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Policy Uncertainty, Lender of Last Resort and the Real Economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty positively affects bank lending and propagates to investment and employment. We exploit a unique policy that reduced uncertainty regarding the availability of future LOLR funding for banks as a quasi-natural experiment....
Persistent link: https://www.econbiz.de/10013243814
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A Twin Crisis With Multiple Banks of Issue : Spain in the 1860s
Moro, Alessio - 2013
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...
Persistent link: https://www.econbiz.de/10013080476
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Are 'Intrinsic Inflation Persistence' Models Structural in the Sense of Lucas (1976)?
Benati, Luca - 2009
Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the 'intrinsic' component of inflation persistence are not invariant across monetary policy …
Persistent link: https://www.econbiz.de/10012764450
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Dynamic Fiscal Limits and Monetary-Fiscal Policy Interactions
Battistini, Niccolò - 2019
changes in inflation and the output gap. On this basis, we assess the trade-off between economic stabilization and debt …
Persistent link: https://www.econbiz.de/10012872107
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Economic Crises and the Eligiblity for the Lender of Last Resort : Evidence from 19th Century France
Bignon, Vincent - 2017
This paper shows that a central bank can more efficiently mitigate economic crises when it broadens eligibility for its discount facility to any safe asset or solvent agent. We use difference-in-differences panel regressions and emulate crises by studying how defaults of banks and...
Persistent link: https://www.econbiz.de/10012961960
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Lending-of-Last-Resort is as Lending-of-Last-Resort Does : Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area
Garcia de Andoain, Carlos - 2016
This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the overnight unsecured interbank market from 2008 to 2014. We use novel data on interbank transactions derived from TARGET2, the main euro area payment system. To identify...
Persistent link: https://www.econbiz.de/10012998230
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Booms and Systemic Banking Crises
Boissay, Frédéric - 2013
The empirical literature on systemic banking crises (SBCs) has shown that SBCs are rare events that break out in the midst of credit intensive booms and bring about particularly deep and long-lasting recessions. We attempt to explain these phenomena within a dynamic general equilibrium model...
Persistent link: https://www.econbiz.de/10013086964
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CoMap : Mapping Contagion in the Euro Area Banking Sector
Covi, Giovanni - 2019
This paper presents a novel approach to investigate and model the network of euro area banks' large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral...
Persistent link: https://www.econbiz.de/10012894738
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Flight to Liquidity and the Great Recession
Radde, Sören - 2014
This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....
Persistent link: https://www.econbiz.de/10013048760
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Commercial Bank Failures During the Great Recession : The Real (Estate) Story
Antoniades, Adonis - 2015
The primary driver of commercial bank failures during the Great Recession was exposure to the real estate sector, not aggregate funding strains. The main "toxic" exposure was credit to non-household real estate borrowers, not traditional home mortgages or agency-issued MBS. Private-label MBS...
Persistent link: https://www.econbiz.de/10013024730