Narrow search
Showing 1 - 10 of 202
Cover Image
The Global Financial Cycle
Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021
We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...
Persistent link: https://www.econbiz.de/10012660005
Cover Image
Toward a Holistic Approach to Central Bank Trust
Eickmeier, Sandra; Petersen, Luba - National Bureau of Economic Research - 2024
We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank … ECB's performance in maintaining stable prices and making decisions grounded in rules, science, and data, matters for … their trust in the ECB, tend to express higher trust in the ECB. Conversely, those who place greater importance on values …
Persistent link: https://www.econbiz.de/10014635679
Cover Image
Inspecting the Mechanism of Quantitative Easing in the Euro Area
Koijen, Ralph S. J. - 2019
portfolio rebalancing during the European Central Bank's (ECB) purchase programme that started in March 2015. To quantify …% of ECB purchases are sold by non-euro area investors, and we do not find evidence that risks get concentrated in certain …
Persistent link: https://www.econbiz.de/10012480098
Cover Image
A Crash Course on the Euro Crisis
Brunnermeier, Markus K. - 2019
The financial crises of the last twenty years brought new economic concepts into classrooms discussions. This article introduces undergraduate students and teachers to seven of these models: (i) misallocation of capital inflows, (ii) modern and shadow banks, (iii) strategic complementarities and...
Persistent link: https://www.econbiz.de/10012480173
Cover Image
Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
Acharya, Viral V. - 2019
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012480422
Cover Image
Fifty Shades of QE : Conflicts of Interest in Economic Research
Fabo, Brian - 2020
Central banks sometimes evaluate their own policies. To assess the inherent conflict of interest, we compare the research findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers report larger...
Persistent link: https://www.econbiz.de/10012481153
Cover Image
Global Effective Lower Bound and Unconventional Monetary Policy
Wu, Jing Cynthia - 2018
In a standard open-economy New Keynesian model, the effective lower bound causes anomalies: output and terms of trade respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable two-country model to accommodate for unconventional monetary policy. In our...
Persistent link: https://www.econbiz.de/10012453006
Cover Image
ECB Policies Involving Government Bond Purchases : Impact and Channels
Krishnamurthy, Arvind - 2017
We evaluate the effects of three ECB policies (the Securities Markets Programme, the Outright Monetary Transactions …
Persistent link: https://www.econbiz.de/10012453728
Cover Image
Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels
Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - National Bureau of Economic Research - 2022
We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels -- risky firms just above the IG rating cutoff -- enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases...
Persistent link: https://www.econbiz.de/10012938746
Cover Image
Bank Runs, Fragility, and Credit Easing
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2021
We present a tractable dynamic macroeconomic model of self-fulfilling bank runs. A bank is vulnerable to a run when a loss of investors' confidence triggers deposit withdrawals and leads the bank to default on its obligations. We analytically characterize how the vulnerability of an individual...
Persistent link: https://www.econbiz.de/10012660075