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Monetary Policy at Work : Security and Credit Application Registers Evidence
Peydró, José-Luis - 2020
Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...
Persistent link: https://www.econbiz.de/10012854350
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...
Persistent link: https://www.econbiz.de/10011400913
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
analysis ; monetary policy ; money demand ; structural vector error correction model …
Persistent link: https://www.econbiz.de/10009616780
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The Transmission of German Monetary Policy in the Pre-Euro Period
Luetkepohl, Helmut; Wolters, Jürgen - 2021
rate and shows the interaction of the main variables of the monetary sector. Monetary Policy, Money Demand, Structural …
Persistent link: https://www.econbiz.de/10013320723
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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
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The effectiveness of monetary policy in steering money market rates during the recent financial crisis
Abbassi, Puriya; Linzert, Tobias - 2011
The recent financial crisis deeply affected the money market yield curve and thus, potentially, the proper functioning … in steering euro area money market rates using two measures: first, the predictability of money market rates on the basis … of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …
Persistent link: https://www.econbiz.de/10009006637
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The effectiveness of monetary policy in steering money market rates during the financial crisis
Abbassi, Puriya; Linzert, Tobias - 2012
The financial crisis has deeply affected money markets and thus, potentially, the proper functioning of the interest … area money market rates looking at, first, the predictability of money market rates on the basis of monetary policy … expectations, and second the impact of extraordinary central bank measures on money market rates. We find that during the crisis …
Persistent link: https://www.econbiz.de/10009564491
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The impact of labor markets on the transmission of monetary policy in an estimated DSGE model
Christoffel, Kai (contributor); Kuester, Keith (contributor) - 2005
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...
Persistent link: https://www.econbiz.de/10003229297
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Negative Monetary Policy Rates and Portfolio Rebalancing : Evidence from Credit Register Data
Bottero, Margherita - 2019
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrativedata from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply---and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks...
Persistent link: https://www.econbiz.de/10012889149
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Monetary Policy and Bank Lending in Developing Countries : Loan Applications, Rates, and Real Effects
Abuka, Charles Augustine - 2019
Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in...
Persistent link: https://www.econbiz.de/10012901740