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Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - CESifo - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …

Persistent link: https://www.econbiz.de/10010877795

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010877944

Effectiveness and Transmission of the ECB's Balance Sheet Policies

Boeckx, Jef; Dossche, Maarten; Peersman, Gert - CESifo - 2014

crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial … markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the …

Persistent link: https://www.econbiz.de/10010887047

Political Booms, Financial Crises

Herrera, Helios; Ordonez, Guillermo; Trebesch, Christoph - CESifo - 2014

We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10010888458

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

Persistent link: https://www.econbiz.de/10010948836

The Quantity Theory of Money and Friedmanian Monetary Policy: An Empirical Investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - CESifo - 2012

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

Persistent link: https://www.econbiz.de/10009653372

Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area

Peersman, Gert - CESifo - 2011

short-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater …

Persistent link: https://www.econbiz.de/10009320781

Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations

Peersman, Gert; Wagner, Wolf - CESifo - 2014

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

Persistent link: https://www.econbiz.de/10010752434

A Micro Data Approach to the Identification of Credit Crunches

Rottmann, Horst; Wollmershäuser, Timo - CESifo - 2010

This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms’ assessment of the current willingness of banks to extend credit we estimate the probability of a restrictive credit supply policy by time...

Persistent link: https://www.econbiz.de/10008498992

Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable

Egert, Balazs; MacDonald, Ronald - CESifo - 2006

This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or...

Persistent link: https://www.econbiz.de/10005094342