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Macroprudential capital regulation and fiscal balances in the euro area

Hristov, Nikolay; Hülsewig, Oliver; Kolb, Benedikt - 2024

in macroprudential capital regulation. Our findings suggest a dichotomy between country groups. In peripheral countries … core countries, the cyclically adjusted primary balance ratio barely reacts to a sudden tightening in capital regulation. …

Persistent link: https://www.econbiz.de/10014485633

Loan supply shocks during the financial crisis : evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2011

This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

Persistent link: https://www.econbiz.de/10009012054

Financial frictions and inflation differentials in a monetary union

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...

Persistent link: https://www.econbiz.de/10008732365

Historical antisemitism, ethnic specialization, and financial development

D'Acunto, Francesco; Prokopczuk, Marcel; Weber, Michael - 2017

For centuries, Jews in Europe have specialized in financial services. At the same time, they have been the victims of historical antisemitism on the part of the Christian majority. We find that present-day financial development is lower in German counties where historical antisemitism was...

Persistent link: https://www.econbiz.de/10011721571

Banking regulation and sovereign default risk : how regulation undermines rules

Hülsewig, Oliver; Steinbach, Armin - 2024

Banking regulation invites banks to gamble when buying government bonds that regulators consider to be risk-free. The … regulation in order to enhance their ﬁscal leeway. We examine an unintended side-eﬀect of banking regulation, namely the zero … area periphery countries to a restrictive macroprudential capital regulation shock. We ﬁnd that, unlike in the US, euro …

Persistent link: https://www.econbiz.de/10014576947

The interest rate pass-through in the Euro area during the global financial crisis : conference paper

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

Persistent link: https://www.econbiz.de/10010338974

The interest rate pass-through in the Euro area during the global financial crisis

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2012

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro-area banks to the global financial crisis. We focus on their interest-rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

Persistent link: https://www.econbiz.de/10009631665

Macroprudential policy and the sovereign-bank nexus in the euro area

Hristov, Nikolay; Hülsewig, Oliver; Kolb, Benedikt - 2021

We explore how changes in capital-based macroprudential regulation in the euro area affect the exposure of national …

Persistent link: https://www.econbiz.de/10012628800

How to finance climate change policies? : evidence from consumers' beliefs

D'Acunto, Francesco; Möhrle, Sascha; Neumeier, Florian; … - 2022

Climate change policies have been rising to the top of the global political agenda, but how should governments finance them? Public economists propose solutions based on economic theory, but their political feasibility depends on voters' support, and ordinary households often neglect economic...

Persistent link: https://www.econbiz.de/10013186775

Euro area house prices and unconventional monetary policy surprises

Hülsewig, Oliver; Rottmann, Horst - 2021

This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related...

Persistent link: https://www.econbiz.de/10012509392