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Surprising Comparative Properties of Monetary Models : Results from a New Model Database

Taylor, John B. - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10013136676

Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking : Evidence from the Euro Area Securities Register

Bubeck, Johannes - 2020

We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more...

Persistent link: https://www.econbiz.de/10012836176

Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area

Maddaloni, Angela - 2013

crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for … helped to soften lending conditions that were tightened because of bank capital and liquidity constraints, especially for … business loans. Importantly, this softening effect is stronger for banks that borrow more long-term liquidity from the …

Persistent link: https://www.econbiz.de/10013080478

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

Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2010

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …

Persistent link: https://www.econbiz.de/10011605225

Surprising comparative properties of monetary models: Results from a new model database

Taylor, John B.; Wieland, Volker - 2010

Persistent link: https://www.econbiz.de/10011605307

Welfare-based monetary policy rules in an estimated DSGE model of the US economy

Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - 2006

We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...

Persistent link: https://www.econbiz.de/10011604659

Money in monetary policy design: Monetary cross-checking in the New-Keynesian model

Wieland, Volker; Beck, Günter W. - 2010

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...

Persistent link: https://www.econbiz.de/10011605237

Trusting the Bankers : A New Look at the Credit Channel of Monetary Policy

Ciccarelli, Matteo - 2010

Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand are difficult to disentangle. To address this issue, we use the detailed answers from the US and the confidential and unique Euro area bank lending surveys. Embedding this...

Persistent link: https://www.econbiz.de/10013141032

Heterogeneous Transmission Mechanism : Monetary Policy and Financial Fragility in the Euro Area

Ciccarelli, Matteo - 2013

The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has affected the transmission mechanism of the single Euro...

Persistent link: https://www.econbiz.de/10013085173