Similar Search Results

U.S. monetary-fiscal regime changes in the presence of endogenous feedback in policy rules

Chang, Yoosoon; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: Shocks that switch one policy from active to passive tend to induce the other policy to...

Persistent link: https://www.econbiz.de/10011657240

Monetary policy in an oil-dependent economy in the presence of multiple shocks

Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...

Persistent link: https://www.econbiz.de/10011657233

Fiscal policy under the eyes of wary bondholders

Staffa, Ruben Marek; Schweinitz, Gregor von - Leibniz-Institut für Wirtschaftsforschung Halle - 2023

This paper studies the interaction between fiscal policy and bondholders against the backdrop of high sovereign debt levels. For our analysis, we investigate the case of Italy, a country that has dealt with high public debt levels for a long time, using a Bayesian structural VAR model. We extend...

Persistent link: https://www.econbiz.de/10014467071

Insolvenzen in der Corona-Krise

Müller, Steffen - Leibniz-Institut für Wirtschaftsforschung Halle - 2021

Die Insolvenzzahlen sind trotz Corona-Krise im Jahr 2020 stark gesunken. Diese paradoxe Situation kann in erster Linie durch staatliche Unterstützungsmaßnahmen und abwartendes Verhalten bei den Unternehmen erklärt werden. Die Krise traf die meisten Unternehmen am Ende einer langanhaltenden...

Persistent link: https://www.econbiz.de/10012626863

Corona shutdown and bankruptcy risk

Holtemöller, Oliver; Muradoğlu, Gülnur - Leibniz-Institut für Wirtschaftsforschung Halle - 2020

This paper investigates the consequences of shutdowns during the Corona crisis on the risk of bankruptcy for firms in Germany and United Kingdom. We use financial statements from the period 2014 to 2018 to predict how pervasive risk of bankruptcy becomes for micro, small, medium, and large firms...

Persistent link: https://www.econbiz.de/10012230703

The premium of government debt : disentangling safety and liquidity

Xiong, Qizhou - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

The persistent premium of government debt attributes to two main reasons: absolute nominal safety and liquidity. This … paper employs two types of measures of government debt supply to disentangle the safety and liquidity part of the premium … liability to all sector total liability, separates the liquidity premium from the safety premium and has a negative impact too …

Persistent link: https://www.econbiz.de/10011643023

Regulating zombie mortgages

Lee, Jonathan; Nguyen, Duc Duy; Nguyen, Huyen - Leibniz-Institut für Wirtschaftsforschung Halle - 2024

Using the adoption of Zombie Property Law (ZL) across several US states, we show that increased lender accountability in the foreclosure process affects mortgage lending decisions and standards. Difference-in-differences estimations using a state border design show that ZL incentivizes lenders...

Persistent link: https://www.econbiz.de/10014546270

Exchange rates and the information channel of monetary policy

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2020

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy...

Persistent link: https://www.econbiz.de/10012295246

Do conventional monetary policy instruments matter in unconventional times?

Buchholz, Manuel; Schmidt, Kirsten; Tonzer, Lena - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

. However, given depressed margins in a low interest environment, banks might reallocate their liquidity toward more profitable … liquidity toward loans but not toward other liquid assets. This result is most pronounced for non-GIIPS countries of the euro …

Persistent link: https://www.econbiz.de/10011643045

Is there an information channel of monetary policy?

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2024 - This version: May 17, 2024

Exploiting the heteroscedasticity of the changes in short-term and long-term interest rates and exchange rates around the FOMC announcement, we identify three structural monetary policy shocks. We eliminate the predictable part of the shocks and study their effects on financial variables and...

Persistent link: https://www.econbiz.de/10014535937