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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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The effectiveness of the non-standard policy measures during the financial crises : the experiences of the federal reserve and the European Central Bank
Carpenter, Seth B.; Demiralp, Selva; Eisenschmidt, Jens - 2013
Persistent link: https://www.econbiz.de/10009766342
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The minimum liquidity deficit and the maturity structure of central banks' open market operations : lessons from the financial crisis
Eisenschmidt, Jens; Holthausen, Cornelia - 2010
This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10008771777
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Money markets, central bank balance sheet and regulation
Corradin, Stefano; Eisenschmidt, Jens; Hoerova, Marie; … - 2020
functioning. We consider several metrics of activity in both secured and unsecured euro area money markets, and study interactions …
Persistent link: https://www.econbiz.de/10012301955
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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