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Money, credit, monetary policy, and the business cycle in the euro area : what has changed since the crisis?

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012000041

Regional heterogeneity and monetary policy

Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph - 2015

We study the implications of regional heterogeneity within a currency union for monetary policy. We ask, first, does …

Persistent link: https://www.econbiz.de/10010528702

Fiscal implications of the Federal Reserve's balance sheet normalization

Cavallo, Michele; Del Negro, Marco; Frame, W. Scott; … - 2018

The paper surveys the recent literature on the fiscal implications of central bank balance sheets, with a special focus on political economy issues. It then presents the results of simulations that describe the effects of different scenarios for the Federal Reserve's longer-run balance sheet on...

Persistent link: https://www.econbiz.de/10011778977

The international transmission of monetary policy

Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda S.; … - 2018

that the frictions that banks face matter; in particular, foreign currency funding and hedging considerations can be a key …

Persistent link: https://www.econbiz.de/10011824865

Another view on US treasury term premiums

Durham, J. Benson - 2013

The consensus suggests that subdued nominal U.S. Treasury yields on balance since the onset of the global financial crisis primarily reflect exceptionally low, if not occasionally negative, term premiums as opposed to low anticipated short rates. Depressed term premiums plausibly owe to...

Persistent link: https://www.econbiz.de/10010222888

Regional heterogeneity and monetary policy

Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph - 2017 - Revised

We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending...

Persistent link: https://www.econbiz.de/10011634593

The effectiveness of nonstandard monetary policy measures : evidence from survey data

Altavilla, Carlo; Giannone, Domenico - 2015

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of...

Persistent link: https://www.econbiz.de/10011399333

Balance sheets, exchange rates, and international monetary spillovers

Akinci, Ozge; Queralto, Albert - 2018

spillovers of U.S. monetary policy. Home borrowers obtain funds from domestic households in domestic currency, as well as from … home currency's premium and an exchange rate depreciation. We use the model to investigate how international monetary … spillovers are affected by the degree of currency mismatches in balance sheets, and whether the latter make it desirable for …

Persistent link: https://www.econbiz.de/10011857420

An empirical analysis of stock and bond market liquidity

Chordia, Tarun (contributor); Sarkar, Asani (contributor); … - 2003 - [Elektronische Ressource]

This paper explores liquidity movements in stock and Treasury bond markets over a period of more than 1800 trading days. Cross-market dynamics in liquidity are documented by estimating a vector autoregressive model for liquidity (that is, bid-ask spreads and depth), returns, volatility, and...

Persistent link: https://www.econbiz.de/10001752003

The execution of monetary policy : a tale of two central banks

Bartolini, Leonardo (contributor); … - 2003 - [Elektronische Ressource]

The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...

Persistent link: https://www.econbiz.de/10001752004