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Bargaining power and outside options in the interbank lending market
Abbassi, Puriya; Bräuning, Falk; Schulze, Niels - 2017
We study the role of bargaining power and outside options for the pricing of over-the-counter interbank loans using a bilateral Nash bargaining model and test the model predictions with detailed transaction-level data from the euro-area interbank market. We find that lender banks with greater...
Persistent link: https://www.econbiz.de/10011740274
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Price discrimination analysis of monetary policy : an extension
Villamil, Anne P. - 1985
Persistent link: https://www.econbiz.de/10003528313
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Scarcity effects of QE : a transaction-level analysis in the Bund market
Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017
significant price impacts at high (minute-by-minute) and low (daily) frequencies, highlighting the relevance of scarcity effects … price impact varies greatly with market conditions: it is considerably higher during episodes of illiquidity and when yields …
Persistent link: https://www.econbiz.de/10011632212
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Quantitative easing, portfolio rebalancing and credit growth : micro evidence from Germany
Tischer, Johannes - 2018
This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...
Persistent link: https://www.econbiz.de/10011874231
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Rebalancing the euro area : is wage adjustment in Germany the answer?
Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020
We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … relationships with the rest of the world is of particular importance, as it allows to capture the induced relative price movements …
Persistent link: https://www.econbiz.de/10012184056
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The impact of monetary instruments on shock absorption in EU-countries
Müller, Claudia; Buscher, Herbert S. - 1999
an even limited - flexibility of the nominal exchange rates. According to the theory of Optimal Currency Areas (OCA), in …
Persistent link: https://www.econbiz.de/10013428212
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What drives the German TARGET balances? : evidence from a BVAR approach
Bettendorf, Timo; Jochem, Axel - 2021
Applying a BVAR model, the present paper first identifies the possible drivers of Germany's TARGET claims. In this … studying the causes of current fluctuations in Germany's TARGET claims. …
Persistent link: https://www.econbiz.de/10012510162
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National accounts revisions and output gap estimates in a model of monetary policy with data uncertainty
Mahadeva, Lavan (contributor); Muscatelli, Alex (contributor) - 2005
revisions with optimal control and filtering experiments on a calibrated model to discuss policy implications of price …
Persistent link: https://www.econbiz.de/10003384150
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Monetary policy and the current account : theory and evidence
Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016
for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy …
Persistent link: https://www.econbiz.de/10011436615
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Financial shocks and inflation dynamics
Abbate, Angela; Eickmeier, Sandra; Prieto, Esteban - 2016
We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...
Persistent link: https://www.econbiz.de/10011546785