We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity of private consumption even as the household sector's debt-to-income ratio...

This paper addresses the lack of reliable information about overnight interest rates in the Norwegian interbank market. We infer actual interest rates from interbank transactions recorded in the real-time gross settlement (RTGS) system of Norges Bank over the period October 2006 - November 2010....

We analyze the relationship of the distribution of future GDP growth and accumulation of household debt in Finnish macroeconomic data from 1980 to 2019. We find clear evidence that exuberant accumulation of household debt is related to the thickening of the left tail of the future growth...

This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such loans and the spreads between the interest rates on...

Im Jahr 2020 publizierte das Bundesfinanzministerium den 5. Tragfähigkeitsbericht zur Staatsverschuldung in Deutschland für den Zeitraum bis 2060. Ausgangspunkt ist die zutreffende Erkenntnis, dass die von der Alterung der Gesellschaft abhängigen Kostensteigerungen auf lange Sicht über der...

As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks' balance sheets can have very sizeable implications for the transmission of monetary policy. This paper provides an overview of developments in banks' balance sheets, profitability...

Studie zu Dispozinsen / Ratenkrediten Aktenzeichen: 514-06.01-2810HS034 Laufzeit 8/2011 – 5/2012 - Zusammenfassung – In Deutschland verfügen etwa 80 Prozent der Haushalte über einen Dispositionskredit. Bei beträchtlicher Variation liegt der eingeräumte Kreditrahmen bei knapp dem 3-fachen...

Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents...

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

This paper contributes to the ongoing debate about the changing dynamics in the money market rates after 2007. It aims to analyse the interest rate channel of monetary policy transmission until the federal funds target rate reached the zero lower bound. A set of different model explains both...