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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
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Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013
, operates mainly through the credit channel, both the bank lending and the non-financial borrower balance-sheet channel. Our …, the impact of credit frictions of borrowers have not been significantly reduced, especially in distressed countries. Since … reducing credit availability problems stemming from deteriorated firm net worth and risk conditions, especially for small firms …
Persistent link: https://www.econbiz.de/10010686876
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What does a financial shock do? First international evidence
Fornari, Fabio; Stracca, Livio - European Central Bank - 2013
financial shocks can be separately identified from other shock types and that they exert a significant influence on key …
Persistent link: https://www.econbiz.de/10010686798
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The Euro bloc, the Dollar bloc and the Yen bloc: how much monetary policy independence can exchange rate flexibility buy in an interdependent world?
Fratzscher, Marcel - European Central Bank - 2002
The paper analyses the trade-off between exchange rate flexibility and monetary policy autonomy. It tests empirically the 'Possible Duality' hypothesis, i.e. whether countries with more flexible currency regimes are indeed able to exert more monetary policy autonomy than those with less flexible...
Persistent link: https://www.econbiz.de/10005530688
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - European Central Bank - 2009
both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of …
Persistent link: https://www.econbiz.de/10008502697
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What lies beneath? A time-varying FAVAR model for the UK transmission mechanism
Mumtaz, Haroon; Zabczyk, Pawel; Ellis, Colin - European Central Bank - 2011
demand shocks in the UK. Simultaneous estimation of time-varying impulse responses of a large set of macroeconomic variables …
Persistent link: https://www.econbiz.de/10008922894
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - European Central Bank - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation...
Persistent link: https://www.econbiz.de/10005816280
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Optimal monetary policy in a model of the credit channel
De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2009
increase not only with the output gap, but also with the credit spread and thenominal interest rate. Second, we find that …
Persistent link: https://www.econbiz.de/10005866631
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Monetary policy and bank lending in France: are there asymmetries?
Loupias, Claire; Savignac, Frédérique; Sevestre, Patrick - European Central Bank - 2001
This paper aims at providing some empirical evidence about the impact of monetary policy on bank lending at the microeconomic level. We estimate a model close to that proposed by Kashyap and Stein (2000) using a panel data set comprising 312 banks observed quarterly over the period 1993-2000. We...
Persistent link: https://www.econbiz.de/10005344914
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Taking stock: monetary policy transmission to equity markets
Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004
individual stocks comprising the S&P500 those with low cashflows, small size, poor credit ratings, low debt to capital ratios …
Persistent link: https://www.econbiz.de/10005070377