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Excess reserves and monetary policy tightening

Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024

We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases...

Persistent link: https://www.econbiz.de/10014481115

Money growth and consumer price inflation in the euro area : a wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2014

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the frequency spectrum and across time. We find evidence of...

Persistent link: https://www.econbiz.de/10010433361

Money and income causality in Japan under the flexible exchnge rate regime : 1971-1983

Komura, Chikara - 1986

Persistent link: https://www.econbiz.de/10003528378

Divisia monetary aggregates for a heterogeneous euro area

Brill, Maximilian; Nautz, Dieter; Sieckmann, Lea - 2019 - This version: June 25, 2019

We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries both, in terms of interest rates and the decomposition of monetary assets. In most of the euro area countries, the difference between the growth rates of the country-specific...

Persistent link: https://www.econbiz.de/10012023395

Macroeconomic stability and the real interest rate : a cross-country analysis

Groth, Charlotta; Zampolli, Fabrizio - 2010

that a rise in conditional consumption growth volatility relative to the rest of the world reduces the foreign exchange … relation between the volatility in consumption growth and the level of real interest rates relative to the world interest rate … rates and macroeconomic volatility, on the one hand, and macroeconomic volatility and the net foreign asset position, on the …

Persistent link: https://www.econbiz.de/10008695840

Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries

Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Persistent link: https://www.econbiz.de/10011391752

Identifying time variability in stock and interest rate dependence

Stein, Michael; Islami, Mevlud; Lindemann, Jens - 2012

-varying correlation ; regime transition ; multivariate GARCH ; smooth transition ; cross-asset correlation ; non-linear estimation …

Persistent link: https://www.econbiz.de/10009625556

New Keynesian versus old Keynesian government spending multipliers : a comment

Hughes Hallett, Andrew; Rannenberg, Ansgar; Schreiber, Sven - 2014

Cogan et al. (2009, 2010) claim that the stimulus package passed by the United States Congress in February 2009 had a multiplier far below one. However, the stimulus ́multiplier strongly depends on the assumed monetary policy response. Based on official statements from the Fed chairman, the...

Persistent link: https://www.econbiz.de/10010258714

Banks' interest rate risk and search for yield : a theoretical rationale and some empirical evidence

Memmel, Christoph; Seymen, Atılım; Teichert, Max - 2016

We investigate German banks' exposure to interest rate risk. In finance, higher demand for a risky asset is typically associated with higher expected return. However, employing a utility function which implies both risk-averse and risk-seeking behavior depending on the level of profits, we show...

Persistent link: https://www.econbiz.de/10011495547

Fiscal discipline and the cost of public debt service : some estimates for OECD countries

Ardagna, Silvia (contributor); … - 2005

Persistent link: https://www.econbiz.de/10002570089

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