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A monthly monetary model with banking intermediation for the euro area

Bruggeman, Annick; Donnay, Marie - 2003

This monthly monetary model for the euro area is gradually constructed from its two constituting components: a money demand and a loan demand model which both include the relation between the respective retail bank rates and the short-term market interest rate. Eventually, the encompassing...

Persistent link: https://www.econbiz.de/10009635913

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880 - 2001

Dewald, William G. - 2003

until the 1960s. Central banks had credibility to keep inflation low even during wartime. It was lost as inflation rose in …

Persistent link: https://www.econbiz.de/10009635923

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...

Persistent link: https://www.econbiz.de/10009639472

A framework for collateral risk control determination

Cossin, Didier; Huang, Zhijiang; Auron-Nerin, Daniel; … - 2003

This paper derives a general framework for collateral risk control determination in repurchase transactions or repos. The objective is to treat consistently heterogeneous collateral so that the collateral taker has a similar risk exposure whatever the collateral pledged. The framework measures...

Persistent link: https://www.econbiz.de/10009639858

Detecting and interpreting financial stress in the euro area

Blix Grimaldi, Marianna - 2010

There is a need to find better models and indicators for large disruptive events, not least in order to be more prepared and mitigate their effects. In this paper we take a step in this direction and discuss the performance of a financial stress indicator with a specific focus on the euro area....

Persistent link: https://www.econbiz.de/10009640326

Interest rate effects of demographic changes in a New-Keynesian life-cycle framework

Kara, Engin; Thadden, Leopold von - 2010

This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...

Persistent link: https://www.econbiz.de/10009640420

Bank mergers, competition and liquidity

Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete …

Persistent link: https://www.econbiz.de/10009635892

Finance and growth in the EU

De Ávila, Diego Romero - 2003

This paper analyses the link between finance and growth by studying the effect that the process of financial deregulation and harmonisation of banking laws at the EU level has brought about on growth over the last 40 years. Our main findings point to the existence of a positive long-run growth...

Persistent link: https://www.econbiz.de/10009635911

The lender of last resort

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - 2003

The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been … fully collateralized repo market allows Central Banks to provide the adequate aggregated amount of liquidity and leave the … responsibility of lending uncollateralized to the banks. The object of this paper is to analyze rigorously these issues by providing …

Persistent link: https://www.econbiz.de/10009636521

Deposit insurance, moral hazard and market monitoring

Gropp, Reint; Vesala, Jukka - 2004

debt holders. We further find that credible limits to the safety net reduce risk taking of smaller banks with low charter …

Persistent link: https://www.econbiz.de/10009636525