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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
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Interest rate expectations and uncertainty during ECB governing council days : evidence from intraday implied densities of 3-month Euribor
Vergote, Olivier; Puigvert Gutiérrez, Josep Maria - 2011
. For this purpose, it first extends the estimation of risk-neutral probability density functions up to tick frequency. In …This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Governing Council days … triggering an adjustment process for interest rate expectations. - Risk-neutral probability density functions ; option …
Persistent link: https://www.econbiz.de/10009380949
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Interest Rate Expectations and Uncertainty During ECB Governing Council Days : Evidence From Intraday Implied Densities of 3-Month EURIBOR
Vergote, Olivier - 2011
. For this purpose, it first extends the estimation of risk-neutral probability density functions up to tick frequency. In …This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Governing Council days …
Persistent link: https://www.econbiz.de/10013119936
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...
Persistent link: https://www.econbiz.de/10012622376
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A comment on "Measuring Monetary Policy in the Euro Area Using SVARs with Residual Restrictions"
Ratcliff, Ryan D. - 2024
satisfies the restrictions. Their method generates impulse responses that are consistent with macroeconomic theory, but that …
Persistent link: https://www.econbiz.de/10015073581
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Negative interest rates in the euro area : does it hurt banks?
Strasky, Jan; Hwang, Hyunjeong - 2019
The negative interest rate policy (NIRP) has been in place in the euro area since June 2014. While the NIRP can provide additional monetary accommodation in the situation where the neutral rate of interest is most likely negative, there are also unintended consequences for banks’ profitability...
Persistent link: https://www.econbiz.de/10012111120
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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 conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...
Persistent link: https://www.econbiz.de/10011710723
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Rate forward guidance in an environment of large central bank balance sheets : a Eurosystem stock-taking assessment
2022
In the aftermath of the global financial crisis, central banks started being confronted with severe challenges that led to an unprecedented policy response in terms of the size and variety of monetary policy measures. One such measure centred on central banks communicating to the public more...
Persistent link: https://www.econbiz.de/10012886554
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Quantifying the ECB’s Interest Rate Smoothing Behavior
Pinkwart, Nicolas - 2011
:40;0:82], reflecting model uncertainty with respect to the output gap and indicating a rather moderate extent of partial adjustment …
Persistent link: https://www.econbiz.de/10013131374
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Asymmetric Adjustment of Commercial Bank Interest Rates in the Euro Area : An Empirical Investigation into Interest Rate Pass-Through
Sander, Harald; Kleimeier, Stefanie - 2001
Our study extends the traditional pass-through literature by incorporating an error correction mechanism that is based on cointegration analyses allowing for structural breaks and symmetric as well as for a variety of asymmetric adjustment mechanisms. While some results of earlier pass-through...
Persistent link: https://www.econbiz.de/10014128699