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Is it really more dispersed? : measuring and comparing the stress from the common monetary policy in the euro area
Quint, Dominic - 2014
The ECB's one size monetary policy is unlikely to fit all euro area members at all times, which raises the question of … within the euro area has been steadily decreasing prior to the recent financial crisis. Current stress levels are not only … lower today than in the late 1990s, they are also in line with what is commonly observed among U.S. states or pre-euro …
Persistent link: https://www.econbiz.de/10010349426
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Liquidity provision as a monetary policy tool : the ECB's non-standard measures after the financial crisis
Quint, Dominic; Tristani, Oreste - 2017
We study the macroeconomic consequences of the money market tensions associated with the financial crisis in the euro … persistent fall in investment. The shock can account for one third of the observed, large fall in euro area aggregate investment …
Persistent link: https://www.econbiz.de/10011764878
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Information effects of euro area monetary policy : new evidence from high-frequency futures data
Kerssenfischer, Mark - 2019
seemingly puzzling results for the euro area and provide evidence that they are due to central bank information effects. That is …
Persistent link: https://www.econbiz.de/10011972952
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Soft budget constraints, European Central Banking and the financial crisis
Jäger, Jannik; Grigoriadis, Theocharis - 2016
measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone …
Persistent link: https://www.econbiz.de/10011456884
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Effects of the ECB's communication on government bond spreads
Camarero Garcia, Sebastian; Neugebauer, Frederik; … - 2023
Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as …
Persistent link: https://www.econbiz.de/10014330976
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The Eurosystem's asset purchase programmes, securities lending and Bund specialness
Baltzer, Markus; Schlepper, Kathi; Speck, Christian - 2022
The Eurosystem's asset purchase programmes reduced the free float of German Bunds. Market participants feared impaired market functioning in the Bund market and monetary policymakers unintended consequences for monetary policy transmission. We study the intended and unintended consequences of...
Persistent link: https://www.econbiz.de/10013411244
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Banks' holdings of risky sovereign bonds in the absence of the nexus : yield seeking with central bank funding or de-risking?
Frey, Rainer; Weth, Mark - 2010
For the largest 55 German banks, we detect the presence of countercyclical yield seeking in the form of acquisition of high-yielding periphery bonds in the period from Q1 2008 to Q2 2011. This investment strategy is pursued by banks not subject to a bailout, banks characterised by high...
Persistent link: https://www.econbiz.de/10012014102
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Toward a holistic approach to central bank trust
Eickmeier, Sandra; Petersen, Luba - 2024
We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank Household Panel survey for Germany. Employing an interdisciplinary approach that integrates insights from political science and psychology, we offer a fresh perspective on the factors...
Persistent link: https://www.econbiz.de/10014632327
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The financial market effects of the ECB's asset purchase programs
Lewis, Vivien; Roth, Markus - 2017
to non-financial firms. Using a structural vector autoregression analysis, we find both in the euro area and in Germany a …
Persistent link: https://www.econbiz.de/10011712553
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Determinants of TARGET2 transactions of European banks based on micro-data
Drott, Constantin; Goldbach, Stefan; Jochem, Axel - 2022
Germany and the rest of the euro area. Using data from the German component of Eurosystem's real-time gross settlement system …
Persistent link: https://www.econbiz.de/10013411245