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Unconventional Monetary Policies : A Stock-Taking Exercise
Pfister, Christian - 2020
This paper takes stock of the literature on the unconventional monetary policies, from their implementation to their effects on the economy. In particular, we discuss in detail the two main measures implemented in most developed economies, namely forward guidance and large-scale asset purchases....
Persistent link: https://www.econbiz.de/10012837450
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Unconventional Monetary Policy and Bank Lending Relationships
Cahn, Christophe - 2019
How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the … to SMEs, an elusive policy objective. (ii) We uncover important heterogeneity: banks pass through LTRO liquidity very … differently to multi- bank firms than they do to firms with only one bank. (iii) Differences in liquidity transmission map to …
Persistent link: https://www.econbiz.de/10012900335
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Inspecting the Mechanism of Quantitative Easing in the Euro Area
Koijen, Ralph S. J. - 2020
Using security-level holdings for all euro-area investors, we study portfolio rebalancing during the quantitative easing program from March 2015 to December 2017. Foreign investors outside the euro area accommodated most of the Eurosystem's pur- chases. Duration, government credit, and corporate...
Persistent link: https://www.econbiz.de/10012855165
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Excess Monetary Liquidity and Asset Prices (Exces de Liquidite Monetaire et Prix des Actifs) (French)
Gouteron, Sylvain - 2010
The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of … inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset … Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in …
Persistent link: https://www.econbiz.de/10013136341
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Euro Money Market Interest Rates Dynamics and Volatility : How They Respond to Recent Changes in the Operational Framework
Jardet, Caroline - 2010
At the beginning of 2004, the Eurosystem implemented several modifications of its operational framework and liquidity … liquidity management are responsible for a significant decrease in the interest rate volatility …
Persistent link: https://www.econbiz.de/10013136867
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Euro Area Market Reactions to the Monetary Developments Press Release
Coffinet, Jerome - 2010
Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...
Persistent link: https://www.econbiz.de/10013137334
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Impact of the ECB Quantitative Easing on the French International Investment Position
Cezar, Rafael - 2018
This paper aims at estimating the impact of the recent Asset Purchase Programs implemented by the ECB – known as Quantitative easing (QE) – on external assets and liabilities recorded in one economy's International Investment Position (IIP). Our analysis focused on the case of France. We...
Persistent link: https://www.econbiz.de/10012907522
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The Fed and the Question of Financial Stability : An Empirical Investigation
Grunspan, Thierry - 2010
This paper shows that the Fed reacts to change in spreads between corporate bond yields and government bond yields over and beyond their information content on future inflation and future activity. This result, obtained in a GMM framework, is confirmed by simulation methods. Moreover, when...
Persistent link: https://www.econbiz.de/10013136336
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Macroeconomic Surprises and the Inflation Compensation Curve in the Euro Area
Coffinet, Jerome - 2010
inflation compensation data - the sum of inflation expectations, risk and liquidity premia - in the euro area between 2 January …
Persistent link: https://www.econbiz.de/10013138025
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When Could Macroprudential and Monetary Policies Be in Conflict?
GARCIA REVELO, Jose David; Levieuge, Grégory - 2022
This paper aims to provide a comprehensive analysis of the potential conflicts between macroprudential and monetary policies within a DGSE model with financial frictions. The identification of conflicts is conditional on different types of shocks, policy instruments, and policy objectives. We...
Persistent link: https://www.econbiz.de/10013293573