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Bubbles, Bank Credit and Macroprudential Policies
Derviz, Alexis - 2013
We explore the ability of a macro-prudential policy instrument to dampen the consequences of equity mispricing (a bubble) and the correction thereof (the bubble bursting), as well as the consequences for real activity in a production economy. In our model, producers are financed by both bank...
Persistent link: https://www.econbiz.de/10013081636
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Financial Cycles, Credit Bubbles and Stabilization Policies
Schuler, Tobias - 2019
This paper analyzes the effects of several policy instruments for mitigating financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios, allow for interbank trading and...
Persistent link: https://www.econbiz.de/10012858317
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Bank Lending and Monetary Transmission in the Euro Area
De Santis, Roberto A. - 2013
To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank characteristics? Based on a common source of balance sheet data for the four largest economies of the euro area over the period 1999-2011, we uncover three main regularities....
Persistent link: https://www.econbiz.de/10013078975
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Monetary Policy Shocks and Firms’ Bank Loan Expectations
Ferrando, Annalisa; Grazzini, Caterina Forti - 2023
We provide new evidence on how ECB’s monetary policy decisions affect firms’ bank loan expectations in the euro area. We use firm-level data derived from the ECB Survey on the Access to Finance of Enterprises for the period 2009 to 2022 and identify the impact of monetary policy by comparing...
Persistent link: https://www.econbiz.de/10014352750
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Monetary policy, asset prices and consumption in China
Koivu, Tuuli - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10011605286
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Monetary Policy, Asset Prices and Consumption in China
Koivu, Tuuli - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10013138816
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Output and inflation responses to credit shocks: are there threshold effects in the euro area?
Calza, Alessandro; Sousa, João - 2005
This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The methodology, based on a non-linear VAR system, follows work by Balke (2000) for the US. The results reveal evidence of threshold effects related to credit conditions in the economy....
Persistent link: https://www.econbiz.de/10011604527
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Bank finance versus bond finance: what explains the differences between US and Europe?
De Fiore, Fiorella; Uhlig, Harald - 2005
We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...
Persistent link: https://www.econbiz.de/10011604593
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The impact of supply constraints on bank lending in the euro area - crisis induced crunching?
Hempell, Hannah Sabine; Kok, Christoffer - 2010
Aggregate loan development typically hinges on a combination of factors that impact simultaneously on the demand and the supply side of bank lending. The financial turmoil starting in mid-2007 had detrimental consequences for banks’ balance-sheets, cost of funds and profitability, thus...
Persistent link: https://www.econbiz.de/10011605308
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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella; Uhlig, Harald - 2015
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10011605804