Similar Search Results

Financial intermediaries and the macroeconomy : evidence from a high-frequency identification

Ottonello, Pablo; Song, Wenting - 2022 - Last updated: May 20, 2022

We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...

Persistent link: https://www.econbiz.de/10013252981

Monetary Easing, Leveraged Payouts and Lack of Investment

Acharya, Viral V. - 2020

, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …

Persistent link: https://www.econbiz.de/10012846842

Oligopoly Banking, Risky Investment, and Monetary Policy

Altermatt, Lukas; Wang, Zijian - 2021

Oligopolistic competition in the banking sector and risk in the real economy are important characteristics of developed economies, but so far they have mostly been abstracted from monetary models. We build a dynamic general equilibrium model of monetary policy transmission that incorporates both...

Persistent link: https://www.econbiz.de/10013219369

Water in the Wine? Monetary Policy and the Impact of Non-bank Financial Intermediaries

Kronick, Jeremy - 2020

Persistent link: https://www.econbiz.de/10012842085

A leaky pipeline : macroprudential policy shocks, non-bank financial intermediation and systemic risk in Europe

Krenz, Johanna; Verma, Akhilesh K - 2023

How does macroprudential regulation affect financial stability in the presence of non-bank financial intermediaries? We estimate the contributions of traditional banks vis-'a-vis non-bank financial intermediaries to changes in systemic risk - measured as ∆CoVaR - after macroprudential policy...

Persistent link: https://www.econbiz.de/10014463362

The impact of central bank liquidity support on banks' balance sheets

Haan, Leo de; Holton, Sarah; End, Jan-Willem van den - 2019

We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity...

Persistent link: https://www.econbiz.de/10012117687

Precautionary liquidity shocks, excess reserves and business cycles

Bratsiotis, George; Theodoridis, Konstantinos - 2020

overall effect is a downward co-movement in output, consumption, investment and prices, which is amplified the higher are the …

Persistent link: https://www.econbiz.de/10012483779

Investor heterogeneity and large-scale asset purchases

Breckenfelder, Johannes; De Falco, Veronica - 2024

Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor...

Persistent link: https://www.econbiz.de/10014528264

Monetary Policy and Excessive Bank Risk Taking

Agur, Itai - 2011

If monetary policy is to aim at financial stability, how would it change? To analyze this question, this paper develops a general-form, axiomatic framework. Financial stability objectives are shown to make a monetary authority more conservative and more aggressive. Conservative as it sets higher...

Persistent link: https://www.econbiz.de/10013133773

Monetary Policy and Excessive Bank Risk Taking

Agur, Itai - 2011

This paper shows that a rate hike has countervailing effects on banks' risk appetite. It reduces risk when the debt burden of the banking sector is modest. We model a regulator whose trade-off between bank risk and credit supply is derived from a welfare function. We show that the regulator...

Persistent link: https://www.econbiz.de/10013119110

1
2
3
4
5
6
7
8
9
10
Next
Last