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Ullersma, Cees; Berk, Jan Marc; Chapple, Bryan - de Nederlandsche Bank - 2006

We assess a New Keynesian macro-economic model that is supplemented with a micro-founded role for money in determining aggregate demand and supply in order to better describe monetary policy transmission. In this model welfare is higher if the monetary authority takes money growth explicitly...

Persistent link: https://www.econbiz.de/10005106641

Capital Structure, Corporate Goverance, and Monetary Policy: Firm-Level Evidence for the Euro Area

Haan, L. de; Sterken, E. - de Nederlandsche Bank - 2000

results indicate that private firms, which appear to be more dependent on bank debt for external funds, are more susceptible …

Persistent link: https://www.econbiz.de/10005106736

Cyclical patterns in profits provisioning and lending of banks and procyclicality of the new basel capital requirements

Bikker, J.A.; Hu, Haixia - de Nederlandsche Bank - 2001

(acceleration of) procyclical behaviour of banking, which might threat en macroeconomic stability. This article analyses the … decades, distortion caused by procyclical behaviour of banks has been limited, banking crises excepted. …

Persistent link: https://www.econbiz.de/10005101936

Monetary Transmission in three Central European Economies: Evidence from Time-Varying Coefficient Vector Autoregressions

Darvas, Zsolt - de Nederlandsche Bank - 2009

This paper studies the transmission of monetary policy to macroeconomic variables in three new EU Member States in comparison with that in the euro area with structural time-varying coefficient vector autoregressions. In line with the Lucas Critique reduced-form models like standard VARs are not...

Persistent link: https://www.econbiz.de/10004988587

Germany and the euro area: differences in the transmission process of monetary policy

Hubrich, K.S.E.M.; Vlaar, P.J.G. - de Nederlandsche Bank - 2000

This study analyses the transmission of monetary policy in Germany for the EMS period in the framework of a structural vector error correction model (S-VECM) analysis. Three stable cointegration relationships are found: a money demand relation, an interest rate spread and a stationary real...

Persistent link: https://www.econbiz.de/10005101872

Monetary transmission in the West-African monetary union

P.M.J.O.K. Compernolle. - de Nederlandsche Bank - 1998

This report investigates monetary transmission in a monetary union of developing countries (West-African monetary union or Communauté Financière Africaine, CFA). This requires existing monetary transmission models to be adapted. Three econometric methods are applied to assess the impact of...

Persistent link: https://www.econbiz.de/10005101882

On the Cost of Moving from a Quasi Monetary Union to a Full Monetary Union: The Case of the Netherlands

Jansen, W. Jos - de Nederlandsche Bank - 2000

We analyze the effects of a contractionary Dutch monetary policy shock that is consistent with the fixed guilder/mark exchange rate. Although monetary policy shocks are quite small, they do have plausible effects: credit, expenditures, output and prices all fall after a monetary tightening....

Persistent link: https://www.econbiz.de/10005101920

Impact of bank competition on the interest rate pass-through in the euro area

leuvensteijn, M. van; Sorensen, C. Kok; Bikker, J.A.; … - de Nederlandsche Bank - 2008

stronger competition implies significantly lower spreads between bank and market interest rates for most loan market products … pass-through of market rates to bank interest rates, we likewise find that banks tend to price their loans more in … stronger, we observe larger bank spreads (implying lower bank interest rates) on current account and time deposits. This would …

Persistent link: https://www.econbiz.de/10005106652

The importance of financial structure for monetary transmission in Europe

Bondt, G.J. de; Stokman, A.C.J. - de Nederlandsche Bank - 2000

therefore figures prominently on the agenda of monetary policy makers. This paper, based in part on research done at the Bank …

Persistent link: https://www.econbiz.de/10005106727

The Impact of the Single Market on the Effectiveness of ECB Monetary Policy

Cavelaars, Paul - de Nederlandsche Bank - 2003

This paper studies the implications of Europe's single market. Small costs of international trade in goods and services may cause a large home bias in consumer spending and can explain seemingly excessive short-run exchange rate volatility. The European single market (declining costs of...

Persistent link: https://www.econbiz.de/10005106791

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