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Limited commitment, endogenous credibility and the challenges of price-level targeting

Cateau, Gino; Shukayev, Malik - 2018

This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a...

Persistent link: https://www.econbiz.de/10011946949

China's footprint in global financial markets

Lodge, David; Manu, Ana-Simona; Van Robays, Ine - 2024

Using daily data since 2017, we disentangle China-specific structural shocks driving Chinese financial markets and examine spillovers across global markets. The novelty of this paper consists of simultaneously identifying China shocks with shocks emanating from the United States and shocks to...

Persistent link: https://www.econbiz.de/10014471891

BigTech credit and monetary policy transmission : micro-level evidence from China

Huang, Yiping; Li, Xiang; Qiu, Han; Yu, Changhua - 2023

This paper studies monetary policy transmission through BigTech and traditional banks. By comparing business loans made by a BigTech bank with those made by traditional banks, it finds that BigTech credit amplifies monetary policy transmission mainly through the extensive margin. Specifically,...

Persistent link: https://www.econbiz.de/10014248716

European banks are not immune to national elections

Fungáčová, Zuzana; Kerola, Eeva; Weill, Laurent - 2024

We investigate whether European banks adjust their loan prices and volumes of new lending in the months running up to major national elections. Using a unique dataset that draws on data covering some 250 banksin 19 Eurozone countries from 2010 to 2020 at monthly frequency, and that includes...

Persistent link: https://www.econbiz.de/10014481038

Fear the walking dead? : zombie firms in the euro area and their effect on healthy firms' credit conditions

Havemeister, Lea Katharina; Horn, Kristian - 2023

on productivity or investment, zombies may also cause negative financial spillover effects, where zombies receive credit …

Persistent link: https://www.econbiz.de/10014309045

Technological innovation and the bank lending channel of monetary policy transmission

Hasan, Iftekhar; Li, Xiang; Takalo, Tuomas - 2023

This paper studies whether and how banks' technological innovations affect the bank lending channel of monetary policy transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms' earning-based borrowing constraints and thereby enlarges the response...

Persistent link: https://www.econbiz.de/10014443832

Assessing targeted longer-term refinancing operations : identification through search intensity

Laine, Olli-Matti; Nelimarkka, Jaakko - 2023

and statistically significant positive effects on GDP growth, bank lending and firm investment. …

Persistent link: https://www.econbiz.de/10014364058

Quantitative easing, accounting and prudential frameworks, and bank lending

Orame, Andrea; Ramcharan, Rodney; Robatto, Roberto - 2023

We study whether regulation that relies on historical cost accounting (HCA) rather than mark-to-market accounting (MMA) to insulate banks' net worth from financial market volatility affects the transmission of quantitative easing (QE) through the bank lending channel. Using detailed supervisory...

Persistent link: https://www.econbiz.de/10014320749

Monetary policy transmission below zero

Fungáčová, Zuzana; Kerola, Eeva; Laine, Olli-Matti - 2023

This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010-2020. We find changes in the pass-through as policy rates first dip below zero in 2014 and again when negative interest rates become more persistent...

Persistent link: https://www.econbiz.de/10014308203

The Investment Channel of Monetary Policy : evidence from Norway

Cao, Jin; Hegna, Torje; Holm, Martin Blomhoff; … - 2023

We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main … that firm heterogeneity plays a minor role in monetary transmission. Second, we disentangle the investment channel of … investment channel of monetary policy is due almost exclusively to direct effects. The two results imply that a representative …

Persistent link: https://www.econbiz.de/10014314082

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