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The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis
Gambacorta, Leonardo - 2014
. It finds that an exogenous increase in central bank balance sheets at the zero lower bound leads to a temporary rise in …
Persistent link: https://www.econbiz.de/10013065515
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Effectiveness of Unconventional Monetary Policies in a Low Interest Rate Environment
Filardo, Andrew J. - 2018
Have unconventional monetary policies (UMPs) become less effective at stimulating economies in persistently low interest rate environments? This paper examines that question with a time-varying parameter VAR for the United States, the United Kingdom, the euro area and Japan. One advantage of our...
Persistent link: https://www.econbiz.de/10012929484
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A Shadow Policy Rate to Calibrate US Monetary Policy at the Zero Lower Bound
Lombardi, Marco J. - 2014
The recent global financial crisis, the Great Recession and the subsequent implementation of a variety of unconventional policy measures have raised the issue of how to correctly measure the stance of monetary policy when policy interest rates reach the zero lower bound (ZLB). In this paper, we...
Persistent link: https://www.econbiz.de/10013052076
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Monetary Policy's Rising FX Impact in the Era of Ultra-Low Rates
Ferrari, Massimo - 2017
We show that the FX impact of monetary policy has been growing significantly. We use a high-frequency event study of the joint response of fixed income instruments and exchange rates to monetary policy news from seven major central banks spanning 2004-2015. News affecting short maturity bonds...
Persistent link: https://www.econbiz.de/10012958823
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The Interest Rate Effects of Government Debt Maturity
Chadha, Jagjit S. - 2014
Federal Reserve purchases of bonds in recent years have meant that a smaller proportion of long-dated government debt has had to be held by other investors (private sector and foreign official institutions). But the US Treasury has been lengthening the maturity of its issuance at the same time....
Persistent link: https://www.econbiz.de/10013063658
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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 …
Persistent link: https://www.econbiz.de/10012837534
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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The Negative Interest Rate Policy and the Yield Curve
Wu, Jing Cynthia - 2018
We extract the market's expectations about the ECB's negative interest rate policy from the euro area's yield curve and study its impact on the yield curve. To capture the rich dynamics taking place at the short end of the yield curve, we introduce two policy indicators that summarise the...
Persistent link: https://www.econbiz.de/10012927482
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E. O. - 2013
This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980-2000. The P model is shown to have considerable empirical support. Thus, the "price gap" or, equivalently, the "real money gap" (the gap between current real...
Persistent link: https://www.econbiz.de/10014061326
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Monetary Policy and Bank Lending in a Low Interest Rate Environment : Diminishing Effectiveness?
Borio, Claudio E. V. - 2017
This paper analyses the effectiveness of monetary policy on bank lending in a low interest rate environment. Based on a … less effective in stimulating bank lending growth when rates reach a very low level. This result holds after controlling … for business and financial cycle conditions and different bank-specific characteristics such as liquidity, capitalisation …
Persistent link: https://www.econbiz.de/10012962059