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Negative interest rates, COVID-19, and the finances of listed euro firms
Eije, Johan H. von - In: Central European review of economics and management : CEREM 5 (2021) 4, pp. 117-143
Aim: The paper measures the impact of negative interest rates on listed firms in the original euro zone countries. It also measures the impact of the first COVID-19 year. Design / research methods: The paper uses panel data to measure the influence of the short-term ECB deposit rate and the...
Persistent link: https://www.econbiz.de/10013202353
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Central bank policies and the debt trap
Orphanides, Athanasios; Ke, T. Tony - 2017
Monetary policy and fiscal dynamics are inexorably linked. When a government faces the risk of getting caught in a high debt trap, debt monetization may become an appealing option. However, independent central banks may be able to allay debt concerns without compromising price stability. One...
Persistent link: https://www.econbiz.de/10011749492
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ECB vs Bundesbank : diverging tones and policy effectiveness
Tillmann, Peter; Walter, Andreas - 2018
(ii) a large divergence of tone after 2009. The ECB communication becomes persistently more optimistic and less uncertain …-term interest rates respond less strongly to a monetary policy shock if ECB-Bundesbank communication is more cacophonous than on …
Persistent link: https://www.econbiz.de/10011858943
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Monetary policy and European unemployment
Schettkat, Ronald; Sun, Rongrong - 2008
In the long history of rising and persistent unemployment in Europe almost all institutions – employment protection legislation, unions, wages, wage structure, unemployment insurance, etc. – have been alleged and found guilty to have caused this tragic development at some point in time....
Persistent link: https://www.econbiz.de/10003836935
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …
Persistent link: https://www.econbiz.de/10003836155
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Monetary policy in the liquidity trap and after : a reassessment of quantitative easing and critique of the Federal Reserve's proposed exit strategy
Palley, Thomas I. - 2013
This paper provides a novel analysis of quantitative easing (QE) that focuses on its implicit fiscal dimension. The first segment examines the theory of the liquidity trap and introduces a distinction between a "weak" and "strong" liquidity trap. The second segment analyzes the impact of QE...
Persistent link: https://www.econbiz.de/10009756555
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Money-Based Interest Rate Rules : Lessons from German Data
Gerberding, Christina - 2016
The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...
Persistent link: https://www.econbiz.de/10012991152
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How the Bundesbank Really Conducted Monetary Policy : An Analysis Based on Real-Time Data
Gerberding, Christina - 2016
Persistent link: https://www.econbiz.de/10012991301
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The good, the bad, and the ugly : impact of negative interest rates and QE on the profitability and risk-taking of 1600 German banks
Urbschat, Florian - 2018 - This version: July 9, 2018
The recent negative interest rate policy (NIRP) and quantitative easing (QE) programme by the ECB have raised concerns about the pass-through of monetary policy. On the one hand, negative rates could lead to declining bank profitability making an expansionary monetary policy contractionary....
Persistent link: https://www.econbiz.de/10011873929
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The good, the bad, and the ugly : impact of negative interest rates and QE on the profitability and risk-taking of 1600 German banks
Urbschat, Florian - 2018
The recent negative interest rate policy (NIRP) and quantitative easing (QE) programme by the ECB have raised concerns about the pass-through of monetary policy. On the one hand, negative rates could lead to declining bank profitability making an expansionary monetary policy contractionary....
Persistent link: https://www.econbiz.de/10011933740