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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
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 net issuance) had been issued by the national central banks of France … forecast the banknotes issued nationally in circulation by denomination (“benchmark models”). This paper presents the …
Persistent link: https://www.econbiz.de/10014353032
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The ECB Art of Central Banking and the Separation Principle
Bordes, Christian - 2010
This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of Goodfriend's (2009) determination of the three policies that fall within the remit of a central bank: monetary policy, which consists in varying the size of the balance sheet,...
Persistent link: https://www.econbiz.de/10013138353
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Macro-Prudential Policy and the Conduct of Monetary Policy
Beau, Denis - 2012
In this paper, we analyze the interactions between monetary and macro-prudential policies and the circumstances under which such interactions call for their coordinated implementation. We start with a review of the interdependencies between monetary and macro-prudential policies. Then, we use a...
Persistent link: https://www.econbiz.de/10013101740
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Unconventional Monetary Policy and Bank Lending Relationships
Cahn, Christophe - 2019
multi-bank firms receive transactions-style lending and do not increase their investment. (iv) While the majority of the …
Persistent link: https://www.econbiz.de/10012900335
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Economic Crises and the Eligibility for the Lender of Last Resort : Evidence from 19th Century France
Bignon, Vincent - 2017
This paper shows that a central bank can more efficiently mitigate economic crises when it broadens eligibility for its discount facility to any safe asset or solvent agent. We use difference-in-differences panel regressions and emulate crises by studying how defaults of banks and...
Persistent link: https://www.econbiz.de/10012964841
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The 100% Reserve Reform : Calamity or Opportunity?
Pfister, Christian - 2020
been adapted. In all formulations of those schemes, Government liabilities (cash, central bank reserves and short …
Persistent link: https://www.econbiz.de/10014090108
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Climate Risk Measurement of Assets Eligible as Collateral for Refinancing Operations – Focus on Asset Backed Securities (ABS)
Loris, André; Grept, Alice; Laut, Nadia; Plantier, Gabriel - 2023
This paper analyses the exposure to climate risk of ABS, an asset class frequently pledged as collateral in the European Central Bank (ECB) refinancing operations. This paper focuses on ABS backed by auto loans or loans granted to Small and Medium Enterprises (SMEs) and explores ways to measure...
Persistent link: https://www.econbiz.de/10014258296
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Revisiting the Money Demand Function in the Euro Area (in French)
Avouyi-Dovi, Sanvi - 2010
recent years, the dynamics of M3 in the euro area have been driven by two factors: a strong preference for liquidity, observed between 2001 and 2003, followed by a normalisation, at a relatively moderate pace, of portfolio behaviour; as regards the counterparts, changes in M3 and net external...
Persistent link: https://www.econbiz.de/10013136553
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Does Money Matter for the Identification of Monetary Policy Shocks : A DSGE Perspective
Poilly, Céline - 2010
This paper investigates how the identification assumptions of monetary policy shocks modify the inference in a standard DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or these two monetary variables are simultaneously determined, two DSGE models...
Persistent link: https://www.econbiz.de/10013137337
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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