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Shadow banks and the risk-taking channel of monetary policy transmission in the Euro Area

Wischnewsky, Arina; Neuenkirch, Matthias - 2018 - First Draft: June 11, 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/10011864635

Credit market competition and liquidity crises

Elena, Carletti; Leonello, Agnese - 2014

We develop a model where banks invest in reserves and loans, and face aggregate liquidity shocks. Banks with liquidity … financial stability. The structure of liquidity shocks affects the severity and the occurrence of crises, as well as the amount …

Persistent link: https://www.econbiz.de/10010249670

The transmission mechanism of credit support policies in the Euro Area

Boeckx, Jef; Sola Perea, Maite de; 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/10011646726

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/10012064522

Monetary policy transparency

Geraats, Petra M. - 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/10010237274

Economic policy uncertainty, trust and inflation expectations

Istrefi, Klodiana; Piloiu-Popescu, Anamaria-Valeria - 2013 - Second Draft: February 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/10009764421

Inflation targets versus international monetary integration : a Canadian perspective

Laidler, David E. W. - 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/10011541166

The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for...

Persistent link: https://www.econbiz.de/10011397787

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 contractions...

Persistent link: https://www.econbiz.de/10010528949

Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 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/10010528970