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The scarcity effect of quantitative easing on repo rates : evidence from the euro area

Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018

Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...

Persistent link: https://www.econbiz.de/10011978433

Do interest rate controls work? : evidence from Kenya

Alper, C. Emre; Clements, Benedict J.; Hobdari, Niko; … - 2019

This paper reviews the impact of interest rate controls in Kenya, introduced in September 2016. The intent of the controls was to reduce the cost of borrowing, expand access to credit, and increase the return on savings. However, we find that the law on interest rate controls has had the...

Persistent link: https://www.econbiz.de/10012022041

Morocco's monetary policy transmission in the wake of the COVID-19 pandemic

Queyranne, Maximilien; Baksa, Dániel; Bazinas, Vassili; … - 2021

This paper finds that the neutral interest rate has been on a downward trajectory in Morocco since the global financial crisis and may have fallen in the wake of the pandemic. In that context, monetary policy transmission to output and prices appears relatively muted given limited exchange rate...

Persistent link: https://www.econbiz.de/10012796623

The Zero Interest Rate Floor (ZIF) and its Implications for Monetary Policy in Japan

Laxton, Douglas - 2001

(ZIF) for the design of monetary policy in Japan. Similar to findings in other studies, targeting rates of inflation lower …

Persistent link: https://www.econbiz.de/10014401235

Zombies on the brink : evidence from Japan on the reversal of monetary policy effectiveness

Hong, Gee Hee; Igan, Deniz; Lee, Do - 2021

How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance perspective. Using a rich bank-firm matched data of Japanese...

Persistent link: https://www.econbiz.de/10012518322

Managing the Exit : Lessons from Japan's Reversal of Unconventional Monetary Policy

Syed, Murtaza H. - 2010

crisis, Japan attempted just such an exit. This note revisits the Bank of Japan’s experience and draws potential lessons for … nature of the assets acquired during the present crisis could pose additional complications, parts of Japan’s arsenal …

Persistent link: https://www.econbiz.de/10014403160

Effects of emerging market asset purchase program announcements on financial markets during the COVID-19 pandemic

Sever, Can; Goel, Rohit; Drakopoulos, Dimitris; … - 2020

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...

Persistent link: https://www.econbiz.de/10012487164

Demographics and the natural rate of interest in Japan

Han, Fei - 2019

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation … expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the … impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on …

Persistent link: https://www.econbiz.de/10012009291

It is only natural : Europe's low interest rates (trajectory and drivers)

Arena, Marco; Di Bella, Gabriel; Cuevas, Alfredo; … - 2020

Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...

Persistent link: https://www.econbiz.de/10012252665

The Policy Interest-Rate Pass-Through in Central America

Medina Cas, Stephanie - 2011

Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the...

Persistent link: https://www.econbiz.de/10014412170