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The Design and Transmission of Central Bank Liquidity Provisions

Carpinelli, Luisa - 2020

We analyze the role of loan maturity and collateral eligibility for the transmission of central bank liquidity … provisions to banks following a wholesale funding dry-up. We analyze the transmission of the three-year LTRO—which substantially …

Persistent link: https://www.econbiz.de/10012854562

To whom do banks channel central bank funds?

Bednarek, Peter; Dinger, Valeriya; Kaat, Daniel Marcel te; … - In: Journal of banking & finance 128 (2021), pp. 1-13

Persistent link: https://www.econbiz.de/10012821639

On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union

Darracq Paries, Matthieu - 2019

appropriate degree of policy accommodation. The transmission of these measures through the currency union remained highly …-specific macroeconomic transmission of selected non-standard measures from the ECB using a global DSGE model with a rich financial sector: we … rate responses after ECB's Asset Purchase Programme (APP) first announcement. The domestic transmission of the APP through …

Persistent link: https://www.econbiz.de/10012889467

Broadening Narrow Money : Monetary Policy with a Central Bank Digital Currency

Meaning, Jack - 2018

This paper discusses central bank digital currency (CBDC) and its potential impact on the monetary transmission … and policy practitioners. We then investigate how CBDC could affect the various stages of transmission, from markets for … varying the price or quantity of central bank money, and that transmission may even strengthen for a given change in policy …

Persistent link: https://www.econbiz.de/10012918967

Identifying Monetary Policy Shocks Using the Central Bank's Information Set

Bachmann, Ruediger; Gödl-Hanisch, Isabel; Sims, Eric R. - National Bureau of Economic Research - 2021

We identify monetary policy shocks by exploiting variation in the central bank's information set. To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate movements in the policy rate unrelated to economic...

Persistent link: https://www.econbiz.de/10012794600

Excess Reserves and Monetary Policy Implementation

Armenter, Roc - 2016

In response to the Great Recession, the Federal Reserve resorted to several unconventional policies that drastically altered the landscape of the federal funds market. The current environment, in which depository institutions are flush with excess reserves, has forced policymakers to design a...

Persistent link: https://www.econbiz.de/10012978386

Monetary Policy Under the Microscope : Intra-Bank Transmission of Asset Purchase Programs of the ECB

Cycon, Lisa - 2016

With a unique loan portfolio maintained by a top-20 universal bank in Germany, this study tests whether unconventional monetary policy by the European Central Bank reduced corporate borrowing costs. We decompose corporate lending rates into refinancing costs, as determined by money markets, and...

Persistent link: https://www.econbiz.de/10013003937

When Does the Cost Channel Pose a Challenge to Inflation Targeting Central Banks?

Smith, Andrew - 2016

In a sticky-price model where firms finance their production inputs, there is both a lower and an upper bound on the central bank's inflation response necessary to rule out the possibility of self-fulfilling inflation expectations. This paper shows that real wage rigidities decrease this upper...

Persistent link: https://www.econbiz.de/10013004074

Managing the Fed's Liftoff and Transmission of Monetary Policy

Singh, Manmohan - 2015

In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed's liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can...

Persistent link: https://www.econbiz.de/10013013811

ECB-Global : Introducing ECB's Global Macroeconomic Model for Spillover Analysis

Dieppe, Alistair - 2017

international shock propagation for the euro area, the US, Japan, the UK, China, oil-exporting economies and the rest of the world …

Persistent link: https://www.econbiz.de/10012958272