LEADER 04203oam 22011294 450 001 9910788348403321 005 20230721045651.0 010 $a1-4623-9109-5 010 $a1-4518-7164-3 010 $a1-282-84239-0 010 $a9786612842399 010 $a1-4527-4402-5 035 $a(CKB)3170000000055189 035 $a(SSID)ssj0001475057 035 $a(PQKBManifestationID)11901045 035 $a(PQKBTitleCode)TC0001475057 035 $a(PQKBWorkID)11490603 035 $a(PQKB)11761486 035 $a(OCoLC)465438763 035 $a(MiAaPQ)EBC1586716 035 $a(IMF)WPIEE2009017 035 $a(EXLCZ)993170000000055189 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDoes Global Liquidity Matter for Monetary Policy in the Euro Area? /$fHelge Berger, Thomas Harjes 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a24 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1600-0 320 $aIncludes bibliographical references. 330 3 $aGlobal excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is some evidence that this result may be related to a weakening of the effectiveness of monetary policy in the euro area during times of excessive U.S. liquidity. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/017 606 $aLiquidity (Economics) 606 $aMonetary policy$zEurope 606 $aFinance: General$2imf 606 $aInflation$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aForecasting and Other Model Applications$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy$2imf 606 $aInternational Policy Coordination and Transmission$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aFinance$2imf 606 $aMacroeconomics$2imf 606 $aExcess liquidity$2imf 606 $aInternational liquidity$2imf 606 $aLiquidity$2imf 606 $aLiquidity indicators$2imf 606 $aAsset and liability management$2imf 606 $aPrices$2imf 606 $aLiquidity management$2imf 606 $aEconomics$2imf 606 $aInternational finance$2imf 607 $aUnited States$2imf 615 0$aLiquidity (Economics) 615 0$aMonetary policy 615 7$aFinance: General 615 7$aInflation 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aForecasting and Other Model Applications 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy 615 7$aInternational Policy Coordination and Transmission 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aFinance 615 7$aMacroeconomics 615 7$aExcess liquidity 615 7$aInternational liquidity 615 7$aLiquidity 615 7$aLiquidity indicators 615 7$aAsset and liability management 615 7$aPrices 615 7$aLiquidity management 615 7$aEconomics 615 7$aInternational finance 700 $aBerger$b Helge$01462107 701 $aHarjes$b Thomas$01493525 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788348403321 996 $aDoes Global Liquidity Matter for Monetary Policy in the Euro Area$93716535 997 $aUNINA