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Consumer Cash Usage : A Cross-Country Comparison with Payment Diary Survey Data

Bagnall, John - 2016

We measure consumers' use of cash by harmonizing payment diary surveys from seven countries: Australia, Austria, Canada, France, Germany, the Netherlands, and the United States (conducted 2009 through 2012). Our paper finds important cross-country differences, for example, the level of cash...

Persistent link: https://www.econbiz.de/10012988736

Is There a Bank lending Channel in France? Evidence From Bank Panel Data.

Loupias, C.; Savignac, F.; Sevestre, P. - Banque de France - 2002

The aim of this paper is to check the possible existence of a bank lending channel in France. For that purpose, we have estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity and capitalization. We have used a panel of 312...

Persistent link: https://www.econbiz.de/10005056537

Distributional Consequences of Asset Price Inflation in the Euro Area

Adam, Klaus - 2016

We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...

Persistent link: https://www.econbiz.de/10012988678

The Financial Market Effects of the ECB's Asset Purchase Programs

Lewis, Vivien - 2017

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...

Persistent link: https://www.econbiz.de/10012948246

Heterogeneity in Euro-Area Monetary Policy Transmission : Results from a Large Multi-Country BVAR Model

Mandler, Martin - 2016

We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...

Persistent link: https://www.econbiz.de/10012988640

Money Growth and Consumer Price Inflation in the Euro Area : A Wavelet Analysis

Mandler, Martin - 2016

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet … analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the … frequency spectrum and across time. We find evidence of strong comovements between money growth and inflation at low frequencies …

Persistent link: https://www.econbiz.de/10012988717

External Financing and Economic Activity in the Euro Area : Why are Bank Loans Special?

Aldasoro, Iñaki; Unger, Robert - 2021

Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...

Persistent link: https://www.econbiz.de/10013315466

Cross-Border Liquidity, Relationships and Monetary Policy : Evidence from the Euro Area Interbank Crisis

Abbassi, Puriya - 2016

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

Persistent link: https://www.econbiz.de/10012988708

Banks' financial conditions and the transmission of monetary policy: a FAVAR approach.

Jimborean, R.; Mésonnier, J-S. - Banque de France - 2010

We propose a novel approach to assess whether banks' financial conditions, as reflected by bank-level information, matter for the transmission of monetary policy, while reconciling the micro and macro levels of analysis. We include factors summarizing large sets of individual bank balance sheet...

Persistent link: https://www.econbiz.de/10008678192

Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity.

Jondeau, E.; Sahuc, J-G. - Banque de France - 2006

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed....

Persistent link: https://www.econbiz.de/10004998845