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  1. Mixing QE and interest rate policies at the effective lower bound
    micro evidence from the euro area
    Autor*in: Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; Timmer, Yannick
    Erschienen: October 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face... mehr

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    In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an asset swap between securities and reserves reduces banks' net worth as the cost of holding reserves cannot be matched with a reduction in their cost of funding. Exploiting euro-area syndicated lending data and the German credit registry, we provide evidence that deposit-reliant banks with relatively higher funding costs and greater exposure to large-scale asset purchases reduce corporate lending relatively more, have lower stock returns, and rebalance their interbank lending from safe to risky countries.

     
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    hdl: 10419/248908
    Auflage/Ausgabe: First version: June 15, 2021, this version: October 12, 2021
    Schriftenreihe: CESifo working paper ; no. 9363 (2021)
    Schlagworte: negative interest rates; quantitative easing; unconventional monetary policy; bank lending channel
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  2. Essays on monetary policy, safe assets, and the repo market
    Autor*in: Bechtel, Alexander
    Erschienen: 2021

    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements. mehr

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    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements.

     
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    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    Dissertation no. 5091
    Schlagworte: Geldmarkt; Geldpolitik; Wertpapierpensionsgeschäft; Interbankgeschäft; liquidity risk; repos; interbank market; funding risk; sovereign-bank nexus; safe assets; quantitative easing; repurchase agreements; money market
    Umfang: 1 Online-Ressource (circa 160 Seiten), Illustrationen
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    Dissertation, University of St. Gallen, 2021
  3. Managing the fiscal risk of higher interest rates
    Autor*in: Allen, William A.
    Erschienen: 26 March 2021
    Verlag:  National Institute of Economic and Social Research, London

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    Schriftenreihe: NIESR policy paper ; 025
    Schlagworte: Central bank operations; quantitative easing; government bonds
    Umfang: 1 Online-Ressource (circa 10 Seiten)
  4. Fifty shades of QE
    comparing findings of central bankers and academics
    Autor*in: Fabo, Brian; Jancoková, Martina; Kempf, Elisabeth; Pástor, Ľuboš
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers... mehr

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    We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects of QE on output and in ation. They also report QE effects on output that are more significant, both statistically and economically, and they use more positive language in the abstract. Central bank researchers who report larger QE effects on output experience more favorable career outcomes. A survey of central banks reveals substantial involvement of bank management in research production.

     
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    hdl: 10419/237723
    Schriftenreihe: Working paper series / European Central Bank ; no 2584 (August 2021)
    Schlagworte: economic research; quantitative easing; QE; central bank; career concerns
    Umfang: 1 Online-Ressource (circa 153 Seiten), Illustrationen
  5. The bank liquidity channel of financial (in)stability
    Autor*in: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Erschienen: August 2021
    Verlag:  ECONtribute, Bonn

    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value... mehr

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    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value before maturity, e.g., structured securities. By improving the liquidity of interbank markets, tighter liquidity requirements induce banks to invest in such complex assets. We evaluate the welfare properties of combining liquidity regulation with other financial-stability policies, and show that it can complement ex-ante policies, such as asset-specific taxes, whereas it can undermine the benefits of ex-post interventions, such as quantative easing.

     
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    hdl: 10419/244342
    Schriftenreihe: ECONtribute discussion paper ; no. 108
    Schlagworte: liquidity regulation; securitization; interbank markets; financial stability; quantitative easing
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  6. Monetary and fiscal complementarity in the Covid-19 pandemic
    Autor*in: Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, Tobias
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government... mehr

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    In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government running a deficit of some 17% of projected GDP. The Federal Reserve pushed the discount rate close to zero and stabilised financial markets with emergency liquidity provided through a new open-ended long-term asset purchase programme. To capture the interventions, we develop a model in which the central bank uses reserves to buy much of the huge issuance of government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced lending costs and amplified the impact of supportive fiscal policies. We then run a counterfactual analysis which suggests that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper contraction as a result from the Covid-19 pandemic.

     
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    ISBN: 9789289948111
    Weitere Identifier:
    hdl: 10419/246165
    Schriftenreihe: Working paper series / European Central Bank ; no 2588 (September 2021)
    Schlagworte: Coronavirus; Schock; Stabilisierungspolitik; Geldpolitik; Finanzpolitik; Wirkungsanalyse; USA; Covid-19; monetary-fiscal interaction; non-conventional monetary policy; quantitative easing
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  7. Quantitative easing and the safe asset illusion
    Autor*in: Bechtel, Alexander; Eisenschmidt, Jens; Ranaldo, Angelo; Ventula Veghazy, Alexia
    Erschienen: June 9, 2021
    Verlag:  School of Finance, University of St. Gallen, St. Gallen

    The massive recourse to quantitative easing (QE) calls for a better understanding of its effects on safe assets. Based on a simple balance sheet framework, we show how QE impacts the total amount, cross-sectional distribution, and composition of safe... mehr

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    The massive recourse to quantitative easing (QE) calls for a better understanding of its effects on safe assets. Based on a simple balance sheet framework, we show how QE impacts the total amount, cross-sectional distribution, and composition of safe assets in the economy. Analyzing the ECB’s Public Sector Purchase Programme (PSPP), we find that the amount of universally accessible safe assets decreases and there is a transfer of safe assets from the non-bank to the banking sector. We call this phenomenon the safe asset illusion. The sectoral shift in the holding structure of safe assets has important implications for financial stability and the cost of secured liquidity

     
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    Schriftenreihe: Working papers on finance / Swiss Institute of Banking and Finance (S/BF - HSG) ; no. 2021, 10
    Schlagworte: Safe assets; quantitative easing; Public Sector Purchase Programme; secured deposits; repurchase agreements
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  8. Economic support during the COVID crisis
    quantitative easing and lending support schemes in the UK
    Autor*in: Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven
    Erschienen: 2021
    Verlag:  Swiss Finance Institute, Geneva

