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Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?
Scharnagl, Michael; Stapf, Jelena - 2014
We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...
Persistent link: https://www.econbiz.de/10010415789
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Banks' trading after the Lehman crisis : the role of unconventional monetary policy
Podlich, Natalia; Schnabel, Isabel; Tischer, Johannes - 2017
liquidity tightened after the Lehman collapse but there is no evidence of fire sales in the German banking sector. Instead, we … observe a broad-based flight to liquidity. The European Central Bank's unconventional monetary policy had a strong impact on … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …
Persistent link: https://www.econbiz.de/10011671299
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COVID-19 and the fragmentation of the European interbank market
Pala, Melissa - 2024
transactional level allows me to apply advanced panel methods. Furthermore, this paper shows liquidity hoarding during the pandemic …
Persistent link: https://www.econbiz.de/10014481123
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Monetary policy and endogenous financial crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
Persistent link: https://www.econbiz.de/10013259617
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Inflation expectations, inflation target credibility and the COVID-19 pandemic : new evidence from Germany
Coleman, Winnie; Nautz, Dieter - 2021
Using the exact wording of the ECB's definition of price-stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation target. Our results indicate that credibility has...
Persistent link: https://www.econbiz.de/10012590362
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Interest-rate pegs, central bank asset purchases and the reversal puzzle
Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel; … - 2017
We analyze the macroeconomic implications of a transient interest-rate peg in combination with a QE program in a non-linear medium-scale DSGE model. In this context, we re-examine what has become known as the reversal puzzle (Carlstrom, Fuerst and Paustian, 2015) and provide an analytical...
Persistent link: https://www.econbiz.de/10011671387
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Changing the structure of minimum wages : firm adjustment and wage spillovers
Giupponi, Giulia; Machin, Stephen - 2018
Persistent link: https://www.econbiz.de/10011881974
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The COVID-19 insolvency gap : first-round effects of policy responses on SMEs
Dörr, Julian Oliver; Murmann, Simona; Licht, Georg - 2021
COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first …
Persistent link: https://www.econbiz.de/10012434436
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Optimal liquidity control and systemic risk in an interbank network with liquidity shocks and regime-dependent interconnectedness
Chotipong Charoensom; Thaisiri Watewai - 2022
Persistent link: https://www.econbiz.de/10013259623
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Banks' strategic interaction, adverse price dynamics and systemic liquidity risk
Krüger, Ulrich; Roling, Christoph; Silbermann, Leonid; … - 2022
In this paper we introduce two measures, the Systemic Liquidity Buffer (SLB) and the Systemic Liquidity Shortfall (SLS …) to assess liquidity in the banking system. The SLB takes an aggregated perspective on liquidity risks in the banking … system. In contrast, the SLS focusses on the problematic banks which suffer a liquidity shortfall. These measures provide an …
Persistent link: https://www.econbiz.de/10012888139