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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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Monetary Policy Surprises and Exchange Rate Behavior
Gürkaynak, Refet S. - 2020
that the central bank is signaling by its policy may explain the abnormality. It turns out that many informational …
Persistent link: https://www.econbiz.de/10012822502
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Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …
Persistent link: https://www.econbiz.de/10012892183
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Monetary Policy, Price Setting, and Credit Constraints
Balleer, Almut - 2019
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012857905
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Monetary Policy, Price Setting, and Credit Constraints
Balleer, Almut; Zorn, Peter - 2019
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012179777
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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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Forecasting Inflation with a Zero Lower Bound or Negative Interest Rates : Evidence from Point and Density Forecasts
Anderl, Christina; Caporale, Guglielmo Maria - 2022
This paper investigates the predictive power of the shadow rate for the inflation rate in countries with a zero lower bound (the US, the UK and Canada) and in those with negative rates (Japan, the Euro Area and Switzerland). Using shadow rates obtained from two different models (the Wu-Xia...
Persistent link: https://www.econbiz.de/10013292499
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Rise of the Central Bank Digital Currencies : Drivers, Approaches and Technologies
Auer, Raphael; Cornelli, Giulio; Frost, Jon - 2021
Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance … policy stances on issuance, relying on central bank speeches and technical reports. Most projects are found in digitised … which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer …
Persistent link: https://www.econbiz.de/10013315046
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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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Measuring Euro Area Monetary Policy
Altavilla, Carlo - 2019
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012867012