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The new normal: bank lending and negative interest rates in Austria
Barmeier, Marcel - 2022
Evidence on the effects of negative interest rates on bank lending is inconclusive so far. By applying a difference-in-difference estimation using granular loan level data with a large coverage from Austria, I show, contrary to some previous findings, that the introduction of a negative deposit...
Persistent link: https://www.econbiz.de/10013332415
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A Monetary Model with Strong Liquidity Effects
Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2001
This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the … velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to …
Persistent link: https://www.econbiz.de/10005857754
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Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models
Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2007
Central bankers’ conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should bedecreased to attain this goal. Real interest rates,...
Persistent link: https://www.econbiz.de/10005857755
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Trust as a key variable of sustainable development and public happiness : a historical and theoretical example regarding the creation of money
Genovese, Nicola; La Spada, Maria Grazia - 2014
This article purports to trace the origin of money on the basis of factors in interpersonal relationships, affecting a … process toward the creation of money started, without any intrinsic value and the presence of any superior authority. In the … paper it is also hypothesized that the creation of money is one of the basic factors in the progress of economic and social …
Persistent link: https://www.econbiz.de/10010238314
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Inflation targeting and quantitative tightening : effects of reserve requirements in Peru
Armas, Adrián; Castillo B., Paul; Vega, Marco - 2014
This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides a rationale for the use of these instruments as well as empirical evidence of their effectiveness. In general, the results show that tightening reserve requirements has the...
Persistent link: https://www.econbiz.de/10011286266
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Salient features of measuring, interpreting and addressing Indian inflation
Gupta, Kirti; Siddiqui, Fahad - 2014
The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation. The paper studies the recommendations of the...
Persistent link: https://www.econbiz.de/10010404663
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Monetary policy and economic performance since the financial crisis
Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We...
Persistent link: https://www.econbiz.de/10012308081
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Investigating credit transmission mechanism in the Republic of Macedonia : evidence from Vector Error Correction Model
Eliskovski, Milan - 2018
Research subject of this paper is the credit transmission mechanism in the Republic of Macedonia or in other words this paper investigates the effects of the monetary signals by the National Bank of the Republic of Macedonia on banks' lending. The credit transmission is analyzed through its...
Persistent link: https://www.econbiz.de/10011852881
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Monetary policy surprises and their transmission through term premia and expected interest rates
Kaminska, Iryna; Mumtaz, Haroon; Šustek, Roman - 2020
Monetary policy moves the yield curve. How much is due to expected interest rates vs. term premia? And does it matter for macroeconomic outcomes? Using an affine term structure model, we shed new light on these questions. Estimation is subject to restrictions addressing an estimation bias in...
Persistent link: https://www.econbiz.de/10012316011
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Central bank exit strategies : domestic transmission and international spillovers
Erceg, Christopher J.; Kolasa, Marcin; Lindé, Jesper; … - 2024 - This version: April 3, 2024
We study alternative approaches to the withdrawal of prolonged unconventional monetary stimulus ("exit strategies") by central banks in large, advanced economies. We first show empirically that large-scale asset purchases affect the exchange rate and domestic and foreign term premiums more...
Persistent link: https://www.econbiz.de/10015066986