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The optimal conduct of central bank asset purchases

Darracq Pariès, Matthieu; Kühl, Michael - 2017

We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the … bonds, and households face transaction costs when trading government bonds. Such frictions in the banking sector induce …

Persistent link: https://www.econbiz.de/10011685100

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...

Persistent link: https://www.econbiz.de/10012009191

Bank Capital Structure and the Credit Channel of Central Bank Asset Purchases

Darracq Paries, Matthieu - 2016

programme. We analyse the macroeconomic effects of the Asset Purchase Programme via the banking system, exploiting the cross …-section of individual bank portfolio decisions. For this purpose, an augmented version of the DSGE model of Gertler and Karadi … (2013), featuring a segmented banking sector, is estimated for the euro area and combined with a bank portfolio optimisation …

Persistent link: https://www.econbiz.de/10012988604

Inside money, investment, and unconventional monetary policy

Altermatt, Lukas - 2019 - Revised version

I develop a model that explicitly takes the role of financial institutions in the transmission mechanism of monetary policy into account. Within this model, I find various equilibrium environments, with one of them resembling a standard environment for monetary policy and another one akin to a...

Persistent link: https://www.econbiz.de/10012052588

Inside money, investment, and unconventional monetary policy

Altermatt, Lukas - 2018 - Revised version

I develop a new monetarist model to analyze why an economy can fall into a liquidity trap, and what the effects of unconventional monetary policy measures such as helicopter money and negative interest rates are under these circumstances. I find that liquidity traps can be caused by a decrease...

Persistent link: https://www.econbiz.de/10011790397

Banks' search for yield in the low interest rate environment : a tale of regulatory adaptation banks' search for yield in the low interest rate environment : a tale of regulatory a...

Wang, J. Christina - 2017 - This version: June, 2017

and supervisory reforms enacted to make the nation's banking system safer. Those banking institutions deemed to pose a …

Persistent link: https://www.econbiz.de/10011664168

Are there differences in the effectiveness of quantitative easing at the zero-lower-bound in Japan over time?

Michaelis, Henrike; Watzka, Sebastian - 2014

Using a time-varying parameter vector autoregression (TVP-VAR) with a new sign restriction framework, we study the changing effectiveness of the Bank of Japan's Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy from 1999 to 2000, the Quantitative Easing Policy from...

Persistent link: https://www.econbiz.de/10010383204

The macroeconomic impact of unconventional monetary policy shocks

Meinusch, Annette; Tillmann, Peter - 2014

With the Federal Funds rate approaching the zero lower bound, the U.S. Federal Reserve adopted a range of unconventional monetary policy measures known as Quantitative Easing (QE). Quantifying the impact QE has on the real economy, however, is not straightforward as standard tools such as VAR...

Persistent link: https://www.econbiz.de/10010338158

Are there differences in the effectiveness of quantitative easing in Japan over time?

Michaelis, Henrike; Watzka, Sebastian - 2014

Persistent link: https://www.econbiz.de/10010396034

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

What institutional arrangements for an independent central bank with a price stability mandate promote good policy outcomes when unconventional policies become necessary? Unconventional monetary policy poses challenges. The large scale asset purchases needed to counteract the zero lower bound on...

Persistent link: https://www.econbiz.de/10011901698

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