Search Results - subject_exact:"Zins"

Beyond the bubble : empirical evidence on asset pricing under persistent low interest rates

Shimizu, Chihiro - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015617260

When long-run trends are unknown : bond pricing implications

Ahonon, Borel; Roussellet, Guillaume - 2026

We propose a macro-finance model in which inflation, growth, and the policy rate are driven by unobservable long-run trends and transitory cycles that investors must infer from aggregate data. Their subjective estimates of these trends, and the uncertainty surrounding them, are priced into the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618078

Digital banking and the evolving monetary policy transmission

Budnik, Katarzyna - 2026

This paper maps the euro-area digital-banking segment and assesses how digital banks transmit monetary policy relative to brick-and-mortar peers. I compile a hand-checked universe of over 170 digital banks (2016-2025) from supervisory data, classifying institutions by business model (e-retail,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618109

Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens … - 2026

How do households respond when deposit rates drop below zero? Using administrative micro data and exploiting cross-bank variation in interest rate policies, we study a major episode of negative deposit rates in Denmark affecting two thirds of household deposits. We find that households strongly...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654675

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Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens … - 2026

Book / Working Paper

Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens; … - 2026

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine european credit registers

De Jonghe, Olivier; Benkovskis, Konstantins; Bielskis, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015555161

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Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantı̄ns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2026

Book / Working Paper

Pricing risk or rationing credit? : bank behaviour in a tightening monetary cycle

Volk, Matjaž - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015608987

Automation under constraints : exchange rates interest rates and investment

Ayyagari, Meghana; Maksimovic, Vojislav; Rodrigo, Rodimiro - 2026

The yen depreciation from 2012-2015 reduced robot prices for U.S. firms. Paradoxically, financially constrained firms dramatically increased adoption relative to their unconstrained peers. We rationalize this with a collateral model: robots are pledgeable assets requiring non-pledgeable...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609860

Explaining contract heterogeneity in the credit card market

Chatterjee, Satyajit; Eyigungor, Burcu - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609891

Monetary-fiscal coordination in South Africa : aligning the stars

Havemann, Roy; Hollander, Hylton - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611665

Do monetary policy shocks affect the neutral rate of interest?

Leiva-Leon, Danilo; Sekkel, Rodrigo; Uzeda, Luiz - 2026 - Last updated: March 4, 2026

We develop a Trend-Cycle Bayesian VAR that jointly estimates the real neutral rate of interest, r∗t , and identifies monetary policy shocks. A key innovation is that cyclical shocks, notably monetary policy shocks, can affect the trend of macroeconomic variables, providing a way to assess...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611758

The impact of interest : firms' investment sensitivity to interest rates

Best, Lea; Born, Benjamin; Menkhoff, Manuel - 2026

We study how firms' investment responds to interest rate changes based on a German firm survey, combining hypothetical vignettes, open-ended questions, and rich firm data. We estimate a 7 percent semi-elasticity of investment to loan rates-about half the total corporate investment response to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614905

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The impact of interest : firms' investment sensitivity to interest rates

Best, Lea; Born, Benjamin; Menkhoff, Manuel - 2025

Book / Working Paper

The impact of interest : firms' investment sensitivity to interest rates

Best, Lea; Born, Benjamin; Menkhoff, Manuel - 2025

Book / Working Paper

The Response of Debtors to Rate Changes

Fuster, Andreas; Gianinazzi, Virginia; Hackethal, Andreas; … - 2026

How borrowers respond to future changes in the interest rate on their debt matters for the transmission of monetary policy and for household financial stability. Combining bank data, a letter RCT, and a survey, we study this question in the context of the German mortgage market, where since 2022...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593827

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The response of debtors to rate changes

Fuster, Andreas; Gianinazzi, Virginia; Hackethal, Andreas; … - 2026

Book / Working Paper

The response of debtors to rate changes

Fuster, Andreas; Gianinazzi, Virginia; Hackethal, Andreas; … - 2026

Book / Working Paper

The response of debtors to rate changes

Fuster, Andreas; Gianinazzi, Virginia; Hackethal, Andreas; … - 2026

Book / Working Paper

Measuring natural interest rate in Morocco

Lazzarou, Chaimae - 2026

This paper estimates Morocco's natural interest rate (NIR) using two approaches: a standard HLW-type framework and an augmented specification that incorporates external factors, namely imported inflation, and movements in the real effective exchange rate. The results point to a downward trend in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592494

Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593005

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Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2025

Book / Working Paper

Causal effects of interest rate beliefs on firm decisions and their aggregate implications

Bartscher, Alina Kristin; Duernecker, Georg; Goensch, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015619084

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Causal effects of interest rate beliefs on firm decisions and their aggregate implications

Bartscher, Alina Kristin; Duernecker, Georg; Goensch, … - 2026

Book / Working Paper

Estimating the natural real interest rate in Lithuania : a semi-structural approach

Budrys, Žymantas; Krotovaitė, Giedrė - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015589892

What explains international interest rate co-movement?

