Search Results - subject:"non-standard monetary policy"

The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework in 2022 and 2023

Hudepohl, Tom (ed.); Malderez, Suzanne (ed.) - 2024

The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs). The period covered by this report (2022-23) was dominated by high inflation, which led to a change from an easing to a tightening monetary policy environment in line with the mandate of the...

Persistent link: https://www.econbiz.de/10015052097

Negative monetary policy rates and systemic banks' risk-taking: Evidence from the euro area securities register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020

We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more...

Persistent link: https://www.econbiz.de/10012252869

Negative monetary policy rates and systemic banks' risk-taking: Evidence from the euro area securities register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020

Persistent link: https://www.econbiz.de/10012422060

Negative Monetary Policy Rates and Systemic Banks' Risk‐Taking: Evidence from the Euro Area Securities Register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - In: Journal of Money, Credit and Banking 52 (2020) S1, pp. 197-231

We show that negative monetary policy rates induce systemic banks to reach‐for‐yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with...

Persistent link: https://www.econbiz.de/10012434214

Negative monetary policy rates and systemic banks' risk-taking : evidence from the euro area securities register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020

Persistent link: https://www.econbiz.de/10012250648

Negative monetary policy rates and systemic banks' risk-taking : evidence from the euro area securities register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020

Persistent link: https://www.econbiz.de/10012206320

Empowering central bank asset purchases: The role of financial policies

Darracq Pariès, Matthieu; Körner, Jenny; … - 2019

This paper contributes to the debate on the macroeconomic effectiveness of expansionary non-standard monetary policy …-up extra capital buffer attenuating non-standard monetary policy. Finally, in a weakly-capitalised banking system …, countercyclical macroprudential policy attenuates banks risk-taking and dampens the excessive persistence of the non-standard monetary …

Persistent link: https://www.econbiz.de/10012142081

Tracing the impact of the ECB's asset purchase programme on the yield curve

Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2019

We trace the impact of the ECB's asset purchase programme (APP) on the sovereign yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by price-sensitive investors. We include this...

Persistent link: https://www.econbiz.de/10012142137

Tracing the impact of the ECB's asset purchase programme on the yield curve

Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2019

Persistent link: https://www.econbiz.de/10012024810

Empowering central bank asset purchases : the role of financial policies

Darracq Pariès, Matthieu; Körner, Jenny; … - KentrikḗTrapeza Kypru - 2019

Persistent link: https://www.econbiz.de/10012109264