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Market Power and Fiscal Policy in OECD Countries
Afonso, António - 2010
productivity shocks and (ii) a mildly counter-cyclical behaviour with fiscal spending shocks. We also use a Panel Vector Auto …
Persistent link: https://www.econbiz.de/10013145150
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How is Real Convergence Driving Nominal Convergence in the New EU Member States?
Lein, Sarah M.; Leon-Ledesma, Miguel A.; Nerlich, Carolin - 2021
prices with respect to the euro area: productivity growth and increased trade openness. Productivity growth can have a … productivity growth a positive one on price level convergence with respect to the euro area …
Persistent link: https://www.econbiz.de/10013316776
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Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates
Claeys, Sophie; Hainz, Christa - 2006
Policy makers often decide to liberalize foreign bank entry but at the same time restrict the mode of entry. We study how different entry modes affect the interest rate for loans in a model in which domestic banks possess private information about their incumbent clients but foreign banks have...
Persistent link: https://www.econbiz.de/10011604699
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Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
Coenen, Günter - 2020
near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …
Persistent link: https://www.econbiz.de/10012844862
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Predicting Risk Premia in Short-Term Interest Rates and Exchange Rates
Gräb, Johannes - 2018
We assess the ability of yield curve factors to predict risk premia in short-term interest rates and exchange rates across a large sample of major advanced economies. We find that the same tick-shaped linear combination of (relative) bond yields predicts risk premia in both short-term interest...
Persistent link: https://www.econbiz.de/10012926459
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Taylor-Rule Consistent Estimates of the Natural Rate of Interest
Brand, Claus - 2019
policy rules: we model inflation to be stationary, with the output gap pinning down deviations of inflation from its …
Persistent link: https://www.econbiz.de/10012889739
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Monetary Policy Transmission to Mortgages in a Negative Interest Rate Environment
Amzallag, Adrien - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10012892476
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Interest Rates and Foreign Spillovers
De Santis, Roberto A. - 2019
We show that medium-term interest rates in the euro area, Japan, UK and US are affected by domestic and foreign shocks. We find that US rates are the main source of spillovers globally and are less exposed to foreign shocks. Foreign spillovers to European rates were negligible only during the...
Persistent link: https://www.econbiz.de/10012894814
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The Natural Rate of Interest and the Financial Cycle
Krustev, Georgi - 2018
rate cuts to stimulate the economy and lift inflation back to target in the immediate aftermath of the GFC …
Persistent link: https://www.econbiz.de/10012914883
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Uncertainty Shocks, Monetary Policy and Long-Term Interest Rates
Amisano, Gianni - 2019
estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks …-term nominal yields over long horizons. The remaining driver of long-term yields are changes in inflation expectations induced by … conventional, autoregressive shocks. Long-term inflation expectations implied by our model are in line with those based on survey …
Persistent link: https://www.econbiz.de/10012870708