Camehl, Annika; Schweinitz, Gregor von - 2026 - This version: January 28, 2026

The international co-movement of interest rates reflects correlated business-cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates - inflation and the output gap - and does not respond to foreign policy shocks. We derive this result...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015590245

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What explains international interest rate co-movement?

Camehl, Annika; Schweinitz, Gregor von - 2023 - This version: September 4, 2023

Edition: This version: September 4, 2023

Book / Working Paper

Estimating ultra long-term interest rates with raise regression

Rodríguez-Sánchez, Ainara; Zhang, Hairui; De Ceuster, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591651

Higher-order forward guidance

Dordal i Carreras, Marc; Lee, Seung Joo - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015578338

Do zombies rise when interest rates fall : a relationship banking model

Herweg, Fabian; Kähny, Maximilian - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015583654

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Do Zombies rise when interest rates fall? : a relationship banking model

Herweg, Fabian; Kähny, Maximilian - 2022

Book / Working Paper

Do Zombies Rise When Interest Rates Fall? A Relationship Banking Model

Herweg, Fabian; Kähny, Maximilian - 2023

Book / Working Paper

Do Zombies Rise When Interest Rates Fall? A Relationship Banking Model

Herweg, Fabian; Kähny, Maximilian - 2022

Book / Working Paper

Inflation persistence, the stability of money demand, and the natural rate of interest

Benati, Luca - 2026

Evidence since the XIX century shows that whereas the demand for M1 is uniformly stable (Benati, Lucas, Nicolini, and Weber, 2021), the demand for broader aggregates is stable under monetary regimes making inflation strongly mean-reverting-such as the Gold Standard and inflation-targeting-but it...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604527

Interest rate surprises when the Fed doesn't speak

Miranda-Agrippino, Silvia; Williams, John C. - 2026

The predictability of monetary policy surprises based on past, public information has been interpreted in two related yet fundamentally different ways. The "Fed information effect" posits that it arises due to markets updating their view of the economy, based on signals implicitly revealed by...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604652

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Interest rate surprises when the Fed doesn't speak

Miranda-Agrippino, Silvia; Williams, John C. - 2026

Book / Working Paper

How do interest rates affect consumption? : household debt and the role of asset prices

Foulis, Angus; Hazell, Jonathon; Mian, Atif; Tracey, Belinda - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015606982

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How do interest rates affect consumption? : household debt and the role of asset prices

Foulis, Angus; Hazell, Jonathon; Mian, Atif; Tracey, Belinda - 2026

Book / Working Paper

Macroeconomic determinants and green assets in explaining stock return dynamics : evidence from Indonesia

Nurdina, Nurdina; Nurkholis, Nurkholis; Adib, Noval; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015620137

The impact of interest rate ceilings on the Cambodian microfinance sector

Samreth, Sovannroeun; Aiba, Daiju - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625107

Impact of macro-economic factors on CEO compensation : evidence from JSE-listed banks

Marozva, Rudo Rachel; Maloa, Frans - 2026

The debate over CEO compensation persists despite extensive efforts by academics and technocrats to understand its determinants. Most research has focused on how firm-specific characteristics and CEO-specific traits influence CEO compensation. However, the results have been contradictory,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626013

Do monetary policy shocks affect CO₂ emissions? : evidence from Brazil

Attílio, Luccas Assis; Faria, João Ricardo; Mollick, … - 2026

This paper examines whether monetary policy shocks affect CO₂ emissions over time in Brazil. We show that CO₂ emissions decline persistently following contractionary monetary policy shocks. The relationship between monetary policy and CO₂ emissions in Brazil is assessed through two...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626015

Revisiting shadow short-term interest rate models : evidence from the ultra-low interest rate environment in Japan

Oi, Hiroyuki; Shiratsuka, Shigenori; Yoneyama, Shunichi - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626416

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Revisiting shadow short-term Interest rate models : evidence from the ultra-low interest rate environment in Japan

Oi, Hiroyuki; Shiratsuka, Shigenori; Yoneyama, Shunichi - 2026

Book / Working Paper

Revisiting shadow short-term interest rate models : evidence from the ultra-low interest rate environment in Japan

Oi, Hiroyuki; Shiratsuka, Shigenori; Yoneyama, Shunichi - 2026

Book / Working Paper

Monetary policy and interest rate volatility : the role of inequality and imperfect credit market

Marjit, Sugata; Mishra, Suryaprakash; Mandal, Sanghita; … - 2026

Inequality of wealth or liquid finance in a system with credit market imperfection adversely affects investment by poor investors. This is well known in the literature. In this paper we prove that the aggregate credit demand function would be relatively inelastic with unequal wealth distribution...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626636

Monetary policy, mortgage structure, and household sentiment: evidence from the euro area

Reigl, Nicolas - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637511

Channels of transmission : how mortgage rates affect house prices and rents in Canada

Rao, Nishaad; Wang, Tao - 2026 - Last updated: February 18, 2026

We use Canadian data to examine how monetary policy affects house prices and the consumer price index for rent (CPI-rent) through exogenous changes in the mortgage interest rates. Nationwide, tighter monetary policy lowers house prices but raises CPI-rent, likely due to higher user costs for...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638038

