational financeInternational liquidityInternational Policy Coordination and TransmissionInvestment DecisionsLiquidity indicatorsLiquidity managementLiquidityMacroeconomicsMonetary PolicyPortfolio ChoicePrice LevelPricesTime-Series ModelsBerger Helge1803593Harjes Thomas1816049DcWaIMFBOOK9910957410703321Does Global Liquidity Matter for Monetary Policy in the Euro Area4371687UNINA