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Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks : The Case of the Eurosystem
Åberg, Pontus; Corsi, Marco; Grossmann-Wirth, Vincent; … - 2021
This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the...
Persistent link: https://www.econbiz.de/10013212033
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Is There a Bank Lending Channel in France? Evidence from Bank Panel Data
Loupias, Claire - 2010
The aim of this paper is to check the possible existence of a bank lending channel in France. For that purpose, we have estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity and capitalization. We have used a panel of 312...
Persistent link: https://www.econbiz.de/10013134954
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The ECB Art of Central Banking and the Separation Principle
Bordes, Christian - 2010
interbank money market. This paper shows in particular that a central bank not only has the capacity but indeed must strive to … event of temporary money demand shocks. During the first part of the crisis, the ECB acted in accordance with the separation …
Persistent link: https://www.econbiz.de/10013138353
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Evolution of the Ecb's Analytical Framework
Holm-Hadulla, Federic; Musso, Alberto; Vlassopoulos, Thomas - 2021
This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff...
Persistent link: https://www.econbiz.de/10013210828
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Forecasting Euro Banknotes in Circulation with Structural Time Series Models in Times of the COVID-19 Pandemic
Bartzsch, Nikolaus; Brandi, Marco; Devigne, Lucas; de … - 2023
As part of the Eurosystem’s annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated...
Persistent link: https://www.econbiz.de/10014353032
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The Use of Cash by Households in the Euro Area
Esselink, Henk - 2017
Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents...
Persistent link: https://www.econbiz.de/10012942685
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Catch Me (If You Can) : Assessing the Risk of SARS-CoV-2 Transmission Via Euro Cash
Tamele, Barbora; Zamora-Pérez, Alejandro; Litardi, Chiara - 2021
In the light of fears that the SARS-CoV-2 virus might be transmitted via cash – fears that were stoked by statements in the media and from public authorities – this paper aims to address the following issues: (1) to provide a descriptive account of the change in the circulation of euro...
Persistent link: https://www.econbiz.de/10013217793
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The Analytical Credit Dataset. A Magnifying Glass for Analysing Credit in the Euro Area
Israel, Jean Marc - 2017
In May 2016 the Governing Council adopted the AnaCredit Regulation (ECB/2016/13) providing the legal basis for the European System of Central Banks (ESCB) to collect granular information on loans from banks to corporates and other legal persons based on a core set of harmonised concepts and...
Persistent link: https://www.econbiz.de/10012954335
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Revisiting the Monetary Presentation of the Euro Area Balance of Payments
Picón Aguilar, Carmen - 2020
flows between resident money holders and the rest of the world. This is possible thanks to the monetary presentation of the …
Persistent link: https://www.econbiz.de/10012841808
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On the Sources of Macroeconomic Stability in the Euro Area
Avouyi-Dovi, Sanvi - 2015
cycle frequencies the correlation between inflation and money growth changed markedly, turning from positive to negative …. Distinguishing the periods pre- and post-1994, we estimate a dynamic stochastic general equilibrium model with money for the euro … markups and preferences. The apparent lack of evidence for the quantity theory of money in the short run and the changes in …
Persistent link: https://www.econbiz.de/10013011068