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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter (contributor) - 2005
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10002578199
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Excess reserves and monetary policy tightening
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024
We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases...
Persistent link: https://www.econbiz.de/10014481115
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Liquidity shortages and monetary policy
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635213
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Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2009
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10003833348
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Monetary policy at the zero lower bound : information in the Federal Reserve's balance sheet
Golinski, Adam - In: European economic review : EER 131 (2021), pp. 1-20
Persistent link: https://www.econbiz.de/10012692469
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Negative interest rates, excess liquidity and retail deposits : banks’ reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - In: European economic review : EER 136 (2021), pp. 1-29
Persistent link: https://www.econbiz.de/10012696751
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Scarcity effects of QE : a transaction-level analysis in the Bund market
Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017
impact on liquidity conditions as measured by bid-ask spreads and inter-dealer order book depth. We further show that the …
Persistent link: https://www.econbiz.de/10011632212
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Monetary transmission mechanism with firm turnover
Uusküla, Lenno - In: Journal of macroeconomics 50 (2016), pp. 1-18
Persistent link: https://www.econbiz.de/10011707859
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Cross-border transmission of emergency liquidity
Kick, Thomas; Koetter, Michael; Storz, Manuela - 2016
We show that emergency liquidity provision by the Federal Reserve transmitted to non-U.S. banking markets. Based on … lending and borrowing rates of banks with and without such access. U.S. liquidity shocks cause a significant decrease in the …
Persistent link: https://www.econbiz.de/10011538689
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010246072