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Unconventional monetary policies, with a focus on quantitative easing

Lavoie, Marc; Fiebiger, Brett - In: European Journal of Economics and Economic Policies: … 15 (2018) 2, pp. 139-146

on the theory of the money multiplier and the fractional-reserve banking system; and the Keynesian mechanism, advocated …

Persistent link: https://www.econbiz.de/10014363321

Monetary economics after the global financial crisis: what has happened to the endogenous money theory?

Fontana, Giuseppe; Realfonzo, Riccardo; Passarella, … - In: European Journal of Economics and Economic Policies: … 17 (2020) 3, pp. 339-355

macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of … the classical theory of interest rates, the financial intermediation view of banks, the money-multiplier story and the … quantity theory of money. However, the loanable funds theory and the view of banks as pure financial intermediaries (sometimes …

Persistent link: https://www.econbiz.de/10014363396

ECB monetary expansions and euro area TARGET2 imbalances: a balance-of-payment-based decomposition

Minenna, Marcello; Dosi, Giovanni; Roventini, Andrea - In: European Journal of Economics and Economic Policies: … 15 (2018) 2, pp. 147-159

The recent financial literature seems to have reached a consensus about the influence of European Central Bank (ECB) unconventional monetary policies in explaining the multiple divergent trends of TARGET2 (T2) balances in the eurozone from 2010 and the ensuing segregation of risks in each...

Persistent link: https://www.econbiz.de/10014363322

The rise of national central banks' TARGET balances in the euro area: a comment

Terzi, Andrea - In: European Journal of Economics and Economic Policies: … 16 (2019) 2, pp. 161-168

With the implementation of the Eurosystem's asset purchase programme (APP), national central banks' TARGET balances have risen. For the European Central Bank, this reflects cross-border payments and portfolio rebalancing in the context of the APP. Minenna et al. (2018) disagree and claim that...

Persistent link: https://www.econbiz.de/10014363347

The rise of national central banks' TARGET balances: a response to Andrea Terzi

Minenna, Marcello; Dosi, Giovanni; Roventini, Andrea - In: European Journal of Economics and Economic Policies: … 16 (2019) 2, pp. 169-175

In response to our paper, 'ECB monetary expansions and euro area TARGET2 imbalances: a balance-of-payment-based decomposition,' Professor Andrea Terzi has criticized our approach of TARGET2 balance decomposition, by highlighting a lack of causality between balance-of-payments (BP) flows and...

Persistent link: https://www.econbiz.de/10014363348

The central-bank balance sheet as an instrument of monetary policy

Cúrdia, Vasco; Woodford, Michael - 2010

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...

Persistent link: https://www.econbiz.de/10010287166

The macroeconomic effects of large-scale asset purchase programs

Chen, Han; Cúrdia, Vasco; Ferrero, Andrea - 2011

The effects of asset purchase programs on macroeconomic variables are likely to be moderate. We reach this conclusion after simulating the impact of the Federal Reserve's second large-scale asset purchase program (LSAP II) in a DSGE model enriched with a preferred habitat framework and estimated...

Persistent link: https://www.econbiz.de/10010287185

Announcement-specific decompositions of unconventional monetary policy shocks and their macroeconomic effects

Lewis, Daniel J. - 2019

I propose to identify announcement-specific decompositions of asset price changes into monetary policy shocks based on intraday time-varying volatility. This approach is the first to accommodate changes in both the nature of shocks and the state of the economy across announcements. I compute...

Persistent link: https://www.econbiz.de/10012144734

The effectiveness of nonstandard monetary policy measures: Evidence from survey data

Altavilla, Carlo; Giannone, Domenico - 2015

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of...

Persistent link: https://www.econbiz.de/10011460644

Regional heterogeneity and monetary policy

Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph - 2017

We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending...

Persistent link: https://www.econbiz.de/10011636181