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Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - 2010

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. …

Persistent link: https://www.econbiz.de/10011605207

House prices and monetary policy in the euro area: Evidence from structural VARs

Nocera, Andrea; Roma, Moreno - 2017

We use a Bayesian stochastic search variable selection structural VAR model to investigate the heterogeneous impact of housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area countries. A novel set of identification...

Persistent link: https://www.econbiz.de/10011804388

Macroprudential policy measures: Macroeconomic impact and interaction with monetary policy

Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020

This paper examines the interactions of macroprudential and monetary policies. We find, using a range of macroeconomic models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on GDP. In the short run, GDP declines by 0.15-0.35%....

Persistent link: https://www.econbiz.de/10012422038

Monetary policy and bank stability: The analytical toolbox reviewed

Albertazzi, Ugo; Barbiero, Francesca; Marqués … - 2020

The response of major central banks to the global financial crisis has revived the debate around the interactions between monetary policy (MP) and bank stability. This technical paper sheds light, quantitatively, on the different mechanisms underlying the relationship between MP and bank...

Persistent link: https://www.econbiz.de/10012422039

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10011605382

Bubbles, Bank Credit and Macroprudential Policies

Derviz, Alexis - 2013

uncollateralized credit. We find that this kind of policy is more successful in suppressing equity price swings than moderating output …

Persistent link: https://www.econbiz.de/10013081636

The Information Content of Money and Credit for US Activity

Albuquerque, Bruno - 2016

We analyse the forecasting power of different monetary aggregates and credit variables for US GDP. Special attention is …-variable single-equation framework with real GDP, an interest rate spread and a monetary or credit variable, in forecasting horizons …. In a second step, we use the selected monetary and credit variables within different VAR models, and compare their …

Persistent link: https://www.econbiz.de/10013004517

Financial Cycles, Credit Bubbles and Stabilization Policies

Schuler, Tobias - 2019

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

Persistent link: https://www.econbiz.de/10012858317

Monetary Policy Shocks and Firms’ Bank Loan Expectations

Ferrando, Annalisa; Grazzini, Caterina Forti - 2023

We provide new evidence on how ECB’s monetary policy decisions affect firms’ bank loan expectations in the euro area. We use firm-level data derived from the ECB Survey on the Access to Finance of Enterprises for the period 2009 to 2022 and identify the impact of monetary policy by comparing...

Persistent link: https://www.econbiz.de/10014352750

House Price Responsiveness of Housing Investments Across Major European Economies

Gattini, Luca - 2012

In comparison with the large literature on house prices, housing investments have been studied far less. This paper investigates the behavior of private residential investments for the six largest European economies, namely: Germany, France, Italy, Spain, the Netherlands and the United Kingdom....

Persistent link: https://www.econbiz.de/10013102106