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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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Unconventional monetary policy, bank lending, and security holdings : the yield-induced portfolio rebalancing channel
Paludkiewicz, Karol - 2018
Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank lending and security holdings. Using a difference-in-differences regression setup and holding the security composition of each bank constant at its level in January 2014, well...
Persistent link: https://www.econbiz.de/10011874277
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Does quantitative easing affect people's personal financial situation and economic inequality? : the view of the German population
Hayo, Bernd - 2020 - This version: 09 May 2020
quantitative easing (QE) on their personal financial situation and on national economic inequality. Almost 40% think that their …. Regarding economic inequality, about one-third of the population is of the opinion that QE contributes to inequality, only 10 …, the view that QE increases economic inequality in Germany is favoured by Left Party supporters, East Germans, and those …
Persistent link: https://www.econbiz.de/10012215812
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Does quantitative easing affect people's personal financial situation and economic inequality? : the view of the German population
Hayo, Bernd - 2021 - This version: 22 December 2020
quantitative easing (QE) on their personal financial situation and on national economic inequality. Almost 40% think that their …. Regarding economic inequality, about one-third of the population is of the opinion that QE contributes to inequality, only 10 …, the view that QE increases economic inequality in Germany is favoured by Left Party supporters, East Germans, and those …
Persistent link: https://www.econbiz.de/10013328353
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On Quantitative Easing and High Frequency Exchange Rate Dynamics
Kenourgios, Dimitris - 2015
This paper examines the effects of quantitative easing (QE) announcements by the European Central Bank, the Bank of Japan and the Bank of England on exchange rate dynamics. Using intraday data of three major exchange rates (EUR/USD, GBP/USD, JPY/USD),we apply a univariate APARCH(1,1) model and...
Persistent link: https://www.econbiz.de/10013028646
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Scarcity effects of QE : a transaction-level analysis in the Bund market
Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017
This paper investigates the scarcity effects of quantitative easing (QE) policies, drawing on intra-day transaction-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This paper is the first to match high-frequency QE purchase...
Persistent link: https://www.econbiz.de/10011632212
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Quantitative easing, portfolio rebalancing and credit growth : micro evidence from Germany
Tischer, Johannes - 2018
This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...
Persistent link: https://www.econbiz.de/10011874231
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Unconventional Monetary Policy, Bank Lending, and Security Holdings : The Yield-Induced Portfolio Rebalancing Channel
Paludkiewicz, Karol - 2019
Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank lending and security holdings. Using a difference-in-differences regression setup and holding the security composition of each bank constant at its level in January 2014, well...
Persistent link: https://www.econbiz.de/10012898444
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Unconventional Monetary Policy, Bank Lending, and Security Holdings : The Yield-Induced Portfolio Rebalancing Channel
Paludkiewicz, Karol - 2018
This paper studies the impact of unconventional monetary policy on bank lending and security holdings. I exploit granular security register data and use a difference - in-differences regression setup to provide evidence for the presence of a yield-induced portfolio rebalancing channel: Banks...
Persistent link: https://www.econbiz.de/10012914660
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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