This paper investigates the role of monetary policy in the collapse in the long-term real interest rates in the decade before the onset of the financial crisis using a sample of five advanced economies (United States, United Kingdom, the euro area, Sweden and Canada). The results from an...

We construct a model to analyse the two types of tender procedures used by the European Central Bank in its open market operations. We assume that the ECB minimizes the expected value of a loss function that depends on the quadratic difference between the interbank rate and a target interest...

The 2007-9 .financial crisis began with increased uncertainty over funding conditions in money markets. We show that funding uncertainty can explain diverse elements of commercial banks behaviour during the crisis, including:(i) reductions in lending volumes, balance sheets, and...

This paper presents a simple model of risk-averse banks that face uncertainty over funding conditions in the money market. It shows that increased funding uncertainty: (i) creates risk-based loan-deposit synergies, (ii) often causes banks' lending volumes and their profitability to decline,...

This study applies the bootstrap panel causality test proposed by Kónya (2006), which accounts for both dependency and heterogeneity across countries, to test the causal link between population growth and economic growth in 21 countries over the period of 1870-2013. With regards to the...

This paper examines the causal relationship between oil consumption and economic growth in the BRICS countries using annual data from 1985 to 2011. We employ a bootstrap panel causality approach based on meta-analysis in heterogeneous mixed panels which accounts for both cross sectional...

This paper re-examines the nature of the causality between natural gas consumption and economic growth in G-7 countries using a Granger causality procedure based on meta-analysis in heterogeneous mixed panels which takes into account cross-sectional dependence and heterogeneity across countries....

This paper examines the causal relationship between renewable energy consumption and economic growth for the G7 countries using annual data from 1990 to 2011. We implement a bootstrap panel causality procedure which allows us to circumvent the data limitation while accounting for the...

This paper analyses the causal linkages between nuclear energy consumption and economic growth for a panel of six developed countries including Canada, France, Germany, Japan, the UK and the US. Using annual data from 1971 to 2011, a Granger causality procedure based on meta-analysis in...

This paper empirically analyses the causal linkages between coal consumption and economic growth in the BRICS countries using annual data from 1985 to 2009. We apply a panel causality methodology that accounts for both cross-section dependence and heterogeneity across countries. Empirical...