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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area
Lenza, Michele; Slacalek, Jirka - 2018
This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The aggregate effects of quantitative easing are estimated in a multi-country VAR model of the four largest euro area countries, in which key variables affecting household income and...
Persistent link: https://www.econbiz.de/10011921470
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The macroeconomic impact of the ECB's expanded asset purchase programme (APP)
Gambetti, Luca; Musso, Alberto - 2017
This paper provides empirical evidence on the macroeconomic impact of the expanded asset purchase programme (APP) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination of sign, timing and magnitude restrictions in the...
Persistent link: https://www.econbiz.de/10011659350
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Issuance and valuation of corporate bonds with quantitative easing
Pegoraro, Stefano; Montagna, Mattia - 2021
After the announcement of the European Central Bank's corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...
Persistent link: https://www.econbiz.de/10012422429
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The relationship between central bank auctions and bill market liquidity
Bats, Joost V.; Hoondert, Jurian J. A. - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The …
Persistent link: https://www.econbiz.de/10013337422
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Money markets, collateral and monetary policy
De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019
number of occasionally binding constraints. The interactions between these constraints - in particular leverage and liquidity …. If the liquidity constraint is very tight, the leverage constraint may turn slack. In this case, there are large declines …
Persistent link: https://www.econbiz.de/10011975558
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Unconventional monetary policy and funding liquidity risk
Avernas, Adrien d'; Vandeweyer, Quentin; Darracq … - 2020
This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …
Persistent link: https://www.econbiz.de/10012137673
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Quantitative easing and the price-liquidity trade-off
Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, … - 2020
We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The … a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade …-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes …
Persistent link: https://www.econbiz.de/10012212850
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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
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International spillovers of quantitative easing
Kolasa, Marcin; Wesołowski, Grzegorz - 2018
This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on...
Persistent link: https://www.econbiz.de/10011881148
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The international bank lending channel of unconventional monetary policy
Gräb, Johannes; Żochowski, Dawid - 2017
. Inward and outward spillovers are substantially stronger for euro area banks which are liquidity constrained and which rely …
Persistent link: https://www.econbiz.de/10011745788