This study examines the transmission of monetary policy in the eurozone from 2005 to 2021. The novelty of this research lies in defining the European Central Bank's monetary policy through three dimensions extracted via principal component analysis. These components, examined across various...

This paper illustrates a case where an increase of the in-terest rates improves the economic activity and reduces incomeinequality. This theoretical exercise deals with a simple model ofdisequilibrium with accountant identities of budget constraints. Inaddition, and following previous models,...

We identify the international credit channel by exploiting Mexican supervisory data sets and foreign monetary policy shocks in a country with a large presence of European and U.S. banks. A softening of foreign monetary policy expands credit supply of foreign banks (e.g., U.K. policy affects...

This paper uses event study analysis to estimate the impact of the United States Federal Reserve Bank's (Fed) quantitative easing (QE) announcements on the mortgage market during the zero lower bound (ZLB) period. A total of 35 QE announcements are identified and their effects are evaluated. The...

In most economies the banking sector plays the major role in the financial system. Therefore, it is of great importance to analyse and understand the mechanism of transmission of monetary policy and its impact on the banking sector. One of the possible repercussions of changing the level of...

Die Europäische Zentralbank (EZB) hat im Zuge der europäischen Schuldenkrise in den vergangenen Jahren massiv an Bedeutung gewonnen. Der sich zuspitzende Verlauf der Krise vor allem in den südlichen Ländern des Euroraums zwang die EZB zu Maßnahmen, die die geldpolitischen Aktivitäten einer...

In the wake of the recent European debt crisis, the European Central Bank (ECB) has grown significantly in importance. As the crisis worsened, the ECB needed to take measures that went far beyond standard monetary policy operations - particularly with respect to its function as lender of last...

In this paper we seek to understand the recent dynamics of the Brazilian housing market, which experienced a significant growth in recent years. In particular, we assess the effects of aggregate productivity and monetary policy shocks on housing market variables. Moreover, we also investigate...

Die Zinsen befinden sich in Deutschland seit mehr als sieben Jahren auf einem historisch niedrigen Niveau. Der Umstand, dass bislang sowohl die Kreditvergabe als auch der Immobilienmarkt als wichtigster Vermögensmarkt moderat auf die historisch niedrigen Zinsen reagiert haben, ist kein Grund...