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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

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

Country-level effects of the ECB's expanded asset purchase programme

Zlobins, Andrejs - 2019

Persistent link: https://www.econbiz.de/10012135785

Forward guidance matters : disentangling monetary policy shocks

Ferreira, Leonardo Nogueira - 2020

Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...

Persistent link: https://www.econbiz.de/10012295693

UK term structure decompositions at the zero lower bound

Carriero, Andrea; Mouabbi, Sarah; Vangelista, Elisabetta - 2015

This paper employs a Zero Lower Bound (ZLB) consistent shadow-rate model to decompose UK nominal yields into expectation and term premia components. Compared to a standard affine term structure model, it performs relatively better in a ZLB setting and effectively captures the countercyclical...

Persistent link: https://www.econbiz.de/10011339919

Banking in the negative : a vector error correction analysis of bank-specific lending and deposit rates

Agati, Alessandra; Sigmund, Michael - 2025

We analyze the impact of negative reference rates on the interest behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending...

Persistent link: https://www.econbiz.de/10015183164

Monetary policy communication : evidence from survey data

Popovska-Kamnar, Neda - 2017

This paper summarizes the results of a Survey on Monetary policy Communication conducted among central banks in Central … transparency and communication strategies of the central banks. The results of the Survey reveal that today the central banks pay … process. The overall conclusion of the Monetary policy communication Survey is that the communication and the transparency of …

Persistent link: https://www.econbiz.de/10011717595

Keep it simple : central bank communication and asset prices

Mumtaz, Haroon; Saleheen, Jumana; Spitznagel, Roxane - 2023 - This version: July 16, 2023

) communication on asset prices (stock prices, gilt yields and interest rate futures) from 1999-2023. We extend MPC communication to … communication leads to greater asset price volatility than simple and clear communication. Central banks that want to avoid … monetary policy communication, the previous literature has disregarded an important source of variation in asset prices. …

Persistent link: https://www.econbiz.de/10014314314

Into the universe of unconventional monetary policy: state-dependence, interaction and complementarities

Zlobins, Andrejs - 2022

Persistent link: https://www.econbiz.de/10013489566

Inflation targeting in Colombia, 2002 - 2012

Urrutia, Miguel; Hofstetter Gascón, Marcel; Hamann S., … - 2014

After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...

Persistent link: https://www.econbiz.de/10011285649