Similar Search Results

Who benefits from the corporate QE? : a regression discontinuity design approach

Abidi, Nordine; Miquel-Flores, Ixart - 2018

mechanism and the liquidity channel. …

Persistent link: https://www.econbiz.de/10011820153

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …

Persistent link: https://www.econbiz.de/10012009191

How do banks manage liquidity? : evidence from the ECB's tiering experiment

Baldo, Luca; Heider, Florian; Hoffmann, Peter; Sigaux, … - 2022

We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets. …

Persistent link: https://www.econbiz.de/10013375171

Funding behaviour of debt management offices and the ECB's Public Sector Purchase Programme

Plessen-Mátyás, Katharina; Kaufmann, Christoph; … - 2021

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

Targeted monetary policy, dual rates and bank risk taking

Barbiero, Francesca; Burlon, Lorenzo; Dimou, Maria; … - 2022

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

Communication of monetary policy in unconventional times

Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017

Monetary policy communication is particularly important during unconventional times, because high uncertainty about the economy, the introduction of new policy tools and possible limits to the central bank 's toolkit could hamper the predictability of policy actions. We study how monetary policy...

Persistent link: https://www.econbiz.de/10011663996

ECB corporate QE and the loan supply to bank-dependent firms

Betz, Frank; De Santis, Roberto A. - 2019

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

Monetary policy and cross-border interbank market fragmentation : lessons from the crisis

Blattner, Tobias Sebastian; Swarbrick, Jonathan M. - 2018

We present a two-country model with an enhanced banking sector featuring risky lending and cross-border interbank market frictions. We find that (i) the strength of the financial accelerator, when applied to banks operating under uncertainty in an interbank market, will critically depend on the...

Persistent link: https://www.econbiz.de/10011813496

Interest rate spreads and forward guidance

Bredemeier, Christian; Kaufmann, Christoph; Schabert, … - 2018

We provide evidence that liquidity premia on assets that are more relevant for private agents' intertemporal choices … specification of liquidity premia based on assets' differential pledgeability to a basic New Keynesian model to replicate this … guidance period and are substantially smaller than if liquidity premia were neglected. This indicates that there are no …

Persistent link: https://www.econbiz.de/10011921015

The impact of the ECB's targeted long-term refinancing operations on banks' lending policies : the role of competition

Andreeva, Desislava Č.; García-Posada, Miguel - 2020

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

1
2
3
4
5
6
7
8
9
10
Next
Last