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Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2024
We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply...
Persistent link: https://www.econbiz.de/10014520834
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Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10012649768
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The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area
Horst, Maximilian; Neyer, Ulrike - 2019
In March 2015, the Eurosystem launched its QE-programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem's liquidity...
Persistent link: https://www.econbiz.de/10012099037
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The rebalancing channel of QE : new evidence at the security level in the euro area
Hudepohl, Tom - 2022
Persistent link: https://www.econbiz.de/10013463424
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Portfolio rebalancing and the transmission of large-scale asset purchase programs : Evidence from the euro area
Albertazzi, Ugo; Becker, Bo; Boucinha, Miguel - In: Journal of financial intermediation 48 (2021), pp. 1-13
Persistent link: https://www.econbiz.de/10012801726
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Effects and risks of unconventional monetary policy
Homburg, Stefan - 2017
During and after the Great Recession, the European Central Bank adopted unconventional monetary policies that are more or less uncontroversial in the literature. By contrast, its quantitative easing (QE) program that started in 2015 is highly disputed. The article evaluates the pros and cons of...
Persistent link: https://www.econbiz.de/10011655235
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Unconventional monetary policy and inflation expectations in the euro area
Aßhoff, Sina; Belke, Ansgar; Osowski, Thomas - 2020
Auswirkungen der unkonventionellen Geldpolitik ist nicht trivial, da standardisierte empirische Instrumente wie die VAR … Problem zu lösen. Wir stellen fest, dass die unkonventionelle Geldpolitik zwar kurzfristig zu einem Anstieg der … beigetragen hat. Dennoch deuten sie auf einen durch die unkonventionelle Geldpolitik ausgelösten Anstieg des mittelfristigen …
Persistent link: https://www.econbiz.de/10012149519
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Asymmetric macroeconomic effects of QE-induced increases in excess reserves in a monetary union
Horst, Maximilian; Neyer, Ulrike; Stempel, Daniel - 2020
The Eurosystem's large-scale asset purchases (quantitative easing, QE) induce a strong and persistent increase in excess reserves in the euro area banking sector. These excess reserves are heterogeneously distributed across euro area countries. This paper develops a two-country New Keynesian...
Persistent link: https://www.econbiz.de/10012243601
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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
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Economic support during the COVID crisis : quantitative easing and lending support schemes in the UK
Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven - 2021
We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the former QE programme was particularly...
Persistent link: https://www.econbiz.de/10012614521