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Quantitative goals for monetary policy
Fatás, Antonio (contributor); Mihov, Ilian (contributor);  … - 2006
We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a...
Persistent link: https://www.econbiz.de/10003320664
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The implications of liquidity regulation for monetary policy implementation and the central bank balance sheet size : an empirical analysis of the euro area
Kedan, Danielle; Ventula Veghazy, Alexia - 2021
We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … crisis and the associated introduction of new liquidity regulation. …
Persistent link: https://www.econbiz.de/10012420275
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Bank reserves and broad money in the global financial crisis : a quantitative evaluation
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020
The Federal Reserve responded to the global financial crisis by initiating an unprecedented expansion of central bank money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we develop a model where the central bank can provide...
Persistent link: https://www.econbiz.de/10012271563
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Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019
’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …
Persistent link: https://www.econbiz.de/10012009191
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The impact of macroeconomic and monetary policy shocks on credit risk in the euro area corporate sector
Lo Duca, Marco; Moccero, Diego; Parlapiano, Fabio - 2024
We analyse the impact of macroeconomic and monetary policy shocks on corporate credit risk as measured by firms' probabilities of default (PDs) for the four largest euro area countries. We estimate the impact of shocks on one-year PDs using local projections (LP). For the period 2014-19, we find...
Persistent link: https://www.econbiz.de/10014484468
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Who benefits from the corporate QE? : a regression discontinuity design approach
Abidi, Nordine; Miquel-Flores, Ixart - 2018
mechanism and the liquidity channel. …
Persistent link: https://www.econbiz.de/10011820153
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Asymmetric monetary policy rules for the euro area and the US
Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021
We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's...
Persistent link: https://www.econbiz.de/10012617047
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Quantitative easing and the price-liquidity trade-off
Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, … - 2020
We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The … a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade …-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes …
Persistent link: https://www.econbiz.de/10012212850
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The relationship between central bank auctions and bill market liquidity
Bats, Joost V.; Hoondert, Jurian J. A. - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The …
Persistent link: https://www.econbiz.de/10013337422
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Does liquidity regulation impede the liquidity profile of collateral?
Schmidt, Kirsten - 2019
We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The … national liquidity requirements to proxy for banks' incentives to exploit this differential treatment of central bank eligible … national liquidity requirement pledge more and less liquid collateral than banks with a preceding national liquidity …
Persistent link: https://www.econbiz.de/10011994641