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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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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
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Macroprudential regulation and leakage to the shadow banking sector
Gebauer, Stefan; Mazelis, Falk - 2020
estimating the model using euro area data from 1999-2014 including information on shadow banks, we find that tighter capital …
Persistent link: https://www.econbiz.de/10012216425
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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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Asymmetric monetary policy rules for the euro area and the US
Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021
We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro …
Persistent link: https://www.econbiz.de/10012617047