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Fiscal multipliers with financial fragmentation risk and interactions with monetary policy
Darracq Pariès, Matthieu; Müller, Georg; … - 2020
We quantify the size of fiscal multipliers under financial fragmentation risk and demonstrate how non-standard monetary policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions whereby the interplay of corporate, banks and...
Persistent link: https://www.econbiz.de/10012241104
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Unconventional monetary policy and funding liquidity risk
Avernas, Adrien d'; Vandeweyer, Quentin; Darracq … - 2020
This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity crisis. We propose a macro-finance model featuring both traditional and shadow banks subject to funding risk. When banks are well capitalized, they have access to money markets...
Persistent link: https://www.econbiz.de/10012137673
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Macroprudential policy measures : macroeconomic impact and interaction with monetary policy
Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020
This paper examines the interactions of macroprudential and monetary policies. We find, using a range of macroeconomic models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on GDP. In the short run, GDP declines by 0.15-0.35%....
Persistent link: https://www.econbiz.de/10012165315
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Parsing financial fragmentation inthe euro area : a multi-country DSGE perspective
Darracq Pariès, Matthieu; Jacquinot, Pascal; … - 2016
Persistent link: https://www.econbiz.de/10011618209
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On the credit and exchange rate channels of central bank asset purchases in a monetary union
Darracq Pariès, Matthieu; Papadopoulou, Niki - 2019
Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …
Persistent link: https://www.econbiz.de/10011996730