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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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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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Assessing the uncertainty in central banks' inflation outlooks
Knüppel, Malte; Schultefrankenfeld, Guido - 2019
Recent research has found that macroeconomic survey forecasts of uncertainty exhibit several deficiencies, such as horizon-dependent biases and lower accuracy than simple unconditional uncertainty forecasts. We examine the inflation uncertainty forecasts from the Bank of England, the Banco...
Persistent link: https://www.econbiz.de/10011962843
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Excess reserves and monetary policy tightening
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024
We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases...
Persistent link: https://www.econbiz.de/10014481115
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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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Cross-border transmission of emergency liquidity
Kick, Thomas; Koetter, Michael; Storz, Manuela - 2016
We show that emergency liquidity provision by the Federal Reserve transmitted to non-U.S. banking markets. Based on … lending and borrowing rates of banks with and without such access. U.S. liquidity shocks cause a significant decrease in the …
Persistent link: https://www.econbiz.de/10011538689
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Fire buys of central bank collateral assets
Roure, Calebe de - 2017
In times of financial distress, central banks provide unlimited liquidity to avoid fire sales. In response, banks raise … investigate how unlimited liquidity provision affects collateral prices. Also, I match banks' trades with their balance sheet and … show how funding liquidity impacts premia payment. I quantify the Fire Buy premium to be 15.6 bps; and the Risk …
Persistent link: https://www.econbiz.de/10011587096