Narrow search
Showing 1 - 10 of 925
Cover Image
Forecasting euro area inflation using targeted predictors : is money coming back?
Falagiarda, Matteo; Sousa, João - 2017
This paper sheds new light on the information content of monetary and credit aggregates for future price developments in the euro area. Overall, we find strong variation in the information content of these variables over time. We show that monetary and credit aggregates are very often selected...
Persistent link: https://www.econbiz.de/10011637074
Cover Image
Monetary policy transmission to mortgages in a negative interest rate environment
Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10011975610
Cover Image
Financial factors in economic fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10003973320
Cover Image
The great lockdown : pandemic response policies and bank lending conditions
Altavilla, Carlo; Barbiero, Francesca; Boucinha, Miguel; … - 2020
This study analyses the policy measures taken in the euro area in response to the outbreak and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed specifically to support bank lending conditions. For...
Persistent link: https://www.econbiz.de/10012271571
Cover Image
The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
monetary base rule which responds only to the money demand shocks in the model. We solve the model with this counterfactual …
Persistent link: https://www.econbiz.de/10009636549
Cover Image
A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints
Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021
. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To …
Persistent link: https://www.econbiz.de/10012596299
Cover Image
CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while … it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks … contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money …
Persistent link: https://www.econbiz.de/10014314330
Cover Image
The economics of central bank digital currency
Ahnert, Toni; Assenmacher-Wesche, Katrin; Hoffmann, Peter; … - 2022
economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the …
Persistent link: https://www.econbiz.de/10013342232
Cover Image
Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019
Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...
Persistent link: https://www.econbiz.de/10012009191
Cover Image
Responses to monetary policy shocks in the east and the west of Europe : a comparison
Jarociński, Marek - 2008
This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the New Member States (NMS) from central-eastern Europe. We mitigate the small sample problem, which is especially acute for the NMS, by using a Bayesian estimation that combines...
Persistent link: https://www.econbiz.de/10003825885