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It is only natural : Europe's low interest rates (trajectory and drivers)
Arena, Marco; Di Bella, Gabriel; Cuevas, Alfredo; … - 2020
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...
Persistent link: https://www.econbiz.de/10012252665
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News shocks spillovers : how the euro area responds to expected Fed policy
Rudel, Paul; Tillmann, Peter - 2018
monetary policy news shock based on a VAR model. A monetary news shock is equivalent to new information about the Fed's future … monetary policy becoming available today. One example of a monetary news shock is a Forward Guidance announcement, where the … shocks. We estimate the response of the euro area to an expected future policy tightening of the Fed. The U.S. news shock …
Persistent link: https://www.econbiz.de/10011921241
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Jagged cliffs and stumbling blocks : interest rate pass-through fragmentation during the euro area crisis
Holton, Sarah; Rodriguez d'Acri, Costanza - 2015
Persistent link: https://www.econbiz.de/10011317251
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A framework for assessing policy space in ASEAN+3 economies and the combat against COVID-19 pandemic
Chaipat Poonpatpibul; Hong, Seung Hyun; Choi, Jinho; … - 2020
Persistent link: https://www.econbiz.de/10012819595
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Euro area shadow banking activities in a low-interest-rate environment : a flow-of-funds perspective
Beck, Günter W.; Kotz, Hans-Helmut - 2016
Very low policy rates as well as the substantial redesign of rules and supervisory institutions have changed background conditions for the Euro Area's financial intermediary sector substantially. Both policy initiatives have been targeted at improving societal welfare. And their potential side...
Persistent link: https://www.econbiz.de/10011456949
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International liquidity shocks and the European sovereign debt crisis : was euro area unconventional monetary policy successful?
Everett, Mary M. - 2015
sovereigns manifested in a liquidity shock to their international funding through two channels: (i) a contraction in cross … households, is documented for euro area banks affected by the international liquidity shock and that drew on ECB liquidity under …
Persistent link: https://www.econbiz.de/10011374059
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What drives sovereign debt portfolios of banks in a crisis context?
Lamas, Matías; Mencía, Javier - 2019
We study determinants of sovereign portfolios of Spanish banks over a long time-span, starting in 2008. Our findings challenge the view that banks engaged in moral hazard strategies to exploit the regulatory treatment of sovereign exposures. In particular, we show that being a weakly capitalized...
Persistent link: https://www.econbiz.de/10011978836
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Measuring connectedness of Euro area sovereign risk
Gätjen, Rebekka; Schienle, Melanie - 2015
We introduce a methodology for measuring default risk connectedness that is based on an out-of-sample variance decomposition of model forecast errors. The out-of-sample nature of the procedure leads to "realized" measures which, in practice, respond more quickly to crisis occurrences than those...
Persistent link: https://www.econbiz.de/10010503874
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Seigniorage and central banks' financial results in times of unconventional monetary policy
Polański, Zbigniew; Szadkowski, Mikołaj - 2020
Persistent link: https://www.econbiz.de/10012241878