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Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations
Peersman, Gert; Wagner, Wolf - CESifo - 2014
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10010752434
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10008727289
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Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef; Dossche, Maarten; Peersman, Gert - CESifo - 2014
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial 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...
Persistent link: https://www.econbiz.de/10010887047
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Leaning Against Windy Bank Lending
Melina, Giovanni; Villa, Stefania - CESifo - 2015
inflation and financial stabilization. …
Persistent link: https://www.econbiz.de/10011265258
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Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area
Peersman, Gert - CESifo - 2011
I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base, that is so-called quantitative easing. The transmission mechanism turns out to be different compared to traditional interest rate innovations: (i) whilst...
Persistent link: https://www.econbiz.de/10009320781
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Institutionalizing Eurozone Exit: A Modified NEWNEY Approach
Huck, Steffen; Valasek, Justin Mattias - CESifo - 2013
In this note, we argue that the Eurozone needs an institutional exit mechanism to enhance Eurozone stability, and propose modifications to the Dobbs' NEWNEY mechanism, the only mechanism that satisfies the twin properties of eliminating incentives for intra-Eurozone capital flight and...
Persistent link: https://www.econbiz.de/10010610083
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Are there Differences in the Effectiveness of Quantitative Easing at the Zero-Lower-Bound in Japan over Time?
Michaelis, Henrike; Watzka, Sebastian - CESifo - 2014
Using a time-varying parameter vector autoregression (TVP-VAR) with a new sign restriction framework, we study the changing effectiveness of the Bank of Japan’s Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy from 1999 to 2000, the Quantitative Easing Policy...
Persistent link: https://www.econbiz.de/10010812488
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Escaping from a Combination of Liquidity Trap and Credit Crunch
Heinemann, Frank - CESifo - 2008
This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...
Persistent link: https://www.econbiz.de/10005765775
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...
Persistent link: https://www.econbiz.de/10005094169
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Asset Price Shocks, Real Expenditures, and Financial Structure: A Multi-Country Analysis
Chirinko, Robert S.; Haan, Leo de; Sterken, Elmer - CESifo - 2008
This paper examines the responses of private consumption, residential investment, and business investment in 11 EU … investment and an equity finance channel for business investment. Third, for a given country, housing shocks have a much greater …
Persistent link: https://www.econbiz.de/10005196187