Narrow search
Showing 1 - 10 of 2,586
Cover Image
Stress Testing with Multi-Faceted Liquidity : The Central Bank Collateral Framework as a Financial Stability Tool
Cuzzola, Angelo; Barbieri, Claudio; Bindseil, Ulrich - 2023
significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and …The paper studies the central bank collateral framework and its impact on banks’ liquidity under an adverse stress test … scenarios: the EBA regulatory stress test exercise, a shock to Russia and the Eastern European countries, and a shock to the …
Persistent link: https://www.econbiz.de/10014354850
Cover Image
Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012776610
Cover Image
Jagged Cliffs and Stumbling Blocks : Interest Rate Pass-Through Fragmentation During the Euro Area Crisis
Holton, Sarah - 2015
The financial crisis has been characterised by fragmentation in the transmission of monetary policy, reflected in high dispersion in the cost of bank finance for euro area firms. Using micro-level bank data across a number of euro area countries, we identify individual bank balance sheet...
Persistent link: https://www.econbiz.de/10013014957
Cover Image
Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area
Maddaloni, Angela - 2013
We analyze the impact on lending standards of short-term interest rates and macro-prudential policy before the 2008 crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for monetary and prudential policy and using the Bank...
Persistent link: https://www.econbiz.de/10013080478
Cover Image
US-Euro Area Term Structure Spillovers, Implications for Central Banks
Nyholm, Ken - 2017
Spillovers between the US and euro area term structures of interest rates are examined. Implications for monetary policy are investigated using term-structure metrics that proxy conventional and unconventional instruments, i.e. the short rate, the 10 year term premium, and the 10 year risk-free...
Persistent link: https://www.econbiz.de/10012963922
Cover Image
Money Markets, Collateral and Monetary Policy
De Fiore, Fiorella - 2019
unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …
Persistent link: https://www.econbiz.de/10012892834
Cover Image
Money Markets, Central Bank Balance Sheet and Regulation
Corradin, Stefano; Eisenschmidt, Jens; Hoerova, Marie; … - 2021
This paper analyses money market developments since 2005, and examines factors that have affected money market functioning. We consider several metrics of activity in both secured and unsecured euro area money markets, and study interactions with new Basel III regulations and with central bank...
Persistent link: https://www.econbiz.de/10013315169
Cover Image
The (Unobservable) Value of Central Bank's Refinancing Operations
Albertazzi, Ugo; Burlon, Lorenzo; Pavanini, Nicola; … - 2021
We quantify the impact that central bank refinancing operations and funding facilities had at reducing the banking sector’s intrinsic fragility in the euro area in 2014-2019. We do so by constructing, estimating and calibrating a micro-structural model of imperfect competition in the banking...
Persistent link: https://www.econbiz.de/10013315230
Cover Image
Collateral Damage? Micro-Simulation of Transaction Cost Shocks on the Value of Central Bank Collateral
Lennkh, Alvise - 2015
cost shock. A 10 basis point increase in transaction costs entails a direct -0.30% decrease of collateral value and a -0 … on a simple asset pricing model and employing a dataset of hypothetical Eurosystem collateral positions, we simulate and … quantify the resulting change in collateral value pledged by counterparties to the Eurosystem, resulting from a transaction …
Persistent link: https://www.econbiz.de/10013020666
Cover Image
National Prices and Wage Setting in a Currency Union
Sanchez, Marcelo - 2021
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typically predicts more aggressive wage setting under monetary union. This insight has not been confirmed by the EMU experience, which has been characterised by wage moderation, thereby eliciting criticism from Posen...
Persistent link: https://www.econbiz.de/10013316374