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Applying a macro-finance yield curve to UK quantitative easing

Chadha, Jagjit; Waters, Alex - 2014

We estimate a macro-finance yield curve model for both the nominal and real forward curve for the UK from 1993 to 2008 … response of the yield curve and so gauge the impact of Quantitative Easing on forward rates. We find that 10 year nominal …

Persistent link: https://www.econbiz.de/10010472895

Unconventional Monetary Policy, Bank Lending, and Security Holdings : The Yield-Induced Portfolio Rebalancing Channel

Paludkiewicz, Karol - 2018

a yield-induced portfolio rebalancing channel: Banks experiencing a larger average yield decline in their securities …. The effect is stronger for banks facing many reinvestment decisions. Moreover, I find that banks with larger yield … findings suggest that banks target a specific yield level and shift their investments from the securities to the higher …

Persistent link: https://www.econbiz.de/10012914660

Unconventional Monetary Policy, Bank Lending, and Security Holdings : The Yield-Induced Portfolio Rebalancing Channel

Paludkiewicz, Karol - 2019

), this paper provides evidence for the presence of a yield-induced portfolio rebalancing channel: Banks experiencing a higher … average yield decline of their securities portfolio - induced by unconventional expansionary monetary policy - increase their … decisions. Moreover, I find that banks with a higher average yield decline reduce their overall investments in securities more …

Persistent link: https://www.econbiz.de/10012898444

The international bank lending channel of unconventional monetary policy

Gräb, Johannes; Żochowski, Dawid - 2017

We use a confidential euro area bank-level data set of close to 250 banks to assess outward and inward spillovers of unconventional monetary policies on bank lending. We find that euro area banks increase lending to the rest of the world in response to non-standard ECB monetary policy...

Persistent link: https://www.econbiz.de/10011745788

Excess Reserves, Unconventional Monetary Policy and the Consequences for Fiscal Stimulus Packages

Terveer, Pascal - 2014

Employing huge economic stimulus packages was a common response of many policy leaders during the past financial crisis. In Germany for instance, the government enacted two fiscal packages with an overall volume of approximately 80 billion Euros. On the other hand, the distortions in the banking...

Persistent link: https://www.econbiz.de/10013053647

The transmission mechanism of credit support policies in the Euro Area

Boeckx, Jef; Sola Perea, Maite de; Peersman, Gert - 2017

We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have indeed been succesful in stimulating the credit flow of...

Persistent link: https://www.econbiz.de/10011646726

The transmission mechanism of credit support policies in the Euro Area

Boeckx, Jef; Sola Perea, Maite de; Peersman, Gert - 2016

Persistent link: https://www.econbiz.de/10011634998

The Transmission Mechanism of Credit Support Policies in the Euro Area

Boeckx, Jef - 2017

Persistent link: https://www.econbiz.de/10012955416

The financial market impact of UK quantitative easing

Breedon, Francis J.; Chadha, Jagjit; Water, Alex - 2012

the UK's initial 2009-10 QE Programme on bonds and other assets. First, we use a macro-finance yield curve both to create …

Persistent link: https://www.econbiz.de/10009580086

Central bank asset purchase programs in emerging market economies

Beirne, John; Sugandi, Eric - 2023

We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs, EME bond spreads would have been...

Persistent link: https://www.econbiz.de/10014251054