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The Market Stabilization Role of Central Bank Asset Purchases : High-Frequency Evidence from the COVID-19 Crisis
Bernardini, Marco; De Nicola, Annalisa - 2021
This paper uses confidential high-frequency data to investigate the dynamic effects on the government bond market of the central bank asset purchases carried out in Italy during the COVID-19 pandemic crisis. We find that in response to an outright purchase of long-term bonds: (i) long-term...
Persistent link: https://www.econbiz.de/10013233162
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The Effects of Central Bank's Verbal Guidance : Evidence from the ECB
Galardo, Maddalena - 2017
In this paper we propose a new indicator of central bank's verbal guidance, which measures communications about the future based on the frequency of future verbs in monetary policy statements. We consider the press conferences of the European Central Bank as a test case. First, we analyze the...
Persistent link: https://www.econbiz.de/10012947321
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The Interbank Market after the Financial Turmoil : Squeezing Liquidity in a 'Lemons Market' or Asking Liquidity 'on Tap'
De Socio, Antonio - 2013
After August 2007 the plumbing system that supplied banks with wholesale funding, the interbank market, failed because … toxic assets obstructed the pipes. Banks were forced to squeeze liquidity in a 'lemons market' or to ask for liquidity 'on … tap' from central banks. This paper disentangles the two components of the three-month Euribor-Eonia swap spread, credit …
Persistent link: https://www.econbiz.de/10013092137
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Central Banks' Macroeconomic Projections and Learning
Ferrero, Giuseppe - 2011
We study the impact of the publication of central banks' macroeconomic projections on the dynamic properties of an …
Persistent link: https://www.econbiz.de/10013127620
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The role of central bank communication in inflation-targeting Eastern European emerging economies
Astuti, Valerio; Ciarlone, Alessio; Coco, Alberto - 2022
available to central banks in emerging economies …
Persistent link: https://www.econbiz.de/10014238015
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Macroeconomic Effects of an Open-ended Asset Purchase Programme
Burlon, Lorenzo - 2019
In this paper we evaluate the effectiveness of an open-ended Asset Purchase Programme (APP) for the euro area. To this purpose, we build on the large-scale New Keynesian dynamic general equilibrium model calibrated to the euro area and the rest of the world developed in Burlon et al. (2017),...
Persistent link: https://www.econbiz.de/10012898839
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Secular Stagnation, R&D, Public Investment and Monetary Policy : A Global-Model Perspective
Cova, Pietro - 2017
We evaluate the global macroeconomic effects of fiscal and monetary policy measures to counterbalance secular stagnation by simulating a five-region New Keynesian model of the world economy, calibrated to the United States (US), the euro area (EA), Japan (JP), China (CH), and the rest of the...
Persistent link: https://www.econbiz.de/10012941766
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Macroeconomic Effects of Non-Standard Monetary Policy Measures in the Euro Area : The Role of Corporate Bond Purchases
Bartocci, Anna - 2017
borrowing from domestic banks. We found that the March 2016 CSPP boosts euro-area GDP by around 0.3% in the second year (peak …
Persistent link: https://www.econbiz.de/10012945854
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Inflation, Financial Conditions and Non-Standard Monetary Policy in a Monetary Union. A Model-Based Evaluation
Burlon, Lorenzo - 2015
This paper evaluates the macroeconomic effects of purchases of long-term sovereign bonds by a central bank in a monetary union when (1) the private sector faces tight financial conditions and (2) the zero lower bound (ZLB) on the policy rate holds. To this end, we calibrate a dynamic general...
Persistent link: https://www.econbiz.de/10013017460
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Domestic and International Macroeconomic Effects of the Eurosystem Expanded Asset Purchase Programme
Cova, Pietro - 2016
This paper evaluates the domestic and international macroeconomic effects of purchases of domestic long-term sovereign bonds by the Eurosystem. To this end, we calibrate a five-country dynamic general equilibrium model of the world economy. According to our results, the sovereign bond purchases...
Persistent link: https://www.econbiz.de/10012999070