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Bank of the Republic of Macedonia (NBRM), which is complemented with data from banks' balance sheets. By using pooled OLS … Macedonia. For this purpose we use a rather unique database of corporate loans, taken from the Credit Registry of the National …, although the effect is relatively small. The results prove to be robust after controlling for several bank, loan and time …
Persistent link: https://www.econbiz.de/10011944421
period 1997-2008. Data source is O.E.C.D. Panel data are elaborated by the Eviews software package …
Persistent link: https://www.econbiz.de/10013138248
monetary policy does alter bank loan supply, with the effects most dependent on the liquidity of individual banks. Unlike in … the US, the size of a bank does generally not explain its lending reaction. We also show that the standard publicly … ergibt, dass die Geldpolitik das Bankkreditangebot beeinflußt, wobei die Stärke dieses Effekts über Banken in Abhängigkeit …
Persistent link: https://www.econbiz.de/10011419463
microeconomic model of bank competition that contemplates differences in the behavior of public and private banks and the …
Persistent link: https://www.econbiz.de/10011900116
The uncertainty around future changes to the Federal Reserve target rate varies over time. In our results, the main driver of uncertainty is a "path" factor signaling information about future policy actions, which is filtered from federal funds futures data. The uncertainty is highest when it...
Persistent link: https://www.econbiz.de/10011576374
Some key features in the historical dynamics of U.S. Treasury bond yields-a trend in long-term yields, business cycle movements in short-term yields, and a level shift in yield spreads-pose serious challenges to existing equilibrium asset pricing models. This paper presents a new equilibrium...
Persistent link: https://www.econbiz.de/10012201422
We compare the Federal Reserve's asset purchase programs with those implemented by the Bank of England and the Swedish … Riksbank, and the Swiss National Bank’s reserve expansion program. We decompose government bond yields into (i) an expectations …
Persistent link: https://www.econbiz.de/10011684923
During and after the Great Recession of 2008-09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more...
Persistent link: https://www.econbiz.de/10011873794
Equilibrium bond-pricing models rely on inflation being bad news for future growth to generate upward-sloping nominal yield curves. We develop a model that can generate upward-sloping nominal and real yield curves by instead using ambiguity about inflation and growth. Ambiguity can help resolve...
Persistent link: https://www.econbiz.de/10011864574
Recent findings on the term structure of equity and bond yields pose serious challenges to existing models of equilibrium asset pricing. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield...
Persistent link: https://www.econbiz.de/10013193433