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Monetary Policy at Work : Security and Credit Application Registers Evidence
Peydró, José-Luis - 2020
Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...
Persistent link: https://www.econbiz.de/10012854350
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...
Persistent link: https://www.econbiz.de/10011400913
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
analysis ; monetary policy ; money demand ; structural vector error correction model …
Persistent link: https://www.econbiz.de/10009616780
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The Transmission of German Monetary Policy in the Pre-Euro Period
Luetkepohl, Helmut; Wolters, Jürgen - 2021
rate and shows the interaction of the main variables of the monetary sector. Monetary Policy, Money Demand, Structural …
Persistent link: https://www.econbiz.de/10013320723
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Monetary Policy and Bank Lending in Developing Countries : Loan Applications, Rates, and Real Effects
Abuka, Charles Augustine - 2019
Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in...
Persistent link: https://www.econbiz.de/10012901740
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Negative Monetary Policy Rates and Portfolio Rebalancing : Evidence from Credit Register Data
Bottero, Margherita - 2019
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrativedata from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply---and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks...
Persistent link: https://www.econbiz.de/10012889149
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The role of monetary aggregates in the policy analysis of the Swiss National Bank
Kirchgässner, Gebhard; Wolters, Jürgen - 2010
quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …
Persistent link: https://www.econbiz.de/10010266089
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The role of monetary aggregates in the policy analysis of the Swiss National Bank
Kirchgässner, Gebhard; Wolters, Jürgen - 2010
quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …
Persistent link: https://www.econbiz.de/10003936693
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The Role of Monetary Aggregates in the Policy Analysis of the Swiss National Bank
Kirchgässner, Gebhard - 2013
quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …
Persistent link: https://www.econbiz.de/10013095154
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M3 money demand and excess liquidity in the euro area
Dreger, Christian; Wolters, Jürgen - 2008
Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find … evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent … data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in …
Persistent link: https://www.econbiz.de/10010291768