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Monetary policy and bank equity values in a time of low and negative interest rates
Ampudia, Miguel; Heuvel, Skander van den - 2019
-frequency event study methodology and intraday data, we find that the effect of surprise interest rate cuts announced by the ECB on …
Persistent link: https://www.econbiz.de/10012182094
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Quantitative easing in the euro area and SMEs access to finance : who benefits the most?
Funk, Anne Kathrin - 2019
Central Bank (ECB) quantitative easing programme in early 2015 that bank lending improved sustainably. This study analyses the … impact of the ECB's Public Sector Purchase Programme (PSPP) on the access to finance of small- and medium-sized enterprises …, sector, and country. The ECB's government bond purchases improved financial access on the aggregate euro area level and …
Persistent link: https://www.econbiz.de/10011970956
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Heterogeneous effects of unconventional monetary policy on bond yields across the euro area
Demir, İshak; Eroğlu, Burak Alparslan; … - 2019
4207 This paper investigates the impact of European Central Bank's unconventional monetary policies between 2008-2016 on the government bond yields of eight European Monetary Union countries and up to eleven different maturities. In identifying this impact, it adopts a novel econometric...
Persistent link: https://www.econbiz.de/10012147209
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Quantitative easing in the euro area and SMEs' access to finance : who benefits the most?
Funk, Anne Kathrin - 2018
area slowed down dramatically bringing the economy close to a credit crunch. It was only after the start of the ECB …’s quantitative easing programme in early 2015 that bank lending improved sustainably. The study analyses the impact of the ECB … ECB’s government bond purchases improved financial access on the aggregate euro area level and particularly in the …
Persistent link: https://www.econbiz.de/10011977350
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Bank’s risk-taking channel of monetary policy and TLTRO : evidence from the eurozone
Afonso, António; Ferreira, Jorge Braga - 2024
Using a panel data approach with bank-fixed effects, we study the impact of Targeted Longer-Term Refinancing Operations (TLTRO) on banks’ risk, given by their distance to default (DtD). The study aims to determine if the liquidity from TLTROs influences banks’ risk-taking behaviour. For the...
Persistent link: https://www.econbiz.de/10014533785
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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the euro area ( by Carlo Altavilla and Matteo Ciccarelli
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10003963762
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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the Euro area
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10003813633
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Forecasting ECB monetary policy : accuracy is (still) a matter of geography
Berger, Helge (contributor); Ehrmann, Michael (contributor);  … - 2006
and to anticipate monetary policy by the ECB? Using a database of surveys of professional ECB policy forecasters in 24 …. -- monetary policy ; ECB ; forecast ; geography ; history; heterogeneity; Taylor rule ; learning ; transmission ; survey data …
Persistent link: https://www.econbiz.de/10003370562
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Forecasting ECB Monetary Policy : Accuracy is (Still) a Matter of Geography
Ehrmann, Michael; Fratzscher, Marcel; Berger, Helge - 2021
and to anticipate monetary policy by the ECB? Using a database of surveys of professional ECB policy forecasters in 24 …
Persistent link: https://www.econbiz.de/10013318108
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Monetary Policy When Interest Rates are Bounded at Zero
Fuhrer, Jeffrey C.; Madigan, Brian F. - 1998
This paper assesses the importance of the zero lower bound on nominal interest rates for the interest-rate channel of monetary policy. We simulate several interest-rate setting policy rules with either high or low inflation targets. We determine the extent to which the zero bound prevents real...
Persistent link: https://www.econbiz.de/10014068731