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Gertler, Pavel - 2016

facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …

Persistent link: https://www.econbiz.de/10012989876

Is Monetary Policy Less Effective When Interest Rates are Persistently Low?

Borio, Claudio E. V. - 2017

of the level of real (inflation-adjusted) rates …

Persistent link: https://www.econbiz.de/10012957907

Understanding Global Liquidity

Eickmeier, Sandra - 2014

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...

Persistent link: https://www.econbiz.de/10013064186

The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis

Gambacorta, Leonardo - 2014

This paper assesses the macroeconomic effects of unconventional monetary policies by estimating a panel VAR with monthly data from eight advanced economies over a sample spanning the period since the onset of the global finanancial crisis. It finds that an exogenous increase in central bank...

Persistent link: https://www.econbiz.de/10013065515

The Influence of Monetary Policy on Bank Profitability

Borio, Claudio E. V. - 2015

This paper investigates how monetary policy affects bank profitability. We use data for 109 large international banks headquartered in 14 major advanced economies for the period 1995-2012. Overall, we find a positive relationship between the level of short-term rates and the slope of the yield...

Persistent link: https://www.econbiz.de/10013014487

The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area

Hofmann, Boris - 2020

This paper investigates the overall effect of the European Central Bank's (ECB's) unconventional monetary policies (UMPs) implemented since 2008 on euro area bank retail lending and deposit rates offered to households and non-financial corporations. To do so, we use an analytical approach that...

Persistent link: https://www.econbiz.de/10012837534

Monetary Policy Transmission and Trade-Offs in the United States : Old and New

Hofmann, Boris - 2017

considerably stronger relative to the impact on GDP since the mid-1980s, while the effects on inflation have become weaker …

Persistent link: https://www.econbiz.de/10012953023

The Macroeconomic Effects of Asset Purchases Revisited

Hesse, Henning - 2017

This paper revisits the macroeconomic effects of the large-scale asset purchase programmes launched by the Federal Reserve and the Bank of England from 2008. Using a Bayesian VAR, we investigate the macroeconomic impact of shocks to asset purchase announcements and assess changes in their...

Persistent link: https://www.econbiz.de/10012941262

Do SVARs with Sign Restrictions Not Identify Unconventional Monetary Policy Shocks?

Boeckx, Jef - 2019

A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper,...

Persistent link: https://www.econbiz.de/10012868206

Monetary Analysis and the Global Financial Cycle : An Asian Central Bank Perspective

Filardo, Andrew J. - 2014

inflation are evident.In addition, the maturing of the financial systems has elevated concerns of financial stability, as both a … alternatives to conventional inflation targeting frameworks. This paper lays out a policy framework based on a multi …

Persistent link: https://www.econbiz.de/10013047524