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Liquidity and market efficiency : alive and well?

Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015

liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …

Persistent link: https://www.econbiz.de/10011414459

International capital flows at the security level : evidence from the ECB's Asset Purchase Programme

Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Pro- gramme at the security level. Based on net transactions of domestic and foreign securities, we observe euro area sectors' capital ows into individual securities, cleaned from valuation effects. Our...

Persistent link: https://www.econbiz.de/10012197845

Sovereign Illiquidity and Recessions

Gutkowski, Violeta - 2018

liquidity, I examine the importance of sovereign debt liquidity in a New Keynesian environment with wage rigidities and … liquidity of government bonds has significant detrimental effects on output, employment and investment. A shut down of sovereign … policies taken in 2012 aimed at rising liquidity seem to have prevented a longer and deeper economic downturn …

Persistent link: https://www.econbiz.de/10012934189

Does monetary policy impact market integration? : evidence from developed and emerging markets

Caporin, Massimiliano; Pelizzon, Loriana; Plazzi, Alberto - 2017

This paper shows that FED policy announcements lead to a significant increase in international co-movement in the cross-section of equity and particularly sovereign CDS market. The effect is strongest for emerging markets, when the FED relaxes unconventionary monetary policies, and for countries...

Persistent link: https://www.econbiz.de/10011874674

An event study of COVID-19 central bank quantitative easing in advanced and emerging economies

Hartley, Jonathan; Rebucci, Alessandro - 2020

Persistent link: https://www.econbiz.de/10012228897

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

Can unconventional monetary policy contribute to climate action?

Eliet-Doillet, Alice; Maino, Andrea - 2022

This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate change. The announcement had a significant effect...

Persistent link: https://www.econbiz.de/10013192095

Whatever it takes to save the planet? : central banks and unconventional green policy

Ferrari, Alessandro; Landi, Valerio Nispi - 2020

We study the effects of a temporary Green QE, defined as a policy that temporarily tilts the central bank's balance sheet toward green bonds, i.e. bonds issued by firms in non-polluting sectors. To this purpose, we merge a standard DSGE framework with an environmental model. In our model,...

Persistent link: https://www.econbiz.de/10012384477

Toward a green economy : the role of central bank's asset purchases

Ferrari, Alessandro; Landi, Valerio Nispi - 2023

We use a DSGE model to study the effectiveness of green-asset purchases by the central bank (Green QE), along the transition to a carbon-free economy driven by an emission tax, abstracting from price stability considerations. We find that Green QE helps to further reduce emissions, especially in...

Persistent link: https://www.econbiz.de/10013552671

Spillovers of U.S. unconventional monetary policy to emerging markets : the role of capital flows

Anaya Longaric, Pablo Andrés; Hachula, Michael; … - 2015 - This version: November 2, 2015

A growing literature stresses the importance of the “global financial cycle”, a common global movement in asset prices and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle is monetary policy in the U.S., which is...

Persistent link: https://www.econbiz.de/10011405101

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