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Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area
Wischnewsky, Arina - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks' total asset growth and their risk assets ratio. Our dataset covers the period 2003Q1 - 2017Q3 and includes, in addition to the standard...
Persistent link: https://www.econbiz.de/10012912666
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The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area
Neuenkirch, Matthias - 2018
) sign restrictions, we show that banks react aggressively to an expansionary monetary policy shock by lowering their lending …. The compression of the lending margin is most pronounced in the five crisis countries (Greece, Ireland, Italy, Portugal …
Persistent link: https://www.econbiz.de/10012917006
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Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef - 2014
crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial …
Persistent link: https://www.econbiz.de/10013048831
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Uncertainty-Dependent Effects of Monetary Policy Shocks : A New Keynesian Interpretation
Castelnuovo, Efrem - 2018
milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …
Persistent link: https://www.econbiz.de/10012926998
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US Monetary Policy in a Globalized World
Cuaresma, Jesús Crespo - 2016
policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth …
Persistent link: https://www.econbiz.de/10012994181
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On the Effects of Monetary Policy Shocks on Exchange Rates
Binder, Michael - 2013
industrial economies (Australia, Canada, France, Germany, Italy, Japan, New Zealand, United Kingdom, and the United States), we … policy shock, and that there is no delay in the overshooting of the U.S. Dollar. Furthermore, there is no persistent …
Persistent link: https://www.econbiz.de/10013094323
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10013316264
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Bank Behavior and the Cost Channel of Monetary Transmission
Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - 2021
-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is …
Persistent link: https://www.econbiz.de/10013317392
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Time Variation in U.S. Wage Dynamics
Hofmann, Boris - 2011
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...
Persistent link: https://www.econbiz.de/10013131601
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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Peersman, Gert - 2014
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10013055428