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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

Corporate Loans, Banks’ Internal Risk Estimates and Central Bank Collateral : Evidence from the Euro Area

Calza, Alessandro; Hey, Julius-Benjamin; Parrini, Alessandro - 2021

We use a unique dataset of ratings for euro area corporate loans from commercial banks’ internal rating-based (IRBs) systems and central banks’ in-house credit assessment systems (ICASs) to investigate whether banks’ IRB ratings underestimate the credit risk of their corporate loan...

Persistent link: https://www.econbiz.de/10013217542

Supervisory policy stimulus: Evidence from the euro area dividend recommendation

Dautovic, Ernest; Gambacorta, Leonardo; Reghezza, Alessio - 2023

At the onset of the Covid-19 outbreak, central banks and supervisors introduced dividend restrictions as a new policy … estimate the impact of the ECB's dividend recommendation on bank lending and risk-taking. To address identification issues, we … fiscal policies that supported credit during the Covid-19 downturn and investigates their interaction with the dividend …

Persistent link: https://www.econbiz.de/10014374584

Bank Risk-Taking, Securitization, Supervision and Low Interest Rates : Evidence from the Euro Area and the U.S. Lending Standards

Maddaloni, Angela - 2010

Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...

Persistent link: https://www.econbiz.de/10013138019

The Impact of the ECB's Targeted Long-Term Refinancing Operations on Banks’ Lending Policies : The Role of Competition

Andreeva, Desislava Č. - 2020

We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...

Persistent link: https://www.econbiz.de/10012844182

Does the European Central Bank Speak Differently When in Parliament?

Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2022

Parliamentary hearings are a fundamental tool to hold independent central banks accountable. However, it is not clear what type of information central banks provide when they communicate with parliaments compared to other existing information channels. In this article, we address this question...

Persistent link: https://www.econbiz.de/10014078813

The Macroeconomic Impact of the ECB's Expanded Asset Purchase Programme (APP)

Gambetti, Luca - 2017

This paper provides empirical evidence on the macroeconomic impact of the expanded asset purchase programme (APP) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination of sign, timing and magnitude restrictions in the...

Persistent link: https://www.econbiz.de/10012954345

The Implications of Liquidity Regulation for Monetary Policy Implementation and the Central Bank Balance Sheet Size : An Empirical Analysis of the Euro Area

Kedan, Danielle; Ventula Veghazy, Alexia - 2021

We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area with difference-in-differences estimation techniques. Using a novel dataset and an identification strategy that exploits the cross-country heterogeneity in the regulatory...

Persistent link: https://www.econbiz.de/10013243820

Towards a Robust Monetary Policy Rule for the Euro Area

Blattner, Tobias Sebastian - 2010

Estimations of simple monetary policy rules are often very rigid. Standard practice requires that a decision is made as to which indicators the central bank is assumed to respond to, ignoring the data-rich environment in which policy-makers typically form their decisions. However, the choice of...

Persistent link: https://www.econbiz.de/10013142871

The ECB and the Interbank Market

Giannone, Domenico - 2012

We analyse the impact on the euro area economy of the ECB's non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial...

Persistent link: https://www.econbiz.de/10013097762