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What drives inflation? : disentangling demand and supply factors
Eickmeier, Sandra; Hofmann, Boris - 2022
number of inflation and real activity measures for the United States. We identify demand and supply factors by imposing … demand and supply over the past five decades. The most recent factor estimates indicate that the inflation surge since mid …
Persistent link: https://www.econbiz.de/10013460150
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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
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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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Quantitative easing,safe asset scarcity and bank lending
Tischer, Johannes - 2021
The Eurosystem’s Public Sector Purchase Programme (PSPP) increased the scarcity of safe assets, which caused significant declines and substantial dispersion in European repo rates. However, banks holding these safe assets benefited from this development: First, using the German security...
Persistent link: https://www.econbiz.de/10012651072
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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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A structural investigation of quantitative easing
Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2021
Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...
Persistent link: https://www.econbiz.de/10012426411
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Contagious zombies
Bittner, Christian; Fecht, Falko; Georg, Co-Pierre - 2021
Does banks' zombie lending induced by unconventional monetary policy also allow zombie firms to leverage their trade credit borrowing? We first provide evidence suggesting that - even in Germany - particularly weak banks used the European Central Bank's very long-term refinancing operations...
Persistent link: https://www.econbiz.de/10012516267
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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 lending and security holdings. Using a difference-in-differences regression setup and holding the security composition of each bank constant at its level in January 2014, well...
Persistent link: https://www.econbiz.de/10011874277
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A trendy approach to UK inflation dynamics
Forbes, Kristin; Kirkham, Lewis; Theordoridis, Konstantinos - 2017
This paper uses a "trendy" approach to understand UK inflation dynamics. It focuses on the time series to isolate a low …-frequency and slow-moving component of inflation (the trend) from deviations around this trend. We find that this slow-moving trend … explains a substantial share of UK inflation dynamics. International prices are significantly correlated with the short …
Persistent link: https://www.econbiz.de/10011664348
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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 … shocks through sign restrictions. Our main finding is that expansionary financial shocks temporarily lower inflation. This … during the latest financial crisis. We then explore the transmission channels of financial shocks relevant for inflation, and …
Persistent link: https://www.econbiz.de/10011546785