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Scarcity and Spotlight Effects on Liquidity : Quantitative Easing in Japan

Pelizzon, Loriana - 2018

We investigate the determinants of the term structures of bond yield and market liquidity in the context of the … (JGBs) show an improvement in liquidity through the spotlight effect but also experience a deterioration in liquidity … deterioration in liquidity …

Persistent link: https://www.econbiz.de/10012929473

Estimating the effective lower bound for the Czech National Bank's policy rate

Kolcunova, Dominika; Havránek, Tomáš - 2018

The paper focuses on the estimation of the effective lower bound for the Czech National Bank's policy rate. The effective lower bound is determined by the value below which holding and using cash would be preferable to deposits with negative yields. This bound is approximated based on storage,...

Persistent link: https://www.econbiz.de/10011901964

How banks respond to negative interest rates : evidence from the Swiss exemption threshold

Basten, Christoph; Mariathasan, Mike - 2018

an earlier rate cut within positive territory, and risk-taking reduces regulatory capital cushions and liquidity. …

Persistent link: https://www.econbiz.de/10011795014

Loss averse depositors and monetary policy around zero

Stettler, Christian - 2020

Recent experience from Europe and Japan shows that commercial banks generally pass negative short-term policy rates on to wholesale depositors, such as insurances and pension funds. Yet, they refrain from charging negative rates to ordinary retail customers. This paper asks whether the existing...

Persistent link: https://www.econbiz.de/10012202257

Dealer financial conditions and lender-of-last-resort facilities

Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014

provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to … liquidity in explaining dealer behavior. The results suggest that both financial performance and balance sheet liquidity play a …

Persistent link: https://www.econbiz.de/10010404154

The Quest for Stability: The Macro View

Buiter, Willem H.; Gerlach, Stefan; Kool, Clemens J.M.; … - 2010

On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.

Persistent link: https://www.econbiz.de/10011689943

The Quest for Stability: the macro view

Buiter, Willem Hendrik; Gerlach, Stefan; Kool, Clemens J.M. - SUERF - The European Money and Finance Forum

Persistent link: https://www.econbiz.de/10008544608

The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area

Horst, Maximilian; Neyer, Ulrike - 2019

excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first … part of this paper analyses the Eurosystem's liquidity management during normal times, crisis times and times of too low in … banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a …

Persistent link: https://www.econbiz.de/10012099037

Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...

Persistent link: https://www.econbiz.de/10010295857

Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2006

Persistent link: https://www.econbiz.de/10010298366