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Macro and micro of external finance premium and monetary policy transmission

Altavilla, Carlo; Gürkaynak, Refet S.; Quaedvlieg, Rogier - 2024

We establish basic facts about the external finance premium. Tens of millions of individual loan contracts extended to euro area firms allow studying the determinants of the external finance premium at the country, bank, firm, and contract levels of disaggregation. At the country level, the...

Persistent link: https://www.econbiz.de/10014527119

An application of index numbers theory to interest rates

Huerga, Javier (contributor); Steklacova, Lucia (contributor) - 2008

This paper uses index number theory to disentangle changes in aggregate retail interest rates due to changes in individual component rates ("interest rate effect") from those caused by changes in the weights of each component ("weight effect"), on the basis of the "difference" index numbers...

Persistent link: https://www.econbiz.de/10003790944

Capital inflows and euro area long-term interest rates

Carvalho, Daniel; Fidora, Michael - 2015

Persistent link: https://www.econbiz.de/10011288706

Interest rate reaction functions and the Taylor rule in the euro area

Gerlach-Kristen, Petra (contributor) - 2003

Persistent link: https://www.econbiz.de/10001820903

Interest rate-growth differentials on government debt : an empirical investigation for the euro area

Checherita-Westphal, Cristina; Domingues Semeano, João - 2020

Persistent link: https://www.econbiz.de/10012306620

Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

mechanism is a decline (increase) in short-term debt and investment by smaller and medium-size firms, relative to large firms …

Persistent link: https://www.econbiz.de/10013552619

Combining negative rates, forward guidance and asset purchases : identification and impacts of the ECB's unconventional policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when the main policy rate is negative. When a negative interest rate policy (NIRP) is deployed in concert with rate forward guidance (FG) and quantitative easing (QE), the identification of...

Persistent link: https://www.econbiz.de/10012519567

Demographics and the natural real interest rate : historical and projected paths for the euro area

Papetti, Andrea - 2019

This paper employs an aggregate representation of an overlapping generation (OLG) model quantifying a decrease of the natural real interest rate in the range of -1.7 and -0.4 percentage points in the euro area between 1990 and 2030 due to demographics alone. Two channels contribute to this...

Persistent link: https://www.econbiz.de/10011994650

Consumer savings behaviour at low and negative interest rates

Felici, Marco; Kenny, Geoff; Friz, Roberta - 2022

We study interest rates transmission to savings at low and negative rates. Exploiting cohorts of consumers from a data-rich multi-country survey, we show how the strength of interest rate transmission to savings varies with the level of nominal interest rates. This response is positive when...

Persistent link: https://www.econbiz.de/10013375223

Corporate debt and investment : a firm level analysis for stressed euro area countries

Gebauer, Stefan; Setzer, Ralph; Westphal, Andreas - 2017

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area … countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive … thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt …

Persistent link: https://www.econbiz.de/10011719911

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