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Optimal unconventional monetary policy in the face of shadow banking
Kirchner, Philipp; Schwanebeck, Benjamin - 2017
Using a DSGE framework, we discuss the optimal design of monetary policy for an economy where both retail banks and shadow banks serve as financial intermediaries. We get the following results. During crises times, a standard Taylor rule fails to reach sufficient stimulus. Direct asset purchases...
Persistent link: https://www.econbiz.de/10011671242
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The macroeconomic effects of shadow banking panics
Poeschl, Johannes - 2020
We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. The model can quantitatively match the dynamics of key variables around the US financial crisis. Wholesale funding...
Persistent link: https://www.econbiz.de/10012233428
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Policy uncertainty, lender of last resort and the real economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....
Persistent link: https://www.econbiz.de/10012426306
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Central bank collateral frameworks
Nyborg, Kjell G. - 2015
in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …
Persistent link: https://www.econbiz.de/10011296085
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Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France
Bignon, Vincent; Jobst, Clemens - 2017
This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...
Persistent link: https://www.econbiz.de/10011637365
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The macroeconomics of liquidity in financial intermediation
Porcellacchia, Davide; Sheedy, Kevin D. - 2024
explains the link between the liquidity premium and spreads. We present a theory of endogenous bank fragility arising from a … coordination friction among bank creditors. The theory's implications reduce to a single constraint on banks, which is embedded in …
Persistent link: https://www.econbiz.de/10014528265
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Systemic Risk and Monetary Policy : The Haircut Gap Channel of the Lender of Last Resort
Jasova, Martina; Laeven, Luc; Mendicino, Caterina; … - 2021
We show that lender of the last resort (LOLR) policy contributes to higher bank interconnectedness and systemic risk. Using novel micro-level data, we analyze the haircut gap channel of LOLR – the difference between the private market and central bank haircuts. LOLR increases...
Persistent link: https://www.econbiz.de/10013225855
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Money, regulation and growth : financing new growth in Europe : a joint publication with the BAFFI Center on International Markets, Money & Regulation
Quintyn, Marc (ed., introduction);  … - Colloquium/Conference "Money, Regulation and Growth: …; … - 2014
On June 4-5, 2014, SUERF and Baffi Finlawmetrics jointly organised a Colloquium/Conference "Money, Regulation and Growth: Financing New Growth in Europe" at Bocconi University, Milan. The present SUERF Study includes a selection of papers based on the authors’ contributions to the Milan event....
Persistent link: https://www.econbiz.de/10011711957
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Banks' trading after the Lehman crisis : the role of unconventional monetary policy
Podlich, Natalia; Schnabel, Isabel; Tischer, Johannes - 2017
the change in eligibility criteria for collateral in central bank refinancing operations. Our results show that market …
Persistent link: https://www.econbiz.de/10011671299
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Monetary Policy, Macroprudential Policy, and Financial Stability
Martinez-Miera, David; Repullo, Rafael - 2021
This paper reexamines from a theoretical perspective the role of monetary and macroprudential policies in addressing the build-up of risks in the financial system. We construct a stylized general equilibrium model in which the key friction comes from a moral hazard problem in firms financing...
Persistent link: https://www.econbiz.de/10013315361