Narrow search
Showing 1 - 10 of 2,553
Cover Image
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
Cover Image
A Monetary Policy Strategy in Good and Bad Times : Lessons from the Recent Past
Fahr, Stephan - 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 ensuring...
Persistent link: https://www.econbiz.de/10013126720
Cover Image
Credit Subsidies
Correia, Isabel Horta - 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
Cover Image
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
Cover Image
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
Cover Image
Threshold effects of financial stress on monetary policy rules: A panel data analysis
Floro, Danvee; Van Roye, Björn - 2017
This study tests for the state-dependent response of monetary policy to increases in overall financial stress and financial sector-specific stress across a panel of advanced and emerging economy central banks. We use a factor-augmented dynamic panel threshold regression model with (estimated)...
Persistent link: https://www.econbiz.de/10011667196
Cover Image
Credit subsidies
Correia, Isabel; De Fiore, Fiorella; Teles, Pedro; … - 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/10011605922
Cover Image
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
Cover Image
The Augmented Bank Balance-Sheet Channel of Monetary Policy
Bittner, Christian; Bonfim, Diana; Heider, Florian; … - 2022
This paper studies how banks’ balance sheets and funding costs interact in the transmission of monetary-policy rates to banks’ credit supply to firms. To do so, we use credit registry data from Germany and Portugal together with the European Central Bank’s policy-rate cuts in mid-2014. The...
Persistent link: https://www.econbiz.de/10014238558
Cover Image
Monetary and Macroprudential Policy with Foreign Currency Loans
Brzoza-Brzezina, Michał - 2015
In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper we demonstrate how their presence affects economic policy and agents' welfare. To this end we construct a small open economy model with housing loans denominated in domestic or...
Persistent link: https://www.econbiz.de/10013020804