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Monetary policy effects on bank loans in Germany : a panel-econometric analysis
Worms, Andreas - 2001
A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...
Persistent link: https://www.econbiz.de/10011419446
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Money and monetary policy transmission in the euro area : evidence from FAVAR- and VAR approaches
Blaes, Barno - 2009
monetary aggregates to a one-off monetary policy shock. We find that – as theory suggests – money growth is dampened by a … caused by the rise in the short-term interest rate. This has consequences for the interpretation of money growth as an input … for monetary policy decisions. -- Monetary policy transmission ; FAVAR ; VAR ; money stock ; euro area. …
Persistent link: https://www.econbiz.de/10003857699
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Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks : The Case of the Eurosystem
Åberg, Pontus; Corsi, Marco; Grossmann-Wirth, Vincent; … - 2021
This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the...
Persistent link: https://www.econbiz.de/10013212033
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Heterogeneity in money holdings across euro area countries : the role of housing
Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010
inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10003958719
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Evolution of the Ecb's Analytical Framework
Holm-Hadulla, Federic; Musso, Alberto; Vlassopoulos, Thomas - 2021
This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff...
Persistent link: https://www.econbiz.de/10013210828
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Money in a New-Keynesian model estimated with German data
Kremer, Jana; Lombardo, Giovanni; Werner, Thomas - 2003
. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute …
Persistent link: https://www.econbiz.de/10011432232
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Monetary transmission right from the start : on the information content of the eurosystem’s main refinancing operations
Abbassi, Puriya; Nautz, Dieter - 2011
The Eurosystem’s main refinancing operations (MRO) are key for the interbank money market and the monetary transmission … process in the euro area. This paper investigates how money market rates respond to the information revealed by various … aspects of an MRO auction outcome. Our results confirm that the level of MRO rates governed short-term money market rates …
Persistent link: https://www.econbiz.de/10009373439
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The Use of Cash by Households in the Euro Area
Esselink, Henk - 2017
Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents...
Persistent link: https://www.econbiz.de/10012942685
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Catch Me (If You Can) : Assessing the Risk of SARS-CoV-2 Transmission Via Euro Cash
Tamele, Barbora; Zamora-Pérez, Alejandro; Litardi, Chiara - 2021
In the light of fears that the SARS-CoV-2 virus might be transmitted via cash – fears that were stoked by statements in the media and from public authorities – this paper aims to address the following issues: (1) to provide a descriptive account of the change in the circulation of euro...
Persistent link: https://www.econbiz.de/10013217793
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Using cash to monitor liquidity : implications for payments, currency demand and withdrawal behavior
Kalckreuth, Ulf von; Schmidt, Tobias; Stix, Helmut - 2011
Standard transaction cost arguments can only partially explain why the share of cash transactions is still high in many countries. This paper shows that consumers’ desire to monitor liquidity is one of the reasons. Consumers make use of a distinctive feature of cash – a glance into one’s...
Persistent link: https://www.econbiz.de/10009354706