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 article supplements the research on the effectiveness of monetary policy transmission - especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan...

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...

While conventional monetary policy maintains its role in counteracting inflation, there are doubts that it is sufficient to guard against the risks of financial instability. It has been debated whether monetary policy should lean against the wind, i.e., if central banks should also respond to...

This paper discusses the effects of the ECB's asset purchase programmes (APPs) on the SER spread, while the main focus is given to detail intraday analysis of implementation of the Public Sector Purchase Programme (PSPP). The SER spread is perceived as an important indicator of interbank trust...

Some small open Least Income Countries embarked on rapid accumulation of foreign reserves in the wake of volatile capital inflows. Foreign reserve accumulation is one way of managing volatile capital flows. However, rapid and persistent accumulation is not only costly, but potentially distort...

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,...