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The augmented bank balance-sheet channel of monetary policy

Bittner, Christian; Bonfim, Diana; Heider, Florian; … - 2022

This paper studies how banks’ balance sheets and funding costs interact in the transmission of monetary-policy rates to banks’ credit supply to firms. To do so, we use credit-registry data from Germany and Portugal together with the European Central Bank’s policy-rate cuts in mid-2014. The...

Persistent link: https://www.econbiz.de/10013259629

On the stabilizing role of cash for societies

Rösl, Gerhard; Seitz, Franz - 2022

In this paper, we focus on the stabilizing role of cash from a society-wide perspective. Starting with conceptual remarks on the importance of money for the economy in general, special attention is paid to the unique characteristics of cash. As these become apparent especially during crisis...

Persistent link: https://www.econbiz.de/10013266037

Household expectations and dissent among policymakers

Grebe, Moritz; Tillmann, Peter - 2022

' inflation expectations. We conduct a randomized controlled trial using the Bundesbank Online Panel Households. Participants are … to submit probabilistic inflation expectations. The results show that the vote is informative. Households revise their … subjective inflation forecast after receiving information about the vote. Dissenting votes cause a wider individual distribution …

Persistent link: https://www.econbiz.de/10013278899

Climate change mitigation : how effective is green quantitative easing?

Abiry, Raphael; Ferdinandusse, Marien; Ludwig, Alexander; … - 2022

We develop a two sector incomplete markets integrated assessment model to analyze the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...

Persistent link: https://www.econbiz.de/10013281474

Monetary-fiscal policy relations in the euro area : the impact on the primary balance

Dascher-Preising, Fabienne; Greiner, Alfred - 2022

With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous year and of other macroeconomic variables. In...

Persistent link: https://www.econbiz.de/10013335018

Real effects of financial market integration : evidence from an ECB collateral framework change

Hüttl, Pia; Kaldorf, Matthias - 2022

This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a...

Persistent link: https://www.econbiz.de/10013336407

Going below zero - how do banks react?

Michaelis, Henrike - 2022

Exploiting confidential data on individual German bank balance-sheets, I analyse what characterises a bank that opts to apply negative interest rates to corporate deposits. The results suggest that banks that are highly exposed to the negative interest rate policy (NIRP), i.e. funded by a larger...

Persistent link: https://www.econbiz.de/10013361902

The Eurosystem's asset purchase programmes, securities lending and Bund specialness

Baltzer, Markus; Schlepper, Kathi; Speck, Christian - 2022

The Eurosystem's asset purchase programmes reduced the free float of German Bunds. Market participants feared impaired market functioning in the Bund market and monetary policymakers unintended consequences for monetary policy transmission. We study the intended and unintended consequences of...

Persistent link: https://www.econbiz.de/10013411244

Perceptions about monetary policy

Bauer, Michael D.; Pflueger, Carolin E.; Sunderam, Adi - 2022

We estimate perceptions about the Fed's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions is time-varying and cyclical: high during tightening episodes but low...

Persistent link: https://www.econbiz.de/10013473682

Robust frequency-based monetary policy rules

Dück, Alexander; Verona, Fabio - 2023

that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set … be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific …

Persistent link: https://www.econbiz.de/10013545641