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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

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

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

Quantitative easing in the euro area and SMEs access to finance : who benefits the most?

Funk, Anne Kathrin - 2019

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically, bringing the economy close to a credit crunch. It was only after the start of the European Central Bank (ECB) quantitative easing programme in...

Persistent link: https://www.econbiz.de/10011970956

Quantitative easing in the euro area and SMEs' access to finance : who benefits the most?

Funk, Anne Kathrin - 2018

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically bringing the economy close to a credit crunch. It was only after the start of the ECB’s quantitative easing programme in early 2015 that bank...

Persistent link: https://www.econbiz.de/10011977350

The risk-taking channel of monetary policy transmission in the euro area

Neuenkirch, Matthias; Nöckel, Matthias - 2017

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth, inflation, and the main refinancing rate, indicators of bank lending...

Persistent link: https://www.econbiz.de/10011621898

Unconventional monetary policy effects on bank lending in the euro area

Behrendt, Stefan - 2017

This paper employs a structural VAR framework with sign restrictions to estimate the effects of unconventional monetary policies of the European Central Bank since the Global Financial Crisis, mainly in their effectiveness towards bank lending. Using a variable for newly issued credit instead of...

Persistent link: https://www.econbiz.de/10011602464

The risk-taking channel of monetary policy transmission in the euro area

Neuenkirch, Matthias; Nöckel, 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/10011822614