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Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area

Wischnewsky, Arina; Neuenkirch, Matthias - 2018

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks’ total asset growth and their risk assets ratio. Our dataset covers the period 2003Q1 - 2017Q3 and includes, in addition to the standard...

Persistent link: https://www.econbiz.de/10011887378

The Transmission Mechanism of Credit Support Policies in the Euro Area

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

sheets (liquidity effect), banks that depend more on wholesale funding (retail effect) and low-capitalized banks (capital … levels of bank capitalization at the same time mitigate the size, retail and liquidity effects of the policies. The drag on … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

Persistent link: https://www.econbiz.de/10011657163

The Countercyclical Capital Buffer and the Composition of Bank Lending

Auer, Raphael A.; Ongena, Steven - 2019

Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks’ supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...

Persistent link: https://www.econbiz.de/10012141016

The Countercyclical Capital Buffer and the Composition of Bank Lending

Auer, Raphael A. - 2019

Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...

Persistent link: https://www.econbiz.de/10012861456

Inflation Targets Versus International Monetary Integration - A Canadian Perspective

Laidler, David - 2002

The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent economic performance under inflation targets, and arguments...

Persistent link: https://www.econbiz.de/10010315333

Economic Policy Uncertainty, Trust and Inflation Expectations

Istrefi, Klodiana; Piloiu, Anamaria - 2013

Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents' expectations of inflation in the long term. Our estimated structural VARs show that both long- and short-term inflation expectations are...

Persistent link: https://www.econbiz.de/10010317052

Monetary Policy Transparency

Geraats, Petra - 2014

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...

Persistent link: https://www.econbiz.de/10010333377

Central Bank Balance Sheets: Expansion and Reduction since 1900

Ferguson, Niall; Schaab, Andreas; Schularick, Moritz - 2015

In this paper we study the evolution of central banks’ balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and...

Persistent link: https://www.econbiz.de/10010531851

Forward Guidance Contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015

when the economy is stuck in a liquidity trap. Utilizing the New Keynesian Framework, we establish the properties of simple …

Persistent link: https://www.econbiz.de/10010531853

(Why) Do Central Banks Care About Their Profits?

Goncharov, Igor; Ioannidou, Vasso; Schmalz, Martin C. - 2017

We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits. The discontinuity in the profit distribution is (i) more pronounced amid greater political or public pressure, the public’s receptiveness to more extreme political...

Persistent link: https://www.econbiz.de/10011698713