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Asset Purchase Programmes and Financial Markets : Lessons from the Euro Area

Altavilla, Carlo - 2016

We evaluate the effects on asset prices of the ECB asset purchase program (APP) announced in January 2015 and assess its main transmission channels. We do so by first extending a term structure model with bond supply effects to account for assets with different types of risk premia. We then...

Persistent link: https://www.econbiz.de/10013001152

A Tale of Two Decades : The Ecb's Monetary Policy at 20

Rostagno, Massimo - 2020

, but offered a softer defence in the face of the disinflationary forces that hit the euro area in its aftermath. The …

Persistent link: https://www.econbiz.de/10012844614

Inflation Forecasts, Monetary Policy and Unemployment Dynamics : Evidence from the Us and the Euro Area

Ciccarelli, Matteo - 2007

alternative monetary rules on unemployment dynamics in the euro area and the US. We use the inflation forecasts of 8 competing …

Persistent link: https://www.econbiz.de/10012777870

Monetary Policy and Bank Profitability in a Low Interest Rate Environment

Altavilla, Carlo - 2017

identification, the analysis focuses on the euro area, thereby exploiting substantial bank and country heterogeneity within a …

Persistent link: https://www.econbiz.de/10012945753

Combining Negative Rates, Forward Guidance and Asset Purchases : Identification and Impacts of the ECB's Unconventional Policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

alternative histories for the euro area macro-economy that one would likely have observed between 2013 and 2020 in no-NIRP (with …

Persistent link: https://www.econbiz.de/10013225325

Monetary and Macroprudential Policy Complementarities : Evidence from European Credit Registers

Altavilla, Carlo; Laeven, Luc; Peydró, José-Luis - 2021

We document that there are strong complementarities between monetary policy and macroprudential policy in shaping the evolution of bank credit. We use a unique loan-level dataset comprising multiple credit registers from several European countries and different types of loans, including...

Persistent link: https://www.econbiz.de/10013314796

Bank Exposures and Sovereign Stress Transmission

Altavilla, Carlo; Pagano, Marco; Simonelli, Saverio - 2021

Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the determinants of changes in banks …’ sovereign exposures and their effects during and after the euro crisis. First, the publicly owned, recently bailed out and less …

Persistent link: https://www.econbiz.de/10013315487

The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty : Evidence from the US and the Euro Area

Altavilla, Carlo; Ciccarelli, Matteo - 2021

surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian … mechanism, but also about the differences between the euro area and the US, which are on average essentially small …

Persistent link: https://www.econbiz.de/10013316324

Bank Bond Holdings and Bail-In Regulatory Changes : Evidence from Euro Area Security Registers

Altavilla, Carlo; Fernandes, Cecilia Melo; Ongena, Steven; … - 2022

We assess the impact on bank bond holdings of regulatory changes in the requirements for bail-inable liabilities designed to facilitate an orderly resolution process, while reducing taxpayers-funded bailouts. Analyzing confidential data on securities holdings by banks, we document that the...

Persistent link: https://www.econbiz.de/10014258786

Mending the Broken Link : Heterogeneous Bank Lending and Monetary Policy Pass-Through

Altavilla, Carlo - 2017

We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using …

Persistent link: https://www.econbiz.de/10012963918