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Unconventional Monetary Policy and Bank Lending Relationships

Cahn, Christophe - 2019

How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the ECB's 2011-12 Long-Term Refinancing Operations (LTROs) affected lending to firms discontinuously across credit ratings (within banks) to make four contributions. (i) We show the...

Persistent link: https://www.econbiz.de/10012900335

Is There a Bank Lending Channel in France? Evidence from Bank Panel Data

Loupias, Claire - 2010

The aim of this paper is to check the possible existence of a bank lending channel in France. For that purpose, we have estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity and capitalization. We have used a panel of 312...

Persistent link: https://www.econbiz.de/10013134954

Unconventional government debt purchases as a supplement to conventional monetary policy

Ellison, Martin; Tischbirek, Andreas - In: Journal of Economic Dynamics and Control 43 (2014) C, pp. 199-217

In response to the Great Financial Crisis, the Federal Reserve, the Bank of England and many other central banks have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional...

Persistent link: https://www.econbiz.de/10010776905

(Real-)Time is Money

Pfister, Christian - 2018

) transactions of bank retail customers, it may seem odd that the shortest maturity that is traded in the money market is overnight …

Persistent link: https://www.econbiz.de/10012921853

Quantitative easing and the loan to collateral value ratio

Damjanovic, Tatiana; Girdėnas, Šarūnas - In: Journal of Economic Dynamics and Control 45 (2014) C, pp. 146-164

either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that … the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the … money multiplier in response to the drop in the loan to collateral value ratio. …

Persistent link: https://www.econbiz.de/10011051939

The 100% Reserve Reform : Calamity or Opportunity?

Pfister, Christian - 2020

This paper considers the various 100% Reserve plans that have appeared since the interwar period and have since then been adapted. In all formulations of those schemes, Government liabilities (cash, central bank reserves and short-term Treasuries) back banks’ sight deposits. This organization...

Persistent link: https://www.econbiz.de/10014090108

The ECB Art of Central Banking and the Separation Principle

Bordes, Christian - 2010

interbank money market. This paper shows in particular that a central bank not only has the capacity but indeed must strive to … event of temporary money demand shocks. During the first part of the crisis, the ECB acted in accordance with the separation …

Persistent link: https://www.econbiz.de/10013138353

Climate Risk Measurement of Assets Eligible as Collateral for Refinancing Operations – Focus on Asset Backed Securities (ABS)

Loris, André; Grept, Alice; Laut, Nadia; Plantier, Gabriel - 2023

This paper analyses the exposure to climate risk of ABS, an asset class frequently pledged as collateral in the European Central Bank (ECB) refinancing operations. This paper focuses on ABS backed by auto loans or loans granted to Small and Medium Enterprises (SMEs) and explores ways to measure...

Persistent link: https://www.econbiz.de/10014258296

Forecasting Euro Banknotes in Circulation with Structural Time Series Models in Times of the COVID-19 Pandemic

Bartzsch, Nikolaus; Brandi, Marco; Devigne, Lucas; de … - 2023

As part of the Eurosystem’s annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated...

Persistent link: https://www.econbiz.de/10014353032

Money and Capital in a Persistent Liquidity Trap

Bacchetta, Philippe - 2018

In this paper we analyze the implications of a persistent liquidity trap in a monetary model with asset scarcity. We show that a liquidity trap may lead to an increase in real cash holdings and be associated with a decline in output in the medium term. This medium-term impact is a supply-side...

Persistent link: https://www.econbiz.de/10012906430

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