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Does the Euro-zone diverge? : a stress indicator for analyzing trends and cycles in real GDP and inflation
Flaig, Gebhard (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003496544
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Convergence of monetary transmission in EMU new evidence
Toolsema-Veldman, Linda Adriana; Sturm, Jan-Egbert; … - 2001
This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...
Persistent link: https://www.econbiz.de/10011398432
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Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10012649768
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The effective rate of interest on target balances
Sinn, Hans-Werner - 2019
paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the … balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash …
Persistent link: https://www.econbiz.de/10012110196
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Neuenkirch, Matthias - 2020
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10012383710
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"Whatever it takes" to resolve the European sovereign debt crisis? : bond pricing regime switches and monetary policy effects
Afonso, António; Arghyrou, Michael Georgiou; Gadea, … - 2017
This paper investigates the role of unconventional monetary policy as a source of time-variation in the relationship between sovereign bond yield spreads and their fundamental determinants. Our results provide evidence of a new bond-pricing regime following the announcement of the Outright...
Persistent link: https://www.econbiz.de/10011735972
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The term structure of interest rates in a heterogeneous monetary union
Costain, James; Nuño, Galo; Thomas, Carlos - 2022
We build a no-arbitrage model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into term premium and...
Persistent link: https://www.econbiz.de/10013285648
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Quantitative easing in the euro area : an event study approach
Urbschat, Florian; Watzka, Sebastian - 2017
We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from September 2014 onwards. Studying the short-term reaction of financial markets after APP press releases, we analyse the development of bond yields and spreads around these releases....
Persistent link: https://www.econbiz.de/10011743065
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Unconventional monetary policy in the euro area : impacts on loans, employment, and investment
Afonso, António; Pereira, Francisco Gomes - 2022
firms that borrowed more increased employment and fixed capital investment, albeit to a lesser degree than before the APP …
Persistent link: https://www.econbiz.de/10012888479
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On creditor seniority and sovereign bond prices in Europe : conference paper
Steinkamp, Sven; Westermann, Frank - 2013
The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...
Persistent link: https://www.econbiz.de/10010341164