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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011604153
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Impact of bank competition on the interest rate pass-through in the euro area
van Leuvensteijn, Michiel; Sørensen, Christoffer Kok; … - 2008
This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower...
Persistent link: https://www.econbiz.de/10011604931
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Monetary transmission: empirical evidence from Luxembourg firm level data
Lünnemann, Patrick; Mathä, Thomas Y. - 2001
firms' investment ratio. Changes in user costs are significantly affected by changes in the monetary policy indicator. In … addition, firm specific balance sheet characteristics, such as the lagged cash stock to capital ratio influence the investment …
Persistent link: https://www.econbiz.de/10011604157
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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … investment, while price uncertainty is insignificant. This is consistent with the behavior of monopolistic firms with … irreversible capital (Caballero, 1991). Further, firms revise their investment plans very little. They may do so in response to new …
Persistent link: https://www.econbiz.de/10011604393
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Explaining the Money Demand of Non-Financial Corporations in the Euro Area : A Macro and a Micro View
Martinez-Carrascal, Carmen - 2010
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10013137587
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Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation
Chatelain, Jean-Bernard; Tiomo, André - 2001
investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …
Persistent link: https://www.econbiz.de/10011604152
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The ECB’s Non-Standard Monetary Policy Measures : The Role of Institutional Factors and Financial Structure
Cour-Thimann, Philippine - 2013
This paper aims to make two contributions: to review the ECB's non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...
Persistent link: https://www.econbiz.de/10013084548
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ECB-Global : Introducing ECB's Global Macroeconomic Model for Spillover Analysis
Dieppe, Alistair - 2017
In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan,...
Persistent link: https://www.econbiz.de/10012958272
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Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR
Bussière, Matthieu - 2011
This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro area countries and assesses whether their responses to...
Persistent link: https://www.econbiz.de/10013130602
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A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply
Darracq Paries, Matthieu - 2013
The identification of non-standard monetary policy shocks is a key challenge for econometricians, not least as these measures are somewhat unprecedented in modern central banking history and as the instruments vary widely across the various non-standard measures. This paper focuses on the 3-year...
Persistent link: https://www.econbiz.de/10013088278