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Liquidity in resolution : comparing frameworks for liquidity provision across jurisdictions
Grund, Sebastian; Nomm, Nele; Walch, Florian - 2020
banks in resolution. It examines the provision of liquidity in the United States, the United Kingdom, Japan, Canada and the … financial stability. This paper extends the existing research by zooming in on the specific topic of liquidity provision to … liquidity provision and the roles of the public budget and the central bank. The comparison also reveals that the role of fiscal …
Persistent link: https://www.econbiz.de/10012319162
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The ECB's policy, the recovery fund and the importance of trust : the case of Greece
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10012650611
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Can central banks do the unpleasant job that governments should do?
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2023
We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the secondary market can restore stability and...
Persistent link: https://www.econbiz.de/10014331713
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Limits of monetary policy autonomy by East Asian debtor central banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2012
thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus … liquidity that mainly emanates from past accumulation of foreign reserves. We show based on an augmented Barro …-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …
Persistent link: https://www.econbiz.de/10009500749
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Central bank swap lines
Bahaj, Saleem; Reis, Ricardo - 2018 - First draft: October 2017
Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This paper analyses their monetary policy effects from three perspectives. First, from the perspective of the central banks, it shows that the swap line mimics discount-window credit...
Persistent link: https://www.econbiz.de/10011867130
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Availability of high-quality liquid assets and monetary policy operations : an analysis for the euro area
Grandia, Roel (ed.); Hänling, Petra (ed.);  … - Europäische Zentralbank - 2019
This paper provides an overview of supply and demand factors influencing the availability of euro-denominated debt instruments that qualify as high-quality liquid assets (HQLA) in the euro area. The paper estimates the supply of HQLA issued by the public and private sectors as well as the...
Persistent link: https://www.econbiz.de/10011976095
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Know your (holding) limits : CBDC, financial stability and central bank reliance
Meller, Barbara; Soons, Oscar - 2023
individual banks and system wide, and for a given level of liquidity risk tolerance. We simulate the impact of a fictitious …) the number of deposits withdrawn and the speed at which this occurs, ii) the liquidity available within the banking system … at the time of the digital euro introduction, iii) the liquidity risk preferences of the markets and supervisors, iv) the …
Persistent link: https://www.econbiz.de/10014334552
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The impact of the ECB's PEPP project on the COVID-19-Induced crisis in the corporate bond market
Cohen, Lior; Furman, Itai - In: Economics letters 235 (2024), pp. 1-4
Persistent link: https://www.econbiz.de/10015071362
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The monetary policy of the ECB : a Robin Hood approach?
Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - 2013
We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period 1999 to 2012. They approximate desirable national interest rates countries would have liked to implement if they could still conduct independent monetary policy. We find that...
Persistent link: https://www.econbiz.de/10009724004