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The global credit boom : challenges for macroeconomics and policy

Hume, Michael; Sentance, Andrew - 2009

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

Persistent link: https://www.econbiz.de/10003843801

Employment, hours and optimal monetary policy

Dossche, Maarten; Lewis, Vivien; Poilly, Céline - 2015

We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient...

Persistent link: https://www.econbiz.de/10010471629

The intraday interest rate : what’s that?

Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - 2015

We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday rate in this market cannot be a result of collateral...

Persistent link: https://www.econbiz.de/10011308459

Banks' trading after the Lehman crisis : the role of unconventional monetary policy

Podlich, Natalia; Schnabel, Isabel; Tischer, Johannes - 2017

Based on a detailed trade-level dataset, we analyze the proprietary trading behavior of German banks in the months directly preceding and following the Lehman collapse in September 2008. The default of Lehman Brothers was a shock to the German banking system that was both unexpected and...

Persistent link: https://www.econbiz.de/10011671299

Unconventional monetary policy shocks in the euro area and the sovereign-bank nexus

Hristov, Nikolay; Hülsewig, Oliver; Scharler, Johann - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012197879

Economic theories and macroeconomic reality

Loria, Francesca; Matthes, Christian; Wang, Mu-Chun - 2021

Economic theories are often encoded in equilibrium models that cannot be directly estimated because they lack features that, while inessential to the theoretical mechanism that is central to the specific theory, would be essential to fit the data well. We propose an econometric approach that...

Persistent link: https://www.econbiz.de/10012792815

The impact of monetary instruments on shock absorption in EU-countries

Müller, Claudia; Buscher, Herbert S. - 1999

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Persistent link: https://www.econbiz.de/10013428212

Collateral scarcity and market functioning : insights from the eurosystem securities lending facilities

Greppmair, Stefan; Jank, Stephan - 2023

We utilize the Eurosystem securities lending facilities as a laboratory to investigate the impact of collateral scarcity on market functioning. The reduction of securities lending fees, implemented in November 2020, provides a natural experiment for our analyses. This policy change results in a...

Persistent link: https://www.econbiz.de/10014435510

What are the macroeconomic effects of asset purchases?

Weale, Martin; Wieladek, Tomasz - 2014

We examine the impact of large-scale asset purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009 M3 to 2013 M5. We identify an asset purchase shock with sign and zero restrictions. In contrast to...

Persistent link: https://www.econbiz.de/10010403096

Inflation expectations and climate concern

Meinerding, Christoph; Poinelli, Andrea; Schüler, Yves - 2022

Using survey data from German households, we find that individuals with lower climate concern tend to have higher inflation expectations up to five years ahead. This correlation is most pronounced among individuals with extremely high inflation expectations. Evaluating candidate explanations, we...

Persistent link: https://www.econbiz.de/10013171786

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