Narrow search
Showing 1 - 10 of 1,345
Cover Image
"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
Cover Image
The transmission mechanism of credit support policies in the Euro Area
Boeckx, Jef; Sola Perea, Maite de; Peersman, Gert - 2017
We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have indeed been succesful in stimulating the credit flow of...
Persistent link: https://www.econbiz.de/10011646726
Cover Image
Measuring euro area monetary policy
Altavilla, Carlo; Brugnolini, Luca; Gürkaynak, Refet S.; … - 2019
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012029090
Cover Image
Unconventional monetary policy in the euro area : impacts on loans, employment, and investment
Afonso, António; Pereira, Francisco Gomes - 2022
Using a difference-in-differences identification strategy on a micro panel at the bank and firm level, we study the transmission effectiveness of ECB’s large-scale asset purchasing programs programs (i.e. APP and PEPP) in the Euro area. Our findings show: first, balance sheet composition of...
Persistent link: https://www.econbiz.de/10012888479
Cover Image
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
Cover Image
State-dependent transmission of monetary policy in the euro area
Burgard, Jan Pablo; Neuenkirch, Matthias; Nöckel, Matthias - 2018 - First Draft: December 21, 2016
In this paper, we estimate a logit mixture vector autoregressive (Logit-MVAR) model describing monetary policy transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy. In our model, the time-varying state weights are...
Persistent link: https://www.econbiz.de/10011859492
Cover Image
Speculative eurozone attacks and departure strategies
Homburg, Stefan - 2018
This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks … distributive effects of an orderly eurozone dissolution. …
Persistent link: https://www.econbiz.de/10011931367
Cover Image
Central bank policies and financial markets : lessons from the Euro crisis
Mody, Ashoka; Nedeljkovic, Milan - 2018 - This version: November 20, 2018
The European Central Bank (ECB) took many measures to combat the eurozone's rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …
Persistent link: https://www.econbiz.de/10011942687
Cover Image
The Brexit as a forerunner : monetary policy, economic order and divergence forces in the European Union
Müller, Sebastian; Schnabl, Gunther - 2018
We analyze the effects of the increasingly expansionary monetary policies on the economic order and on the European integration process. We argue that the market orders shaped in postwar Germany and in Margret Thatcher's United Kingdom have long served as cornerstones for growth, prosperity and...
Persistent link: https://www.econbiz.de/10011809903
Cover Image
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