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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 how much monetary policy stress this causes at the national level. I measure monetary policy stress as the difference between actual ECB interest rates and Taylor-rule implied...
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 area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response functions to calibrate key parameters of a Smets and Wouters...
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
Central bank announcements move financial markets. The response of inflation and growth expectations, on the other hand … 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
During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy … 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
This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches and...
Persistent link: https://www.econbiz.de/10014330976
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Determinants of TARGET2 transactions of European banks based on micro-data
Drott, Constantin; Goldbach, Stefan; Jochem, Axel - 2022
This paper examines German and foreign bank factors that can explain cross-border central bank liquidity flows between … and profit and loss accounts affect flows with Germany. We control for bilateral bank-specific relationships and time …-varying macroeconomic country effects in our regressions. In general, German bank factors seem to be more important than characteristics of …
Persistent link: https://www.econbiz.de/10013411245
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Implications of negative interest rates for the net interest margin and lending of euro area banks
Klein, Melanie - 2020
interest margin (NIM) and its components, retail lending and retail deposit rates. Using two proprietary bank-level data sets …
Persistent link: https://www.econbiz.de/10012179680
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Negative monetary policy rates and systemic banks' risk-taking : evidence from the euro area securities register
Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020
the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for …
Persistent link: https://www.econbiz.de/10012250648
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The effects of the eurosystem's APP on euro area bank lending : letting different data speak
Blaes, Barno A.; Kraaz, Björn; Offermanns, Christian J. - 2019
We study the implications of the Eurosystem's expanded Asset Purchase Programme (APP) for the bank lending business of … confidential bank-level data on quantitative balance sheet items and interest rates as well as on qualitative survey responses to … the Eurosystem's Bank Lending Survey, we identify the exposure of banks to the APP and corresponding effects on loan …
Persistent link: https://www.econbiz.de/10012041935
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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
recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in the non …
Persistent link: https://www.econbiz.de/10012014102