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Brexit, what Brexit? : Euro area portfolio exposures to the United Kingdom since the Brexit referendum

Carvalho, Daniel; Schmitz, Martin - 2022

We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK … exposures to debt securities and listed shares. Our key finding is the absence of a negative "Brexit-effect" for euro area … since the Brexit referendum. The analysis also reveals an increase in the euro area's exposure to listed shares issued by UK …

Persistent link: https://www.econbiz.de/10013375208

Unconventional monetary policy and the great recession : estimating the impact of a compression in the yield spread at the zero lower bound

Baumeister, Christiane; Benati, Luca - 2010

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a 'pure' spread shock which, leaving the short-term rate unchanged by construction,...

Persistent link: https://www.econbiz.de/10008688522

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10003794175

The timing of central bank communication

Ehrmann, Michael (contributor); … - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10003230443

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

Fiscal devaluation in the euro area: a model-based analysis

Gomes, Sandra; Jacquinot, Pascal; Pisani, Massimiliano - 2014

Persistent link: https://www.econbiz.de/10010441160

The macroeconomic effects of fiscal policy

Afonso, António; Sousa, Ricardo M. - 2009

on housing prices and generate a quick fall in stock prices; and lead to a depreciation of the real effective exchange …

Persistent link: https://www.econbiz.de/10003826480

Capital requirements, risk shifting and the mortgage market

Uluc, Arzu; Wieladek, Tomasz - 2017

We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan-level dataset containing all mortgages issued in the UK between 2005Q2 and 2007Q2. We find that a rise of a 100 basis points in capital requirements leads to a 5.4% decline in individual...

Persistent link: https://www.econbiz.de/10011647900

Bank reserves and broad money in the global financial crisis : a quantitative evaluation

Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020

The Federal Reserve responded to the global financial crisis by initiating an unprecedented expansion of central bank money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we develop a model where the central bank can provide...

Persistent link: https://www.econbiz.de/10012271563

The Covid-19 crisis and consumption : survey evidence from six EU countries

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2020

Using new panel data from a representative survey of households in the six largest euro area economies, the paper estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the concern about finances due to Covid-19 from the first...

Persistent link: https://www.econbiz.de/10012390462