Fiscal demographic reversal

Miyamoto, Hiroaki; Shinohara, Hiroaki - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638665

At cross-purposes : how prudential and monetary rate policies create asymmetric frictions in the banking sector

Widiyanti, Shandra; Siregar, Hermanto; Ratnawati, Anny; … - 2026

Indonesia's financial system is bank-centric, with banks managing approximately 78% of the nation's financial assets; therefore, the effectiveness of monetary policy transmission depends on banks' responsiveness to the central bank's interest rate policy (the BI Rate). However, a policy-relevant...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639037

Volatile rates, fragile growth : global financial risk and productivity dynamics

Gornemann, Nils; Rojas, Eugenio; Saffie, Felipe - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639197

Inflation expectations : the impact of priming in survey questions

Odendaal, Hanjo; Reid, Monique; Siklos, Pierre L. - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639511

The effectiveness of macroprudential policy tools in reducing the likelihood of housing price booms : the role of a low interest rate environment

Vodrážka, Žaneta - 2026

The article estimates the effectiveness of tightening borrower-, capital-, and liquidity-based tools in decreasing the cyclical component of housing price growth and the probability of housing price booms with and without a low interest rate environment. The estimate is based on quarterly data...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639746

Hidden optionalities in American options

El Hassan, Noura; Maddah, Bacel; Taleb, Nassim Nicholas - 2026

We develop a practical framework for identifying and quantifying the hidden layers of risks and optionality embedded in American options by introducing stochasticity into one or more of their underlying determinants. The heuristic approach remedies the problems of conventional pricing systems,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640263

Drivers of net interest margin in Ethiopia's banking sector

Muhammed, Seid; Mwirigi, Douglas; Emese, Prihoda - 2026

This study examines the drivers of net interest margin (NIM) in developing economies, with a particular emphasis on Ethiopian commercial banks. It adopts an explanatory research design, analyzing quantitative data from the audited financial statements of 13 banks over 13 years (2012-2024),...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643084

Do monetary policy shocks affect the neutral rate of interest?

Leiva-León, Danilo; Sekkel, Rodrigo; Uzeda, Luis - 2026 - This version: February 2026

We develop a trend-cycle Bayesian vector autoregression that jointly estimates the real neutral rate of interest, 𝑟𝑡 ∗, and identifies monetary policy shocks. As a key innovation, the framework allows cyclical shocks, most notably monetary policy shocks, to affect the trend component of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643282

Bank runs and interest rates : a revolving lines perspective

Bräuning, Falk; Ivashina, Victoria - 2026 - This version: February 2026

Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; therefore, as with a traditional bank run on deposits, sudden widespread drawdowns on credit lines can destabilize the banking sector. However, we show that, unlike with deposits,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643298

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Bank Runs and Interest Rates : A Revolving Lines Perspective

Bräuning, Falk; Ivashina, Victoria - 2026

Book / Working Paper

Neutral real interest rate in an open and small economy : the case of Costa Rica

Segura-Rodriguez, Carlos - 2026

This study estimates Costa Rica's neutral real interest rate (denoted by r∗) for the period spanning from 2010 to 2023. Two different methodologies are employed for this estimation: the semi-structural model introduced by Holston, Laubach, and Williams (2023), and a structural VAR proposed by...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643975

Risks, rates, and rays : domestic financing shapes Brazil's utility-scale solar PV costs in regulated auctions

Monroy Gomez, Santiago; Jansen, Malte - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015644732

The bank leverage response to tax shield changes

Ward, Felix; Vries, Casper G. de - 2026

Does the preferential tax treatment of debt over equity cause banks to increase their leverage? We construct a novel dataset tracing the evolution of the debt tax shield for banks in advanced economies from 1870 to 2020. Exploiting variation from nearly all changes in banking-sector tax shields...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015644862

Evaluating the effectiveness of Standing Deposit Facility in preserving the interest rate corridor floor in Nepal

Sapkota, Victor Kumar - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655742

Consumption responses to rising mortgage rates : unpacking the cashflow channel of monetary policy

Andersen, Asger Lau; Jakobsen, Andreas; Jørgensen, … - 2026

We study the transmission of rising interest rates to consumption using granular customer data from a major bank in Denmark. We show that households with adjustable-rate mortgages gradually reduced spending and increased deposits as market rates soared in 2022 but made no further spending cuts...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656790

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Consumption responses to rising mortgage rates : unpacking the cash-flow channel of monetary policy

Andersen, Asger Lau; Jakobsen, Andreas; Jørgensen, … - 2026

Book / Working Paper

Unpacking interest rate uncertainty in 2025

Kaur, Harshbir; Vala, Rishi - 2026 - Last updated: June 11, 2026

Amid heightened Canada-US trade tensions in 2025, financial markets showed signs that investors faced greater difficulty anticipating near-term Bank of Canada interest rate decisions. This uncertainty could have stemmed from two sources: uncertainty about the economic outlook or uncertainty...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015661120