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Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation

Chatelain, Jean-Bernard; Tiomo, André - European Central Bank - 2001

Using a large panel of 6,946 French manufacturing firms, this paper investigates the effect of monetary policy on investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo-classical demand for capital, taking into account...

Persistent link: https://www.econbiz.de/10005344839

Wealth and asset price effects on economic activity

Altissimo, Filippo; Georgiou, Evaggelia; Sastre, Teresa; … - European Central Bank - 2005

Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth...

Persistent link: https://www.econbiz.de/10005042603

Security fungibility and the cost of capital: evidence from global bonds

Miller, Darius P.; Puthenpurackal, John J. - European Central Bank - 2005

This paper examines the potential benefits of security fungibility by conducting the first comprehensive analysis of Global bonds. Unlike other debt securities, Global bonds’ fungibility allows them to be placed simultaneously in bond markets around the world; they trade, clear and settle...

Persistent link: https://www.econbiz.de/10005068628

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10009002548

Bubbles, bank credit and macroprudential policies

Derviz, Alexis - European Central Bank - 2013

macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …

Persistent link: https://www.econbiz.de/10010686763

What does a financial shock do? First international evidence

Fornari, Fabio; Stracca, Livio - European Central Bank - 2013

In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the policy debate after the global financial crisis. We...

Persistent link: https://www.econbiz.de/10010686798

Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland

Kelly, Robert; McQuinn, Kieran; Stuart, Rebecca - European Central Bank - 2013

The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

Persistent link: https://www.econbiz.de/10010686848

Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic

Konečný, Tomáš; Babecká Kucharčuková, Oxana - European Central Bank - 2014

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …

Persistent link: https://www.econbiz.de/10011067268

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

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

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …

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

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...

Persistent link: https://www.econbiz.de/10005344909