Similar Search Results

Do Exchange Rates Absorb Demand Shocks at the ZLB?

Hürtgen, Patrick; Hoffmann, Mathias - 2021

appreciates in response to an asymmetric negative demand shock at the zero lower bound (ZLB) and exacerbates the adverse … at the ZLB. In sharp contrast to the full information model: (i) A negative demand shock concentrated in the home country … causes a real exchange rate depreciation that partially absorbs the demand shock. (ii) A VAR with an identified demand shock …

Persistent link: https://www.econbiz.de/10013228710

US Business Cycle Dynamics at the Zero Lower Bound

Böhl, Gregor; Strobel, Felix - 2021

Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide reference parameter estimates. We find that despite the attention received in the literature, neither the inclusion of...

Persistent link: https://www.econbiz.de/10013250722

Monetary Policy Communication Shocks and the Macroeconomy

Goodhead, Robert - 2019

Using federal funds futures data, we show the importance of surprise communication as a component of monetary policy for U.S. macro variables, both before and after 2008. While GÃ¼rkaynak et al. (2005) stress the importance of monetary policy communication for asset prices, much of the...

Persistent link: https://www.econbiz.de/10012897008

Exchange Rate Depreciations and Local Business Cycles : The Role of Bank Loan Supply

Beck, Thorsten; Bednarek, Peter; Kaat, Daniel Marcel te; … - 2022

This paper uses matched bank-firm-level data and the 2014 depreciation of the euro to show that exchange rate depreciations lead to increased bank loan supply of large banks with significant net foreign asset exposure. This increase in lending can be explained by a shift in credit towards both...

Persistent link: https://www.econbiz.de/10013306821

Loan Supply and Bank Capital : A Micro-Macro Linkage

Kick, Thomas - 2020

In the presence of financial frictions, banks' capital position may constrain their ability to provide loans. The banking sector may thus have important feedback effects on the macroeconomy. To shed new light on this issue, we combine two approaches. First, we use microeconomic balance sheet...

Persistent link: https://www.econbiz.de/10012833526

Uncertainty Shocks and Financial Crisis Indicators

Hristov, Nikolay - 2019

The current paper broadens the understanding for the role of uncertainty in the context of a macroeconomic environment. It focuses on the implications of uncertainty shocks on indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area countries...

Persistent link: https://www.econbiz.de/10012860812

Markups and Financial Shocks

Meinen, Philipp; Soares, Ana Cristina - 2022

This paper analyses the impact of financial frictions on markup adjustments at the firm level. We use a rich panel data set that matches information on banking relationships with firm-level data. By relying on insights from recent contributions in the literature, we obtain exogenous credit...

Persistent link: https://www.econbiz.de/10013306819

Time-Varying Stock Return Correlation, News Shocks, and Business Cycles

Metiu, Norbert; Prieto, Esteban - 2023

innovation to stock return correlation in a vector autoregression are nearly identical to those of a news shock about future …

Persistent link: https://www.econbiz.de/10014256409

The Global Financial Cycle and Macroeconomic Tail Risks

Beutel, Johannes; Emter, Lorenz; Metiu, Norbert; … - 2023

We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...

Persistent link: https://www.econbiz.de/10014258313

Information Transmission between Banks and the Market for Corporate Control

Bittner, Christian; Fecht, Falko; Pala, Melissa; Saidi, … - 2022

This paper provides evidence of deliberate private-information disclosure within banks' international business networks. Using supervisory trade-level data, we show that banks with closer ties to a target advisor in a takeover buy more stocks of the target firm prior to the deal announcement,...

Persistent link: https://www.econbiz.de/10013492361