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Shocks to bank lending, risk-taking, securitization, and their role for US business cycle fluctuations

Peersman, Gert; Wagner, Wolf - 2014

type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …

Persistent link: https://www.econbiz.de/10010257361

The impact of monetary strategies on inflation persistence

Kočenda, Evžen; Varga, Balázs - 2017

We analyze the impact of price stability-oriented monetary strategies (inflation targeting - IT - and constraining … exchange rate arrangements) on inflation persistence using a time-varying coefficients framework in a panel of 68 countries … (1993-2013). We show that explicit IT has a stronger effect on taming inflation persistence than implicit IT and is …

Persistent link: https://www.econbiz.de/10011597229

Credit shocks and macroeconomic fluctuations in emerging markets

Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2013

In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...

Persistent link: https://www.econbiz.de/10009754529

External shocks and banking crises in developing countries : does the exchange rate regime matter?

Mendis, Chandima - 2002

This paper examines some determinants of banking crises in developing economies. Specifically, the effects of terms of trade shocks and capital flows are analyzed. The choice of the nominal exchange rate regime is found to be a crucial factor in the way various shocks are transmitted through the...

Persistent link: https://www.econbiz.de/10011410637

Rise of the central bank digital currencies : drivers, approaches and technologies

Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020

Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...

Persistent link: https://www.econbiz.de/10012306593

Cryptocurrency market reactions to regulatory news

Auer, Raphael A.; Claessens, Stijn - 2020

Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...

Persistent link: https://www.econbiz.de/10012205633

Embedded supervision : how to build regulation into decentralised finance

Auer, Raphael A. - 2022

The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...

Persistent link: https://www.econbiz.de/10013206072

Crypto trading and bitcoin prices : evidence from a new database of retail adoption

Auer, Raphael A.; Cornelli, Giulio; Dörr, Sebastian; … - 2023

Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel database (made available with this paper) on retail use of crypto exchange apps at daily frequency for 95...

Persistent link: https://www.econbiz.de/10013540782

Macroeconomic effects of unconventional monetary policy in the Euro area

Peersman, Gert - 2011 - This draft: July 2011

I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base, that is so-called quantitative easing. The transmission mechanism turns out to be different compared to traditional interest rate innovations: (i) whilst...

Persistent link: https://www.econbiz.de/10009303919

Effectiveness and transmission of the ECB's balance sheet policies

Boeckx, Jef; Bossche, Maarten; Peersman, Gert - 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...

Persistent link: https://www.econbiz.de/10010383862