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Macroprudential policy measures : macroeconomic impact and interaction with monetary policy

Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020

This paper examines the interactions of macroprudential and monetary policies. We find, using a range of macroeconomic models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on GDP. In the short run, GDP declines by 0.15-0.35%....

Persistent link: https://www.econbiz.de/10012165315

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

Immigrants and the distribution of income and wealth in the euro area : first facts and implications for monetary policy

Dossche, Maarten; Kolndrekaj, Aleksandra; Propst, Maximilian - 2022

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth are more substantial than the differences in wages...

Persistent link: https://www.econbiz.de/10013367109

Targeting financial stability : macroprudential or monetary policy?

Aikman, David; Giese, Julia; Kapadia, Sujit; McLeay, Michael - 2019

incorporating the possibility of a credit boom precipitating a financial crisis and a loss function reflecting financial stability …

Persistent link: https://www.econbiz.de/10012009108

Financial cycles, credit bubbles and stabilization policies

Corrado, Luisa; Schuler, Tobias - 2019

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

Persistent link: https://www.econbiz.de/10012132559

The natural rate of interest and the financial cycle

Krustev, Georgi - 2018

I extend the model of Laubach and Williams (2003) by introducing an explicit role for the financial cycle in the joint estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By incorporating the financial cycle - arguably an...

Persistent link: https://www.econbiz.de/10011871950

Do financial reforms help stabilize inequality?

Christopulos, Dēmētrēs K.; McAdam, Peter - 2015

Persistent link: https://www.econbiz.de/10010516529

Money, credit, monetary policy and the business cycle in the euro area : what has changed since the crisis?

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10011959310

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - 2010

monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to … house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy … contributed discernibly, but at a late stage to the unsustainable developments in house and credit markets that were observable …

Persistent link: https://www.econbiz.de/10003972695

Monetary policy and capital regulation in the US and Europe

Cohen-Cole, Ethan; Morse, Jonathan - 2010

From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis began in August 2007 inflation expectations were high...

Persistent link: https://www.econbiz.de/10003986675

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