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A less effective monetary transmission in the wake of EMU? Evidence from lending rates pass-through
Lorenzo, Gianluca Di; Marotta, Giuseppe - Dipartimento di Economia "Marco Biagi", Università … - 2005
A new approach to search for structural breaks in the retail lending rates pass-through in the wake of EMU is proposed and implemented for Italy and Portugal. The econometric exercise shows that breakpoints cluster in the second semester 1999 and that the pass-through on short term lending is,...
Persistent link: https://www.econbiz.de/10008517821
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A less effective monetary transmission in the wake of EMU? Evidence from lending rates pass-through
Lorenzo, Gianluca Di; Marotta, Giuseppe - Dipartimento di Economia "Marco Biagi", Università … - 2005
A new approach to search for structural breaks in the retail lending rates pass-through in the wake of EMU is proposed and implemented for Italy and Portugal. The econometric exercise shows that breakpoints cluster in the second semester 1999 and that the pass-through on short term lending is,...
Persistent link: https://www.econbiz.de/10005196396
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Corporate Governance, Relationship Lending and Monetary Policy: Firm-Level Evidence for the Euro Area
Haan, L. de; Sterken, E. - de Nederlandsche Bank - 2002
We show by means of a bank relationship model that after monetary policy tightening, public firms (having easier access to public capital markets) are more likely to decrease their demand for bank loans than private firms (which are typically more dependent on bank credit and benefit more from...
Persistent link: https://www.econbiz.de/10005101864
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Financial stability policies and bank lending : quasi-experimental evidence from Federal Reserve interventions in 1920-21
Rieder, Kilian - 2020
policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was … stance. Macroprudential policy caused both bank-level lending and leverage to fall significantly (by 11%-14%), whereas LAW …
Persistent link: https://www.econbiz.de/10012318753
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Leverage constraints and bank monitoring: bank regulation versus monetary policy
Böser, Florian; Gersbach, Hans - 2021 - This version: June 30, 2021
Bank leverage constraints can emerge from regulatory capital requirements as well as from central bank collateral … unique collateral leverage channel, which cannot be replicated by standard capital requirements. Through this channel, banks … loans with tighter monitoring of firms. The collateral leverage channel can improve welfare beyond standard bank capital …
Persistent link: https://www.econbiz.de/10012585515
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Financial stability considerations for monetary policy : theoretical mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...
Persistent link: https://www.econbiz.de/10013161877
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Financial stability considerations for monetary policy : empirical evidence and challenges
Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022
This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic...
Persistent link: https://www.econbiz.de/10013161882
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419
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Monetary policy implications for an oil-exporting economy of lower long-run international oil prices
Hamann, Franz; Bejarano, Jesús; Rodríguez, Diego - BANCO DE LA REPÚBLICA - 2015
The sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents...
Persistent link: https://www.econbiz.de/10011195737
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A behavioral macroeconomic model with endogenous boom-bust cycles and leverage dynamcis
Scheffknecht, Lukas; Geiger, Felix - Forschungszentrum Innovation und Dienstleistung, … - 2011
We merge a financial market model with leverage-constrained, heterogeneous agents with a reduced-form version of the … considerably. Furthermore, restricting leverage in a countercyclical fashion limits the magnitude of financial cycles and hence …
Persistent link: https://www.econbiz.de/10009385868