Similar Search Results

What Does a Financial Shock Do? First International Evidence

Fornari, Fabio - 2013

financial shocks can be separately identified from other shock types and that they exert a significant influence on key …

Persistent link: https://www.econbiz.de/10013086130

Global Impacts of Us Monetary Policy Uncertainty Shocks

Lastauskas, Povilas; Minh, Anh - 2021

We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification. By allowing for rich dynamic interaction between the...

Persistent link: https://www.econbiz.de/10013243822

Necessity As the Mother of Invention : Monetary Policy after the Crisis

Blinder, Alan S. - 2017

We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...

Persistent link: https://www.econbiz.de/10012958182

Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area

Maddaloni, Angela - 2013

We analyze the impact on lending standards of short-term interest rates and macro-prudential policy before the 2008 crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for monetary and prudential policy and using the Bank...

Persistent link: https://www.econbiz.de/10013080478

Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks

Georgiadis, Georgios - 2017

data on monetary policy shock estimates for 29 economies obtained from more than 280 monetary models in the literature …. Consistent with the predictions from our hypothesis we find: Monetary policy shock estimates obtained from New Keynesian DSGE … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates …

Persistent link: https://www.econbiz.de/10012953383

Quantifying Financial Stability Trade-Offs for Monetary Policy : A Quantile VAR Approach

Chavleishvili, Sulkhan; Kremer, Manfred; Lund-Thomsen, … - 2023

We propose a novel empirical approach to inform monetary policymakers about the potential effects of policy action when facing trade-offs between financial and macroeconomic stability. We estimate a quantile vector autoregression (QVAR) for the euro area covering the real economy, monetary...

Persistent link: https://www.econbiz.de/10014352841

The ECB Press Conference : A Textual Analysis

Pavelkova, Andrea - 2022

The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely manner to the public. While research on central bank communication and specifically the European Central Bank’s press conference has shown that it has the potential to move...

Persistent link: https://www.econbiz.de/10014238980

A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply

Darracq Pariès, Matthieu - 2013

The identification of non-standard monetary policy shocks is a key challenge for econometricians, not least as these measures are somewhat unprecedented in modern central banking history and as the instruments vary widely across the various non-standard measures. This paper focuses on the 3-year...

Persistent link: https://www.econbiz.de/10013088278

Macroeconomic Implications of Oil Price Fluctuations : A Regime-Switching Framework for the Euro Area

Holm-Hadulla, Fédéric - 2018

We investigate whether the response of the macro-economy to oil price shocks undergoes episodic changes. Employing a regime-switching vector autoregressive model we identify two regimes that are characterized by qualitatively different patterns in economic activity and inflation following oil...

Persistent link: https://www.econbiz.de/10012931102

Leaning Against the Wind : Macroprudential Policy and the Financial Cycle

Kok, Christoffer - 2019

Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017)...

Persistent link: https://www.econbiz.de/10012894739