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The impact of the ECB's targeted long-term refinancing operations on banks' lending policies : the role of competition
Andreeva, Desislava Č.; García-Posada, Miguel - 2020
We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...
Persistent link: https://www.econbiz.de/10012150125
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The final countdown : the effect of monetary policy during "Wait-for-It" and reversal periods
Ozdagli, Ali - 2015
role in transmitting a reversal decision to the economy. First, this paper provides evidence that the financial health or … monetary policy on reversal dates. Therefore, when contemplating a liftoff decision, which is a reversal of a loose monetary … concern than it considers these issues when contemplating a rate change decision that is not a reversal. Second, the paper …
Persistent link: https://www.econbiz.de/10011430948
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Is the monetary policy rate effective? : recent evidence from Ghana
Akosah, Nana K. - 2015
We examine the effectiveness of monetary policy transmission mechanism in Ghana using several of statistical and econometric techniques for the period 2002M1 - 2014M12. We find monetary policy rate (MPR) to be quite effective in signaling the money market interest rates in both the short run and...
Persistent link: https://www.econbiz.de/10011326532
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Using financial markets to estimate the macro effects of monetary policy : an impact-identified FAVAR
Pitschner, Stefan - 2013
In this paper, I use high-frequency financial market estimates to identify the monetary policy shock in a non-recursive 133 variable FAVAR. All restrictions are imposed exclusively on impact, and only on financial market variables. Using the economy's underlying factor structure as the link...
Persistent link: https://www.econbiz.de/10009760371
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010385761
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International experiences and domestic opportunities of applying unconventional monetary policy tools
Krekó, Judit; Balogh, Csaba; Lehmann, Kristóf; … - 2013
This paper provides an overview of the impact of unconventional central bank instruments, the relevant international experiences and the room for application in Hungary. The use of unconventional instruments may be justified by the existence of financial market friction, turmoil, failure or...
Persistent link: https://www.econbiz.de/10010200845
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Transparency, flexibility and macroeconomic stabilization
Geraats, Petra M. - 2014
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10010249689
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Lean-against-the-wind monetary policy : the post-crisis shift in the literature
Kokores, Ioanna - In: Spoudai : journal of economics and business 65 (2015) 3/4, pp. 66-99
The debate concerning central banks' response to potential asset price bubbles initially referred to whether monetary policy should respond at a level over and above the one warranted by the objectives of inflation and output gap stability, trying to slow the growth of perceived asset price...
Persistent link: https://www.econbiz.de/10011442983
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Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach
Opatrny, Matej - 2016
In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic control method, which allows me to compute the...
Persistent link: https://www.econbiz.de/10011515767
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International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10010465407