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How Low Can Central Banks Go? The Banking Threshold to Negative Interest Rates
Berriel, Tiago - 2019
Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...
Persistent link: https://www.econbiz.de/10012899581
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Monetary policy and bank equity values in a time of low interest rates
Ampudia, Miguel; Heuvel, Skander van den - 2018
This paper examines the effects of monetary policy on the equity values of European banks. We identify monetary policy shocks by looking at changes in the EONIA one-month and two-year swap contract rates during narrow windows around the press statements and press conferences announcing monetary...
Persistent link: https://www.econbiz.de/10011928956
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Crisis management at cross-roads : challenges facing cross-border financial institutions at the EU level : a joint publication with the Centre for European Policy Studies (CEPS)
Ayadi, Rym (ed.); Lierman, Frank (ed.); Balling, Morten (ed.) - Conference "Crisis Management at Cross-Roads" <2009, …; … - 2010
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
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Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019 - Version: 23-October-2018
Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012-06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...
Persistent link: https://www.econbiz.de/10011959752
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Just words?: a quantitative analysis of the communication of the Central Bank of Brazil
Carvalho, Carlos Viana de; Cordeiro, Fernando; Vargas, … - 2013
We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank …
Persistent link: https://www.econbiz.de/10010199541
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New macroeconomic consensus and inflation targeting : Monetary Policy Committee directors' turnover in Brazil
Dias, Maria Helena Ambrosio; Teixeira, Anderson Mutter; … - In: Economia : revista da ANPEC 14 (2013) 3/4, pp. 158-170
The main objective of this paper is to estimate a Central Bank reaction function that accounts for the effects of …
Persistent link: https://www.econbiz.de/10011864874
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Money in monetary policy design : monetary cross-checking in the New-Keynesian Model
Beck, Günter W.; Wieland, Volker - 2009
significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross … the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In …
Persistent link: https://www.econbiz.de/10003887442
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Has the inclusion of forward-looking statements in monetary policy communications made the Bank of Canada more transparent?
Fay, Christine; Gravelle, Toni - 2010
To investigate the extent to which the transparency of the Bank of Canada’s monetary policy has improved, the authors … Bank communications, and in particular their reaction to the recent inclusion of forwardlooking policy-rate guidance in …, speeches by Governing Council members, significantly affect near-term interest rate expectations, indicating that central bank …
Persistent link: https://www.econbiz.de/10008696652
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Money in monetary policy design : monetary cross-checking in the New-Keynesian model
Beck, Günter W.; Wieland, Volker - 2010
significant cross-check with monetary information, when the New-Keynesian model is the central bank's preferred model. The cross … the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In …
Persistent link: https://www.econbiz.de/10003973215
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The effects of learning in interactive monetary policy committees
Berk, Jan Marc; Bierut, Beata K. - 2004
We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting...
Persistent link: https://www.econbiz.de/10011334835