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Economic consequences of high public debt: evidence from three large scale DSGE models

Burriel, Pablo; Checherita-Westphal, Cristina; … - 2020

The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...

Persistent link: https://www.econbiz.de/10012251324

Monetary policy and bank profitability in a low interest rate environment

Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis - 2017

We analyse the impact of standard and non-standard monetary policy measures on bank profitability. For empirical identification, the analysis focuses on the euro area, thereby exploiting substantial bank and country heterogeneity within a monetary union where the central bank has implemented a...

Persistent link: https://www.econbiz.de/10011732734

House prices and ultra-low interest rates : exploring the non-linear nexus

Dieckelmann, Daniel; Hempell, Hannah S.; Jarmulska, Barbara - 2023

The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real house prices respond to changes in real interest...

Persistent link: https://www.econbiz.de/10013553574

Making a virtue out of necessity : the effect of negative interest rates on bank cost efficiency

Avignone, Giuseppe; Girardone, Claudia; Pancaro, Cosimo; … - 2022

Do negative interest rates affect banks' cost efficiency? We exploit the unprecedented introduction of negative policy interest rates in the euro area to investigate whether banks make a virtue out of necessity in reacting to negative interest rates by adjusting their cost efficiency. We find...

Persistent link: https://www.econbiz.de/10013367106

Deposit market concentration and monetary transmission : evidence from the euro area

Kho, Stephen - 2024

I study the transmission of monetary policy to deposit rates in the euro area with a focus on asymmetries and the role of banking sector concentration. Using a local projections framework with 2003-2023 country-level and bank-level data for thirteen euro area member states, I find that deposit...

Persistent link: https://www.econbiz.de/10014484425

Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …

Persistent link: https://www.econbiz.de/10009635882

Financial factors in economic fluctuations

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10009640348

Banking supervision, monetary policy and risk-taking : big data evidence from 15 credit registers

Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020

We analyse the effects of supranational versus national banking supervision on credit supply, and its interactions with monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European credit registers; (ii) the institutional change leading to the...

Persistent link: https://www.econbiz.de/10012137670

Impact of higher capital buffers on banks' lending and risk-taking : evidence from the Euro Area experiments

Cappelletti, Giuseppe; Marques, Aurea Ponte; Varraso, Paolo - 2019

We study the impact of higher bank capital buffers, namely of the Other Systemically Important Institu- tions (O-SII) buffer, on banks' lending and risk-taking behaviour. The O-SII buffer is a macroprudential policy aiming to increase banks' resilience. However, higher capital requirements...

Persistent link: https://www.econbiz.de/10012024808

Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France

Bignon, Vincent; Jobst, Clemens - 2017

This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...

Persistent link: https://www.econbiz.de/10011637365