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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
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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
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A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area
Adjemian, Stephane - 2008
) model for the United States (US) and the euro area (EA). The main features of the new open economy macro-economics (NOEM …
Persistent link: https://www.econbiz.de/10012772411
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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
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Structural Asymmetries and Financial Imbalances in the Eurozone
Jaccard, Ivan - 2017
Almost two decades after the introduction of the common currency, differences in institutional frameworks remain a major source of cross-country heterogeneity in the eurozone. We develop a two-country model with incomplete international markets in which the availability of credit depends on the...
Persistent link: https://www.econbiz.de/10012953871
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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
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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
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Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area
Smets, Frank - 2013
(2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by …
Persistent link: https://www.econbiz.de/10013078530
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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
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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