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Topic Monetary Policy

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536 results, from 21
  • Diskussionspapiere 2050 / 2023

    Safe Asset Scarcity and Re-use in the European Repo Market

    We construct the first measure of collateral re-use at the bank and bond level for the European repo market using a regulatory transaction dataset. We show that banks materially increase the rate of re-use in response to tightened asset scarcity induced by the Eurosystem’s asset purchase program. We find that dealers accommodate clients’ demand for safe assets rather than liquidity and profit from ...

    2023| Justus Inhoffen, Iman van Lelyveld
  • Externe Monographien

    Monetary-fiscal interaction : Achieving the right monetary-fiscal policy mix in the euro area: In-Depth Analysis ; Requested by the ECON Committee

    Achieving a balanced monetary-fiscal policy mix in the euro area is crucial to ensure that monetary policy is able to fulfil its primary price stability objective. This paper outlines, from an economic and legal perspective, the interaction between monetary and fiscal policy in light of the current monetary and fiscal stance and, in particular, the “quasi-fiscal” effects of some unconventional monetary ...

    Bruxelles: European Parliament, 2023, 23 S.
    (Monetary Dialogue Papers ; September 2023)
    | Kerstin Bernoth, Sara Dietz, Rosa Lastra, Marie Rullière
  • Diskussionspapiere 2056 / 2023

    Hicks in HANK: Fiscal Responses to an Energy Shock

    The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model that we calibrate to the euro area. Energy subsidies can stabilize the domestic economy, but are fiscally costly and generate adverse spillovers to the rest of the monetary union: What the subsidizing country gains, the other ...

    2023| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
  • Vierteljahrshefte zur Wirtschaftsforschung 2 / 2023

    Dimensions and Determinants of Inflation Anchoring

    Die vorliegende Studie analysiert Dimensionen und Determinanten von umfragebasierten Maßen zur Verankerung von Inflationserwartungen. Wir analysieren 82 Volkswirtschaften über einen Zeitraum von 1995 bis 2022 und zeigen, dass verschiedene Dimensionen der Inflationsverankerung grundsätzlich stark korreliert sind; die Standardabweichung der Inflationsvorhersagen zeigt jedoch zum Teil eine andere Dynamik. ...

    2023| Joscha Beckmann, Robert L. Czudaj
  • Vierteljahrshefte zur Wirtschaftsforschung 2 / 2023

    Impact of the 2022 Interest-Rate Shock on Cooperative Banks in Germany: A Case Study

    Zwischen Juli und Dezember erhöhte die Europäische Zentralbank (EZB) ihren Leitzins äußerst kräftig um 250 Basispunkte. Dieser Zinsschock stellte für die deutschen Genossenschaftsbanken wie auch für viele andere Kreditinstitute eine große Herausforderung dar. Infolgedessen mussten die Genossenschaftsbanken deutliche Ertragseinbußen hinnehmen. Diese äußerten sich überwiegend in einem hohen Bewertungsaufwand ...

    2023| Andreas Bley
  • Diskussionspapiere 2057 / 2023

    Global Risk and the Dollar

    The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vectorautoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...

    2023| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • Diskussionspapiere 2058 / 2023

    Dollar Trinity and the Global Financial Cycle

    We develop a two-country business-cycle model of the US and the rest of the world with dollar dominance in trade invoicing, in cross-border credit, and in safe assets. The interplay between these elements—dollar trinity—rationalizes salient features of the Global Financial Cycle in the data: When its tide subsides, the dollar appreciates, financial conditions tighten, the world business cycle slows ...

    2023| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • Externe Monographien

    From Policy to Practice: Applying Empirical Analysis and Historic Contexts to Understand Fiscal and Monetary Policy, and their Interaction

    This dissertation collects empirical work in the field of fiscal and monetary policy, and their interaction. It comprises four chapters. In Chapter 1, I investigate the dynamic effects of tax changes on the cross-sectional distribution of disposable income in the US using a narrative identification approach. I distinguish between changes in personal and corporate income taxes and quantify the distributional ...

    Berlin: Freie Universität Berlin, 2023, 206 S. | Stephanie Ettmeier
  • Refereed essays Web of Science

    Selective Bond Purchases – May the ECB Chose Winners and Losers?

    The European Central Bank (ECB) is currently facing major challenges. Fragmentation of government bond yields across Member States of the European Economic and Monetary Union, based on different economic and fiscal policies, hampers a uniform transmission of monetary policy. At the same time, climate-related financial risks need to be addressed. In recent years, the ECB is meeting these challenges ...

    In: The Economists' Voice 20 (2023), 1, S. 111-118 | Kerstin Bernoth, Sara Dietz
  • Diskussionspapiere 2044 / 2023

    A HANK2 Model of Monetary Unions

    How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK2) and show in closed form that a monetary union shifts the adjustment to a shock horizontally—across countries—within the brackets of the union-wide wealth distribution rather than vertically—that is, across the brackets of the union-wide ...

    2023| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
536 results, from 21
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