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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva - 2019
' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …
Persistent link: https://www.econbiz.de/10012869955
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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2021
reliance on retail deposit funding and the level of excess liquidity holdings may increase banks’ responsiveness to NIRP. We … segments. We are the first to document the importance of banks’ excess liquidity holdings for the effectiveness of NIRP …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …
Persistent link: https://www.econbiz.de/10013221074
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Optimal simple rules for the conduct of monetary and fiscal policy
Chadha, Jagjit; Nolan, Charles - In: Journal of macroeconomics 29 (2007) 4, pp. 665-689
Persistent link: https://www.econbiz.de/10003586682
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Perpetual youth and endogenous labor supply : a problem and a possible solution
Ascari, Guido; Rankin, Neil - In: Journal of macroeconomics 29 (2007) 4, pp. 708-723
Persistent link: https://www.econbiz.de/10003586687
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Jointly optimal monetary and fiscal policy rules under liquidity constraints
Bi, Huixin; Kumhof, Michael - In: Journal of macroeconomics 33 (2011) 3, pp. 373-389
Persistent link: https://www.econbiz.de/10009248392
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Distortionary fiscal policy and monetary policy goals
Adam, Klaus; Billi, Roberto M. - 2013
We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so, we assume monetary and fiscal policy are decided by independent authorities that do not abide to past commitments. If the two authorities make policy decisions simultaneously,...
Persistent link: https://www.econbiz.de/10010202952
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Optimal fiscal and monetary policy under imperfect competition
Schmitt-Grohé, Stephanie; Uribe, Martín - In: Journal of macroeconomics 26 (2004) 2, pp. 183-209
Persistent link: https://www.econbiz.de/10002088293
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World War II, interest rates, and fiscal policy commitiments
Toma, Mark - In: Journal of macroeconomics 13 (1991) 3, pp. 459-477
Persistent link: https://www.econbiz.de/10001108909
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Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
Coenen, Günter - 2020
We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies—forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus—in ameliorating the adverse consequences stemming...
Persistent link: https://www.econbiz.de/10012844862
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Monetary Conservatism and Fiscal Policy
Adam, Klaus - 2006
Does an inflation conservative central bank agrave; la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...
Persistent link: https://www.econbiz.de/10012779800