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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area

Lenza, Michele; Slacalek, Jirka - 2018

This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The aggregate effects of quantitative easing are estimated in a multi-country VAR model of the four largest euro area countries, in which key variables affecting household income and...

Persistent link: https://www.econbiz.de/10011921470

Measuring the Effects of Conventional and Unconventional Monetary Policy in the Euro Area

Anttila, Juho - 2018

I estimate the effects of conventional and unconventional monetary policy in the euro area by using a factor-augmented vector autoregression.I complement the standard monetary policy analysis using the short rate with models where the shadow rates by Kortela (2016) and Wu and Xia (2017) are used...

Persistent link: https://www.econbiz.de/10012917974

The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area

Horst, Maximilian; Neyer, Ulrike - 2019

excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first … part of this paper analyses the Eurosystem's liquidity management during normal times, crisis times and times of too low in … banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a …

Persistent link: https://www.econbiz.de/10012099037

Safety, liquidity, and the natural rate of interest

Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2017

and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this …

Persistent link: https://www.econbiz.de/10011647660

A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2021

Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...

Persistent link: https://www.econbiz.de/10012426411

A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2020

Did the Federal Reserves' Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, the authors estimate a large-scale DSGE model over the sample from 1998 to 2020, including data of the Fed's balance sheet. The authors allow for QE to...

Persistent link: https://www.econbiz.de/10012230143

Scarcity effects of QE : a transaction-level analysis in the Bund market

Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017

impact on liquidity conditions as measured by bid-ask spreads and inter-dealer order book depth. We further show that the …

Persistent link: https://www.econbiz.de/10011632212

Effects of foreign and domestic central bank government bond purchases in a small open economy DSGE model : evidence from Sweden before and during the coronavirus pandemic

Akkaya, Yildiz; Belfrage, Carl-Johan; Di Casola, Paola; … - 2023

This paper evaluates the macroeconomic effects of foreign and domestic central bank government bond purchases on the Swedish economy before and during the Corona pandemic using a small open economy DSGE model with segmented asset markets. In this model, the effects of foreign and domestic...

Persistent link: https://www.econbiz.de/10014232954

Are there differences in the effectiveness of quantitative easing in Japan over time?

Michaelis, Henrike; Watzka, Sebastian - 2014

Using a time-varying parameter vector autoregression (TVP-VAR) with a new sign restriction framework, we study the changing effectiveness of the Bank of Japan's Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy from 1999 to 2000, the Quantitative Easing Policy from...

Persistent link: https://www.econbiz.de/10010396034

Are there differences in the effectiveness of quantitative easing at the zero-lower-bound in Japan over time?

Michaelis, Henrike; Watzka, Sebastian - 2014

Persistent link: https://www.econbiz.de/10010383204