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Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a …

Persistent link: https://www.econbiz.de/10011710723

Optimal monetary and macroprudential policy in a currency union

Palek, Jakob; Schwanebeck, Benjamin - 2015

The financial crisis proved strikingly that stabilizing the price level is a necessary but not a sufficient condition to ensure macroeconomic stability. The obvious candidate for addressing systemic risk is macroprudential policy. In this paper we study the optimal monetary and macroprudential...

Persistent link: https://www.econbiz.de/10011302459

Consolidation and legacy of foreign currency household lending in central and eastern Europe : the case of Hungary

Kolozsi, Pál Péter; Lentner, Csaba - In: Contemporary economics 14 (2020) 3, pp. 366-378

During the first decade of the 21st century, household FX loans spread in numerous countries in Central and Eastern Europe, where they caused serious macroeconomic and social problems with the spillover of the global financial crisis. Disregarding countries that joined the euro area, Hungary was...

Persistent link: https://www.econbiz.de/10012301687

Financial cycles synchronisation in South Africa : a dynamic conditional correlation (DCC) Approach

Magubane, Khwazi - In: Cogent economics & finance 12 (2024) 1, pp. 1-22

The study analyzed the extent of financial cycle synchronization, as represented by the Aggregate Financial Cycle and the Credit and Housing Cycle, in South Africa from 1975q1 to 2023q4 using the Dynamic Conditional Correlation model and the Vector Erro Correction Mechanism. Financial cycles are...

Persistent link: https://www.econbiz.de/10015393859

Financial stability considerations for monetary policy : theoretical mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022

This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...

Persistent link: https://www.econbiz.de/10012819348

Non-Ricardian borrowers and mortgage type : implications for monetary policy leaning against the wind

Pietrzak, Marcin - In: Journal of central banking theory and practice 13 (2024) 2, pp. 153-185

freely adjust outstanding debt (refinancing) and (ii) dominant mortgage type in the economy (fixed or adjustable rate). I … their disposable income (hand-to-mouth) net of payments on long-term mortgage. I find that the optimal simple policy rule … significantly depends on the ability to adjust debt and on mortgage type. Policy prescriptions based on models not accounting for …

Persistent link: https://www.econbiz.de/10014581561

Monetary and macroprudential policy complementarities : evidence from European credit registers

Altavilla, Carlo; Laeven, Luc; Peydró, José-Luis - 2020

We document that there are strong complementarities between monetary policy and macroprudential policy in shaping the evolution of bank credit. We use a unique loanlevel dataset comprising multiple credit registers from several European countries and different types of loans, including corporate...

Persistent link: https://www.econbiz.de/10012390482

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

Monetary policy and macroprudential policy : rivals or teammates?

Malovana, Simona; Frait, Jan - 2016

This paper sheds some light on situations in which monetary and macroprudential policies may interact (and potentially get into conflict) and contributes to the discussion about the coordination of those policies. Using data for the Czech Republic and five euro area countries we show that...

Persistent link: https://www.econbiz.de/10011568572

The interaction between macroprudential and monetary policies: the cases of Norway and Sweden

Cao, Jin; Dinger, Valeriya; Grodecka-Messi, Anna; … - 2020 - This version: July, 2020

To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish...

Persistent link: https://www.econbiz.de/10012243617