Showing 1 - 10 of 499
This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...
Persistent link: https://www.econbiz.de/10012518265
We assess whether central bank credit operations influence the size and composition of bank credit in a negative interest rate environment. We exploit confidential information from the newly established European credit registry to capture bank lending conditions and bank risk-taking. For...
Persistent link: https://www.econbiz.de/10013285962
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … asset purchase programmes have lowered market uncertainty, particularly when accompanied by a contextual release of … implementation details such as the envisaged size of the programme. We also show that forward guidance reduces uncertainty more …
Persistent link: https://www.econbiz.de/10011663996
Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan supply in favour of firms that do not have access...
Persistent link: https://www.econbiz.de/10012061148
uncertainty in an interbank market, will critically depend on the economic and financial structure of the economy; (ii) adverse …
Persistent link: https://www.econbiz.de/10011813496
We provide evidence that liquidity premia on assets that are more relevant for private agents' intertemporal choices than near-money assets increase in response to expansionary forward guidance announcements. We introduce a structural specification of liquidity premia based on assets'...
Persistent link: https://www.econbiz.de/10011921015
We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...
Persistent link: https://www.econbiz.de/10012150125
This paper is the first to comprehensively assess the impact of the euro area's non-standard monetary policy measures on south-eastern Europe. By employing bilateral BVAR models, I am able to estimate the response of output and prices for each country, as well as to shed more light on potential...
Persistent link: https://www.econbiz.de/10011710110
On March 10, 2016, the European Central Bank (ECB) announced the Corporate Sector Purchase Programme (CSPP) - commonly known as corporate quantitative easing (QE) - to improve the financing conditions of the Eurozone's real economy and strengthen the pass-through of unconventional monetary...
Persistent link: https://www.econbiz.de/10011820153
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the euro area. Using proprietary data on purchases of public sector securities implemented by the Eurosystem, the paper examines the flow effects of asset purchase programmes on...
Persistent link: https://www.econbiz.de/10014527031