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A monetary policy strategy in good and bad times: lessons from the recent past
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10011605382
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Credit Subsidies
Correia, Isabel H. - 2016
In a model with costly financial intermediation and financial disturbances, credit subsidies are desirable, irrespective of how they are financed. They are especially useful when the zero lower bound constraint is reached. They are superior to other credit policies such as direct lending
Persistent link: https://www.econbiz.de/10013001182
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Financial Factors in Economic Fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2021
intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the ‘risk shock’, into a systemic force …
Persistent link: https://www.econbiz.de/10013316211
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Optimal Monetary Policy with Uncertainty About Financial Frictions
Moessner, Richhild - 2021
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10013317582
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Business Cycles, Monetary Transmission and Shocks to Financial Stability : Empirical Evidence from a New Set of Danish Quarterly National Accounts 1948-2010
Abildgren, Kim - 2012
a significant and long-lasting negative impact on real GDP following an exogenous shock to the banking sector's write …
Persistent link: https://www.econbiz.de/10013102102
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The Impact of Credit Supply Shocks in the Euro Area : Market-Based Financing Versus Loans
Barauskaitė, Kristina; Nguyen, Anh D.M; Fache … - 2022
Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In...
Persistent link: https://www.econbiz.de/10013405076
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Not All Shocks are Created Equal : Assessing Heterogeneity in the Bank Lending Channel
Blattner, Laura; Alcoforado Farinha, Maria Luísa; … - 2021
easing (QE). We study how lending responds to each shock using detailed bank, firm, and household data from Portugal, a …
Persistent link: https://www.econbiz.de/10013324101
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Monetary Policy Shocks and Firms’ Bank Loan Expectations
Ferrando, Annalisa; Grazzini, Caterina Forti - 2023
, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms’ response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …
Persistent link: https://www.econbiz.de/10014352750
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Euro Area Market Reactions to the Monetary Developments Press Release
Coffinet, Jerome; Gouteron, Sylvain - 2021
Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...
Persistent link: https://www.econbiz.de/10013316901
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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