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In lands of foreign currency credit, bank lending channels run through? The effects of monetary policy at home and abroad on the currency denomination of the supply of credit
Ongena, Steven; Schindele, Ibolya; Vonnák, Dzsamila - Center for Financial Studies - 2014
We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for...
Persistent link: https://www.econbiz.de/10010986409
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Real-time price discovery in stock, bond and foreign exchange markets
Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; … - Center for Financial Studies - 2004
We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...
Persistent link: https://www.econbiz.de/10010958800
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Real-Time Price Discovery in Stock, Bond and Foreign Exchange Markets
Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; … - Center for Financial Studies - 2004
We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...
Persistent link: https://www.econbiz.de/10005022409
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Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
Coenen, Günter; Warne, Anders - Center for Financial Studies - 2013
This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...
Persistent link: https://www.econbiz.de/10010986359
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Quantitative easing: A rationale and some evidence from Japan
Wieland, Volker - Center for Financial Studies - 2009
of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …
Persistent link: https://www.econbiz.de/10010958535
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Der Euro in stürmischen Zeiten : Beiträge von Otmar Issing zur Wirtschafts- und Währungspolitik am Center for Financial Studies 2006-2015
Issing, Otmar - Center for Financial Studies - 2016
Persistent link: https://www.econbiz.de/10011478326
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International price discovery in the presence of microstructure noise
Grammig, Joachim G.; Peter, Franziska J. - Center for Financial Studies - 2008
This paper addresses and resolves the issue of microstructure noise when measuring the relative importance of home and U.S. market in the price discovery process of Canadian interlisted stocks. In order to avoid large bounds for information shares, previous studies applying the Cholesky...
Persistent link: https://www.econbiz.de/10010958677
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Why EMU is irrelevant for the German economy
Posen, Adam - Center for Financial Studies - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who...
Persistent link: https://www.econbiz.de/10010958722
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Collateralised loan obligations (CLOs): A primer
Jobst, Andreas A. - Center for Financial Studies - 2002
The following descriptive paper surveys the various types of loan securitisation and provides a working definition of so-called collateralised loan obligations (CLOs). Free of the common rhetoric and slogans, which sometimes substitute for understanding of the complex nature of structured...
Persistent link: https://www.econbiz.de/10010958689