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The first twenty years of the European Central Bank : monetary policy

Hartmann, Philipp; Smets, Frank - 2018

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...

Persistent link: https://www.econbiz.de/10011959260

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...

Persistent link: https://www.econbiz.de/10009639472

Forbearance vs foreclosure in a general equilibrium model

Barbaro, Bianca; Tirelli, Patrizio - 2021

We build a business cycle model characterized by endogenous firms dynamics, where banks may prefer debt renegotiation, i.e. non-performing exposures, to outright borrowers default. We find that debt renegotiations only do not have adverse effects in the event of financial crisis episodes, but a...

Persistent link: https://www.econbiz.de/10012488660

The impact of credit supply shocks in the euro area : market-based financing versus loans

Barauskaite, Kristina; Nguyen, Anh D. M.; Rousová, Linda; … - 2022

Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In...

Persistent link: https://www.econbiz.de/10013265943

Business cycle duration dependence and foreign recessions

Bondt, Gabe J. de; Vermeulen, Philip - 2018

current business cycle phase and of foreign recessions on the likelihood that expansions and recessions come to an end. With … to recessions in a G7 country, we find that the likelihood of them coming to an end is not affected by other G7 countries …’ recessions. We find duration dependence of recessions for all G7 countries, i.e. recessions that have gone on for a while are …

Persistent link: https://www.econbiz.de/10011937263

The dynamics of non-performing loans during banking crises : a new database

Ari, Anil; Chen, Sophia; Ratnovski, Lev - 2020

relationship between NPL problems-elevated and unresolved NPLs-and the severity of post-crisis recessions. A machine learning …

Persistent link: https://www.econbiz.de/10012206258

Compositional effects of O-SII capital buffers and the role of monetary policy

Reghezza, Alessio; D'Acri, Costanza Rodriguez; … - 2020

We investigate the impact of macroprudential capital requirements on bank lending behaviour across economic sectors, focusing on their potentially heterogenous effects and transmission channel. By employing confidential loan-level data for the euro area over 2015-18, we find that the reaction of...

Persistent link: https://www.econbiz.de/10012241280

Supervisory policy stimulus : evidence from the euro area dividend recommendation

Dautovic, Ernest; Gambacorta, Leonardo; Reghezza, Alessio - 2023

At the onset of the Covid-19 outbreak, central banks and supervisors introduced dividend restrictions as a new policy instrument aimed at supporting lending to the real economy and strengthening banks' capacity to absorb losses. In this paper we estimate the impact of the ECB's dividend...

Persistent link: https://www.econbiz.de/10014278602

What drives banks' credit standards? : an analysis based on a large bank-firm panel

Faccia, Donata; Hünnekes, Franziska; Köhler-Ulbrich, Petra - 2024

In this paper we build a unique dataset to study how banks decide which firms to lend to and how this decision depends on their own situation and the characteristics of their borrowers. We find that weaker capitalised banks adjust their credit standards more than healthier banks, especially for...

Persistent link: https://www.econbiz.de/10014486705

Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France

Bignon, Vincent; Jobst, Clemens - 2017

This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...

Persistent link: https://www.econbiz.de/10011637365

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