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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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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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Investigating credit transmission mechanism in the Republic of Macedonia : evidence from Vector Error Correction Model
Eliskovski, Milan - 2018
Research subject of this paper is the credit transmission mechanism in the Republic of Macedonia or in other words this paper investigates the effects of the monetary signals by the National Bank of the Republic of Macedonia on banks' lending. The credit transmission is analyzed through its...
Persistent link: https://www.econbiz.de/10011852881
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Monetary policy surprises and their transmission through term premia and expected interest rates
Kaminska, Iryna; Mumtaz, Haroon; Šustek, Roman - 2020
Monetary policy moves the yield curve. How much is due to expected interest rates vs. term premia? And does it matter for macroeconomic outcomes? Using an affine term structure model, we shed new light on these questions. Estimation is subject to restrictions addressing an estimation bias in...
Persistent link: https://www.econbiz.de/10012316011
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Long and Plosser meet Bewley and Lucas
Dong, Feng; Wen, Yi - 2018
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a … la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances … endogenous distribution of money demand on cross-sector allocations of commodities. (ii) Despite flexible prices, money is …
Persistent link: https://www.econbiz.de/10011911508
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Expected monetary policy and the dynamics of bank lending rates
Kwapil, Claudia; Scharler, Johann - 2009
Persistent link: https://www.econbiz.de/10003847027
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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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Dynamic effects of monetary policy shocks on macroeconomic volatility
Mumtaz, Haroon; Theodoridis, Konstantinos - 2015
We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...
Persistent link: https://www.econbiz.de/10011389786
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The Analytical Credit Dataset. A Magnifying Glass for Analysing Credit in the Euro Area
Israel, Jean Marc - 2017
In May 2016 the Governing Council adopted the AnaCredit Regulation (ECB/2016/13) providing the legal basis for the European System of Central Banks (ESCB) to collect granular information on loans from banks to corporates and other legal persons based on a core set of harmonised concepts and...
Persistent link: https://www.econbiz.de/10012954335