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Mixing QE and Interest Rate Policies at the Effective Lower Bound : Micro Evidence from the Euro Area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks’ asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10013323089
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Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus
Hristov, Nikolay - 2020
holdings in response to non-standard monetary policy shocks, thereby possibly promoting the sovereign-bank nexus, i.e. the …
Persistent link: https://www.econbiz.de/10012838235
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The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy
Hülsewig, Oliver - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012843420
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Macroprudential Policy and the Sovereign-Bank Nexus in the Euro Area
Hristov, Nikolay; Hülsewig, Oliver; Kolb, Benedikt - 2021
banking sectors to domestic government debt, thus strengthening or weakening the sovereign-bank nexus. To do so, we construct … banks’ exposure to domestic sovereign bonds in the periphery countries and thus deepens the sovereign-bank nexus. By …
Persistent link: https://www.econbiz.de/10013324211
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Euro Area House Prices and Unconventional Monetary Policy Surprises
Hülsewig, Oliver; Rottmann, Horst - 2021
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related...
Persistent link: https://www.econbiz.de/10013229702
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Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment
Afonso, António; Gomes Pereira, Francisco - 2022
Using a difference-in-differences identification strategy on a micro panel at the bank and firm level, we study the …
Persistent link: https://www.econbiz.de/10013296738
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Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...
Persistent link: https://www.econbiz.de/10014348051
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The Euro Crisis and Economic Growth : A Novel Counterfactual Approach
Terzi, Alessio - 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone's specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …
Persistent link: https://www.econbiz.de/10012866042
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Coherence of Output Gaps in the Euro Area : The Impact of the COVID-19 Shock
de Haan, Jakob; Jacobs, Jan P. A. M.; Zijm, Renske - 2022
Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a...
Persistent link: https://www.econbiz.de/10013293282
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The Trade and FDI Effects of EMU Enlargement
Brouwer, J.; Paap, Richard; Viaene, Jean-Marie - 2021
This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a dataset of unbalanced...
Persistent link: https://www.econbiz.de/10013316812