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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations

Peersman, Gert - 2014

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a...

Persistent link: https://www.econbiz.de/10013055428

The Transmission Mechanism of Credit Support Policies in the Euro Area

Boeckx, Jef - 2017

mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the “bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

Persistent link: https://www.econbiz.de/10012955416

Effectiveness and Transmission of the ECB's Balance Sheet Policies

Boeckx, Jef - 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...

Persistent link: https://www.econbiz.de/10013048831

The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area

Neuenkirch, Matthias - 2018

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through the relaxation of lending standards for borrowers. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth,...

Persistent link: https://www.econbiz.de/10012917006

The European Central Bank's QE : A New Hope

Wieladek, Tomasz - 2016

that the policy is transmitted via the portfolio rebalancing, the signalling, credit easing and exchange rate channels …

Persistent link: https://www.econbiz.de/10012986934

Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area

Peersman, Gert - 2013

-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater credit multiplier …

Persistent link: https://www.econbiz.de/10013092365

Real Effects of Quantitative Easing at the Zero-Lower Bound : Structural VAR-Based Evidence from Japan

Schenkelberg, Heike - 2013

Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy shocks when the economy is at the zero-lower bound. The identifying restrictions accord with predictions of corresponding DSGE models. Our results show that while a quantitative...

Persistent link: https://www.econbiz.de/10013092811

The Relevance or Otherwise of the Central Bank's Balance Sheet

Miles, David - 2014

This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...

Persistent link: https://www.econbiz.de/10013058499

Monetary Transmission Mechanism in Transition Economies : Surveying the Surveyable

Égert, Balázs - 2013

This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or...

Persistent link: https://www.econbiz.de/10012754233

Interest Rate Pass-Through and Monetary Policy Asymmetry : A Journey into the Caucasian Black Box

Jamilov, Rustam - 2013

This paper analyses the interest rate pass-through for five economies of the Caucasus – Armenia, Azerbaijan, Georgia, Kazakhstan, and Russia. Employing an autoregressive distributed lag (ARDL) specification to monthly data, we find that the interest rate pass-through is systematically...

Persistent link: https://www.econbiz.de/10013085758

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