Similar Search Results

Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - European Central Bank - 2010

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …

Persistent link: https://www.econbiz.de/10008565827

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10005530784

Should we take inside money seriously?

Stracca, Livio - European Central Bank - 2007

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of...

Persistent link: https://www.econbiz.de/10005344903

Search and endogenous growth: when Romer meets Lagos and Wright

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2012

In this note, we develop a search-based monetary growth model to analyze the growth and welfare effects of inflation. We introduce endogenous growth via capital externality into a two-sector search model and compare the effects of inflation to those from a standard cash-in-advance (CIA) growth...

Persistent link: https://www.econbiz.de/10009650014

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010

The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...

Persistent link: https://www.econbiz.de/10008541287

Housing finance and monetary policy

Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - European Central Bank - 2009

We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and ac- cording to a wide range of indicators, the...

Persistent link: https://www.econbiz.de/10005002805

Monetary policy, macroprudential policy and banking stability: evidence from the euro area

Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013

crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for … helped to soften lending conditions that were tightened because of bank capital and liquidity constraints, especially for … business loans. Importantly, this softening effect is stronger for banks that borrow more long-term liquidity from the …

Persistent link: https://www.econbiz.de/10010686767

Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area

Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013

The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has affected the transmission mechanism of the single Euro...

Persistent link: https://www.econbiz.de/10010686876

A tale of two growth engines: The interactive effects of monetary policy and intellectual property rights

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2010

How do intellectual property rights that determine the market power of firms influence the effects of monetary policy on economic growth and social welfare? To analyze this question, we develop a monetary R&D-based growth model with elastic labor supply. We find that monetary expansion reduces...

Persistent link: https://www.econbiz.de/10008919789

Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards

Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2010

Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...

Persistent link: https://www.econbiz.de/10008678673