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How do mortgage refinances affect debt, default, and spending? : evidence from HARP
Abel, Joshua; Fuster, Andreas - 2018
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing … a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced … borrowers' default rates on mortgages and nonmortgage debts by about 40 percent and 25 percent, respectively. Refinancing also …
Persistent link: https://www.econbiz.de/10011806262
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Excess liquidity, bank pricing rules, and monetary policy
Agénor, Pierre-Richard (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003759136
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A study of US monetary policy implementation : demand for reserves on a period average basis
Judson, Ruth A.; Klee, Elizabeth - 2009
Persistent link: https://www.econbiz.de/10003852208
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Bidding behavior in the longer term refinancing operations of the European Central Bank : evidence from a panel sample selection model
Linzert, Tobias; Nautz, Dieter; Bindseil, Ulrich - In: Journal of banking & finance 31 (2007) 5, pp. 1521-1543
Persistent link: https://www.econbiz.de/10003461178
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Why the marginal MRO rate exceeds the ECB policy rate?
Välimäki, Tuomas (contributor) - 2006
Persistent link: https://www.econbiz.de/10003374936
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Excess liquidity, bank pricing rules, and monetary policy
Agénor, Pierre-Richard; El Aynaoui, Karim - In: Journal of banking & finance 34 (2010) 5, pp. 923-933
Persistent link: https://www.econbiz.de/10003971301
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Monetary transmission right from the start : the (dis)connection between the money market and the ECB’s main refinancing rates
Abbassi, Puriya; Nautz, Dieter - 2010
The relation between the ECB’s main refinancing (MRO) rates and the money market is key for the monetary transmission … allotment policy introduced by the ECB as an unconventionalmeasure to re-stabilize banks’ refinancing conditions. -- Financial …
Persistent link: https://www.econbiz.de/10003953030
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Liquidity management system : floor or corridor?
Bernhardsen, Tom; Kloster, Arne - 2010
Persistent link: https://www.econbiz.de/10003957141
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An assessment of the Bank of Canada's term PRA facility
Enenajor, Emanuella; Sebastian, Alex; Witmer, Jonathan - 2010
This paper empirically assesses the effectiveness of the Bank of Canada's term Purchase and Resale Agreement (PRA) facility in reducing short-term bank funding pressures, as measured by the CDOR-OIS spread. It examines the behaviour of this spread around both term PRA announcement dates and term...
Persistent link: https://www.econbiz.de/10003996872
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Structural econometric approach to bidding in the main refinancing operations of the Eurosystem
Cassola, Nuno (contributor); Ewerhart, Christian (contributor) - 2007
This paper contributes to the existing literature on central bank repo auctions. It is based on a structural econometric approach, whereby the primitives of bidding behavior (individual bid schedules and bid-shading components) are directly estimated. With the estimated parameters we calibrate a...
Persistent link: https://www.econbiz.de/10003516661