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Hampered interest rate pass-through : a supply side story?
Heckmann, Lotta; Moertel, Julia - 2020
This paper shows that the supply side of credit is a major factor for the phenomenonof hampered interest rate pass-through in monopolistic banking markets. Our data,covering all 1,555 small and medium sized banks in Germany, provides a clear wayto partial out demand shocks; we are thus able to...
Persistent link: https://www.econbiz.de/10012322286
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Unconventional monetary policy, bank lending, and security holdings : the yield-induced portfolio rebalancing channel
Paludkiewicz, Karol - 2018
Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank … bank constant at its level in January 2014, well in advance of an anticipation of the ECB's asset purchase program (APP … data on bank-specific TLTRO uptakes, my results do not seem to be driven by alternative, liquidity-driven transmission …
Persistent link: https://www.econbiz.de/10011874277
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Interaction between housing prices and household borrowing - the Finnish case
Oikarinen, Elias - 2008
Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...
Persistent link: https://www.econbiz.de/10012502983
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The (in)stability of money demand in the Euro area
Nautz, Dieter; Rondorf, Ulrike - 2010
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10008664568
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The relevance or otherwise of the central bank’s balance sheet
Miles, David; Schanz, Jochen - 2014
This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet … bank asset purchases have the potential to affect households’ choices by changing the composition and return of their asset … the big expansion of central bank balance sheets in recent years has been ineffective. Our finding is rather that the …
Persistent link: https://www.econbiz.de/10010243977
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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
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Quantitative easing,safe asset scarcity and bank lending
Tischer, Johannes - 2021
this development: First, using the German security register, this paper shows that scarcity affects bank funding costs, as …
Persistent link: https://www.econbiz.de/10012651072
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Climate change mitigation : how effective is green quantitative easing?
Abiry, Raphael; Ferdinandusse, Marien; Ludwig, Alexander; … - 2022
We develop a two sector incomplete markets integrated assessment model to analyze the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...
Persistent link: https://www.econbiz.de/10013281474
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Restructuring counterparty credit risk
Albanese, Claudio; Brigo, Damiano; Oertel, Frank - 2013
total of ten different structuring styles. These include bi-partite structures between a bank and a counterparty, tri …
Persistent link: https://www.econbiz.de/10009739564
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Financial cycles across G7 economies : a view from wavelet analysis
Mandler, Martin; Scharnagl, Michael - 2019
We analyse the cross-country dimension of financial cycles by studying cyclical co-movements in credit, house prices, equity prices and interest rates across the G7 economies. We use wavelet-based statistics to assess at which frequencies cyclical fluctuations and their crosscountry co-movements...
Persistent link: https://www.econbiz.de/10012020175