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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - 2012
This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...
Persistent link: https://www.econbiz.de/10010308139
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The impact of (un)conventional expansionary monetary policy on income inequality - Lessons from Japan
Israel, Karl-Friedrich; Latsos, Sophia - 2019
This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using … hitherto unexplored data from the Japan Household Panel Survey. Empirical evidence shows that expansionary monetary policy in … Japan has contributed to diminishing the gender pay gap, but also to increasing the education pay gap. These effects may …
Persistent link: https://www.econbiz.de/10012140466
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A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices
Anene, Dominic; D'Amico, Stefania - 2017
We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...
Persistent link: https://www.econbiz.de/10012030329
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New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
prototypical New Keynesian model fit to Japanese data exhibits orthodox dynamics during Japan's episode with zero interest rates …. We then demonstrate that this specification is more consistent with outcomes in Japan than alternative specifications …
Persistent link: https://www.econbiz.de/10010292223
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Foreign exchange market interventions as monetary policy
Post, Erik - 2006
Least Squares and an Ordered Probit model. The empirical analysis uses daily intervention data for Australia, Japan and …
Persistent link: https://www.econbiz.de/10010321630
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The Stabilizing Properties of Floating Exchange Rates: Some International Evidence
Bergvall, Anders - 2002
This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...
Persistent link: https://www.econbiz.de/10010321739
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Portfolio balance effects of the SNB's bond purchase program
Kettemann, Andreas; Krogstrup, Signe - 2013
This paper carries out an empirical investigation of the impact on bond spreads of the announcement, purchases and exit from the SNB's bond purchase program in 2009-2010. We find evidence in favor of a narrowing yield spread of covered bonds as a result of the program. The effect materialized in...
Persistent link: https://www.econbiz.de/10010316939
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Monetary policy and bank-type resilience in Germany from 1999 to 2022
Sepp, Tim Florian; Israel, Karl-Friedrich; Treitz, Benjamin - 2024
This paper examines the heterogeneous effects of the ECB's monetary policies on the resilience of the German banking system between 1999 to 2022. We distinguish between the main bank types in Germany: Large Banks, Regional Banks, Sparkassen, Landesbanken and Credit Unions. We proxy bank-type...
Persistent link: https://www.econbiz.de/10014515209
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Does Oil Price Uncertainty Transmit to Stock Markets?
Ågren, Martin - 2006
BEKK model. Using weekly data on the aggregate stock markets of Japan, Norway, Sweden, the U.K., and the U.S., strong …
Persistent link: https://www.econbiz.de/10010321644
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Deterministic Seasonal Volatility in a Small and Integrated Stock Market: The Case of Sweden.
Berg, Lennart - 2000
Using daily data for the Swedish stock market for almost the last two decades no distinct and firm deterministic seasonal pattern for the conditional volatility for the Swedish stock market has been found. The daily turnover in the Swedish stock market has an impact on and eliminates to some...
Persistent link: https://www.econbiz.de/10010321733