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CBDC and cash in the euro area : crowding out or co-circulation?

Rösl, Gerhard; Seitz, Franz - 2022

-paid scheme combining central elements of TARGET Instant Payment Settlement and electronic money features enabling offline and … online instant payments. The issuance of a digital euro would be neutral to total money supply as banks act only as …

Persistent link: https://www.econbiz.de/10013399889

Central bank digital currency and cash in the euro area : current developments and one specific proposal

Rösl, Gerhard; Seitz, Franz - In: Credit and capital markets : Kredit und Kapital 55 (2022) 4, pp. 523-551

-paid scheme combining central elements of TARGET Instant Payment Settlement and electronic money features enabling offline and …

Persistent link: https://www.econbiz.de/10014518599

Forecasting euro area inflation using targeted predictors : is money coming back?

Falagiarda, Matteo; Sousa, João - 2017

This paper sheds new light on the information content of monetary and credit aggregates for future price developments in the euro area. Overall, we find strong variation in the information content of these variables over time. We show that monetary and credit aggregates are very often selected...

Persistent link: https://www.econbiz.de/10011637074

Heterogeneity in money holdings across euro area countries : the role of housing

Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010

inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

Persistent link: https://www.econbiz.de/10010208778

Monetary policy disconnect

Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020

Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...

Persistent link: https://www.econbiz.de/10012387237

The Transmission of Unconventional Monetary Policy to Bank Credit Supply : Evidence From the TLTRO

Afonso, António - 2019

We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014:05-2018:01) and for Portugal (2011:01-2018:01), using a panel data setup. For the Euro area, we find a positive relationship between the TLTRO and the amount of...

Persistent link: https://www.econbiz.de/10012895300

The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area

Neuenkirch, Matthias - 2018

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through the relaxation of lending standards for borrowers. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth,...

Persistent link: https://www.econbiz.de/10012917006

Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a …

Persistent link: https://www.econbiz.de/10011710723

The Transmission Mechanism of Credit Support Policies in the Euro Area

Boeckx, Jef - 2017

We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have indeed been succesful in stimulating the credit flow of...

Persistent link: https://www.econbiz.de/10012955416

Financial factors in economic fluctuations

Christiano, Lawrence J.; 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/10003973320