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Labor Tax Reductions in Europe : The Role of Property Taxation

Bielecki, Marcin - 2019

We use a New Keynesian DSGE model with search frictions on the housing market to evaluate how financing a labor tax reduction by higher property taxation affects the real economy and welfare. Search on the housing market enables us to explicitly model stocks and flows, which is necessary to...

Persistent link: https://www.econbiz.de/10012898122

Global Liquidity and Exchange Market Pressure in Emerging Market Economies

Hossfeld, Oliver - 2018

We analyse the relationship between global liquidity and exchange market pressure in 32 emerging market economies … accounts for changes in exchange rates, foreign exchange reserves and, optionally, interest rates. Surges in monetary liquidity … market conditions: ample liquidity provision in advanced economies contributes to the build-up of financial stability risks …

Persistent link: https://www.econbiz.de/10012920744

Changes in the euro area interest rate pass-through

Michaelis, Henrike - 2024

This paper uses a time-varying vector autoregressive (VAR) model for the euro area to explore the changes in the interest rate pass-through to bank retail rates following conventional and unconventional monetary policy shocks. The median estimate of the impulse responses shows a considerably...

Persistent link: https://www.econbiz.de/10014561440

Who benefits from using property taxes to finance a labor tax wedge reduction?

Stähler, Nikolai - 2019

We use a New Keynesian DSGE model with a rental housing market to evaluate how financing a labor tax wedge reduction through higher property taxation affects the real economy and welfare. We find that a labor tax wedge reduction generates favorable macroeconomic effects and improves...

Persistent link: https://www.econbiz.de/10011963650

Financial cycles across G7 economies: A view from wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2019

We analyse the cross-country dimension of financial cycles by studying cyclical co-movements in credit, house prices, equity prices and interest rates across the G7 economies. We use wavelet-based statistics to assess at which frequencies cyclical fluctuations and their crosscountry co-movements...

Persistent link: https://www.econbiz.de/10012021655

Bank loan supply shocks and alternative financing of non-financial corporations in the euro area

Mandler, Martin; Scharnagl, Michael - 2019

We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the Euro Area, Germany, France, Italy and Spain using a Bayesian vector autoregressive model with endogenous hyperparameter selection and identification via sign restrictions. We focus...

Persistent link: https://www.econbiz.de/10012036741

Hampered interest rate pass-through: A supply side story?

Heckmann, Lotta; Moertel, Julia - 2020

This paper shows that the supply side of credit is a major factor for the phenomenonof hampered interest rate pass-through in monopolistic banking markets. Our data,covering all 1,555 small and medium sized banks in Germany, provides a clear wayto partial out demand shocks; we are thus able to...

Persistent link: https://www.econbiz.de/10012373288

Quantitative easing, safe asset scarcity and bank lending

Tischer, Johannes - 2021

The Eurosystem's Public Sector Purchase Programme (PSPP) increased the scarcity of safe assets, which caused significant declines and substantial dispersion in European repo rates. However, banks holding these safe assets benefited from this development: First, using the German security...

Persistent link: https://www.econbiz.de/10012658050

The state-dependent impact of changes in bank capital requirements

Lang, Jan Hannes; Menno, Dominik - 2023

Based on a non-linear equilibrium model of the banking sector with an occasionally binding equity issuance constraint, we show that the economic impact of changes in bank capital requirements depends on the state of the macro-financial environment. In 'normal' states where banks do not face...

Persistent link: https://www.econbiz.de/10014320853

Forecasting banknote circulation during the COVID-19 pandemic using structural time series models

Bartzsch, Nikolaus; Brandi, Marco; de Pastor, Raymond; … - 2023

As part of the Eurosystem's annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated net...

Persistent link: https://www.econbiz.de/10014320854

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