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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
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A monetary policy strategy in good and bad times
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …
Persistent link: https://www.econbiz.de/10009640775
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The bank lending channel
Gambacorta, Leonardo; Marqués-Ibáñez, David - 2011
The 2007-2010 financial crisis highlighted the central role of financial intermediaries’ stability in buttressing a smooth transmission of credit to borrowers. While results from the years prior to the crisis often cast doubts on the strength of the bank lending channel, recent evidence shows...
Persistent link: https://www.econbiz.de/10009640774
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The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...
Persistent link: https://www.econbiz.de/10009636549
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Asset price booms and monetary policy
Detken, Carsten; Smets, Frank - 2004
The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms by means of aggregating information contained in 38 boom periods since the 1970s for 18 OECD countries. We observe 26 macroeconomic variables in a pre-boom, boom and...
Persistent link: https://www.econbiz.de/10009639418
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Substitution between domestic and foreign currency loans in Central Europe
Brzoza-Brzezina, Michał; Chmielewski, Tomasz; … - 2010
In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European...
Persistent link: https://www.econbiz.de/10009640353
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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
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Cross-border banking and the international transmission of financial distress during the crisis of 2007 - 2008
Popov, Alexander; Udell, Gregory F. - 2010
We study the effect of financial distress in foreign parent banks on local SME financing in 14 central and eastern European countries during the early stages of the 2007-2008 financial crisis. We use survey data on applicant and non-applicant firms that enable us to disentangle effects driven by...
Persistent link: https://www.econbiz.de/10009640337
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The role of central bank capital revisited
Bindseil, Ulrich; Manzanares, Andrés; Weller, Benedict - 2004
comprehensive, model of the relationship between a central bank's balance sheet structure and its inflation performance. The first …
Persistent link: https://www.econbiz.de/10009639452
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The impact of supply constraints on bank lending in the euro area
Hempell, Hannah Sabine; Sørensen, Christoffer Kok - 2010
Aggregate loan development typically hinges on a combination of factors that impact simultaneously on the demand and the supply side of bank lending. The financial turmoil starting in mid-2007 had detrimental consequences for banks’ balance-sheets, cost of funds and profitability, thus...
Persistent link: https://www.econbiz.de/10009640278