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The Euro's savior? Assessing the ECB's crisis management performance and potential for crisis resolution
Bibow, Jörg - 2015
This study assesses the European Central Bank's (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB's scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …
Persistent link: https://www.econbiz.de/10011545305
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The Covid-19 lesson from Sweden: Don't lockdown
Andersson, Fredrik N. G.; Jonung, Lars - 2023
The coronavirus pandemic triggered strong political action across Europe. Mandatory restrictions to increase social distancing were imposed, commonly known as lockdowns. In some cases, entire countries were virtually locked down for several weeks at a time, contributing to a very severe downturn...
Persistent link: https://www.econbiz.de/10014551793
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European stabilization policy after the Covid-19 pandemic: More flexible integration or more federalism?
Andersson, Fredrik N. G.; Jonung, Lars - 2022
grown rapidly in many EU member states. The ECB has carried out a highly expansionary monetary policy. In this paper, we …
Persistent link: https://www.econbiz.de/10014318974
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Monetary policy and the resilience of the German banking system: From Deutsche Bundesbank to ECB
Sepp, Tim Florian; Israel, Karl-Friedrich; Treitz, Benjamin - 2024
resilience in response to the monetary policy stances of the Bundesbank and the ECB, respectively. We estimate two-way fixed … types is much more heterogeneous after the inception of the ECB. In particular, decreasing resilience of Large Banks is …
Persistent link: https://www.econbiz.de/10014476280
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Nominal rigidities in debt and product markets
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2016
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when...
Persistent link: https://www.econbiz.de/10011796525
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When to ease off the brakes (and hopefully prevent recessions)
Hastings, Harold M.; Young-Taft, Tai; Wang, Thomas - 2019
Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6-16 months before the start of recessions; reductions in interest rates apparently occurred too late to prevent those...
Persistent link: https://www.econbiz.de/10012142976
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Downward nominal rigidities and bond premia
Gourio, François; Ngo, Phuong - 2024
We develop a parsimonious New Keynesian macro-finance model with downward nominal rigidities to understand secular and cyclical movements in Treasury bond premia. Downward nominal rigidities create state-dependence in output and inflation dynamics: a higher level of inflation makes prices more...
Persistent link: https://www.econbiz.de/10014581904
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Why does the yield curve predict GDP growth? The role of banks
Minoiu, Camelia; Schneider, Andrés; Wei, Min - 2023
We provide evidence on the effect of the slope of the yield curve on economic activity through bank lending. Using detailed data on banks' lending activities coupled with term premium shocks identified using high-frequency event study or instrumental variables, we show that a steeper yield curve...
Persistent link: https://www.econbiz.de/10014388428
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Volatility, Money Market Rates, and the Transmission of Monetary Policy
Carpenter, Seth B.; Demiralp, Selva - 2011
We explore the effect of volatility in the federal funds market on the expectations hypothesis in money markets. We find that lower volatility in the bank funding markets market, all else equal, leads to a lower term premium and thus longer-term rates for a given setting of the overnight rate....
Persistent link: https://www.econbiz.de/10010500183
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Asset Pricing with Concentrated Ownership of Capital
Lansing, Kevin J. - 2011
This paper investigates how concentrated ownership of capital influences the pricing of risky assets in a production economy. The model is designed to approximate the skewed distribution of wealth and income in U.S. data. I show that concentrated ownership significantly magnifies the equity risk...
Persistent link: https://www.econbiz.de/10012143783