    We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the... mehr

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    We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the former QE programme was particularly successful in increasing lending to nonfinancial businesses, except for QE-banks subject to the UK leverage ratio, suggesting that the latter ratio incentivized QE-banks to lend to business anyway. The government schemes helped expand lending especially to SMEs post QE COVID, indicating that complementing QE with other credit easing programmes can improve its impact on lending to the real economy. During COVID-stress, changes to the UK leverage ratio supported better market-making in securities markets, and additional QE liquidity boosted stronger repo market intermediation

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 54
    Schlagworte: Monetary policy; quantitative easing; bank lending
    Umfang: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  9. Revisiting the New Keynesian policy paradoxes under QE
    Autor*in: Bonciani, Dario; Oh, Joonseok
    Erschienen: February 2021
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; no. 908
    Schlagworte: Policy paradoxes; unconventional monetary policy; quantitative easing; liquidity trap; effective lower bound
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  10. On the time-varying effects of the ECB’s asset purchases
    Autor*in: Zlobins, Andrejs
    Erschienen: October 2021
    Verlag:  Latvijas Banka, Riga

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    ISBN: 9789934578397
    Schriftenreihe: Working paper / Latvijas Banka ; 2021,2
    Schlagworte: quantitative easing; central bank asset purchases; monetary policy; euro area; non-linearities
    Umfang: 1 Online-Ressource (circa 49 Seiten, Illustrationen
  11. Quantitative easing and corporate innovation
    Autor*in: Grimm, Niklas; Laeven, Luc; Popov, Alexander
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate... mehr

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    To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate Sector Purchase Program. Companies eligible for the program increase significantly their investment in R&D, relative to similar ineligible companies operating in the same country and sector. The evidence further suggests that by subsidizing the cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative companies with low debt levels, rather than by supporting credit constrained firms.

     
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    hdl: 10419/249888
    Schriftenreihe: Working paper series / European Central Bank ; no 2615 (November 2021)
    Schlagworte: Unconventional monetary policy; quantitative easing; corporate innovation; productivity growth
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  12. Does quantitative easing mitigate the sovereign-bank nexus?
    Autor*in: Bechtel, Alexander; Eisenschmidt, Jens; Ranaldo, Angelo
    Erschienen: January 6, 2021
    Verlag:  School of Finance, University of St. Gallen, St. Gallen

    The credit risk of the sovereign affects the financial health of its banking sector and vice versa, creating an adverse feedback loop known as “sovereign- bank nexus”. We show that Quantitative Easing can effectively mitigate the sovereign-bank... mehr

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    The credit risk of the sovereign affects the financial health of its banking sector and vice versa, creating an adverse feedback loop known as “sovereign- bank nexus”. We show that Quantitative Easing can effectively mitigate the sovereign-bank nexus. Our results indicate that the ECB’s Public Sector Purchase Programme reduced the co-movement of sovereign and bank credit risk by almost 80%. The mitigation is driven by the euro area periphery and works through three channels: (i) a reduction in government bond holdings of banks, (ii) an increase of government bond prices, and (iii) an increase in excess liquidity holdings of banks

     
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    Schriftenreihe: Working papers on finance ; no. 2021, 01
    Schlagworte: Sovereign-bank nexus; quantitative easing; Public Sector Purchase Programme; financial stability
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  13. Quantitative easing in the US and financial cycles in emerging markets
    Autor*in: Kolasa, Marcin; Wesołowski, Grzegorz
    Erschienen: March 2021
    Verlag:  Szkoła Główna Handlowa w Warszawie, Warszawa

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    Schriftenreihe: Collegium of Economic Analysis working paper series ; number: 2021, 063
    Schlagworte: quantitative easing; global financial cycle; domestic credit; exchange rate interventions; capital controls; macroprudential policy
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  14. Fiscal and monetary policy interactions in a low interest rate world
    Autor*in: Hofmann, Boris; Lombardi, Marco; Mojon, Benoît; Orphanides, Athanasios
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 954 (July 2021)
    Schlagworte: Zero lower bound; scal policy; debt deation; quantitative easing; perpetual learning
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  15. Thinking beyond the pandemic
    monetary policy challenges in the medium- to long-term
    Autor*in: Dąbrowski, Marek
    Erschienen: [2021]
    Verlag:  CASE, Center for Social and Economic Research, Warsaw, Poland

    The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends.... mehr

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    The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into consideration, along with other pro-inflationary factors, in the post-pandemic era. It must also think in advance about how to avoid a policy trap coming from fiscal dominance. This paper is organized as follows: Chapter 2 deals with the economic characteristics of the COVID-19 pandemic and its impact on the effectiveness of the monetary policy response measures undertaken. In Chapter 3, we analyse the monetary policy decisions of the ECB (and other major CBs for comparison) and their effectiveness in achieving the declared policy goals in the short term. Chapter 4 is devoted to an analysis of the policy challenges which may be faced by the ECB and other major CBs once the pandemic emergency comes to its end. Chapter 5 contains a summary and the conclusions of our analysis.

     
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    ISBN: 9788371787188
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    hdl: 10419/261107
    Schriftenreihe: CASE reports ; no. 504 (2021)
    Schlagworte: COVID-19 pandemic; monetary policy; forced saving; monetary overhang; quantitative easing; inflation; fiscal dominance
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  16. Unconventional monetary policy and bond market connectedness in the new normal
    Autor*in: Akovalı, Umut; Yılmaz, Kamil
    Erschienen: [2021]
    Verlag:  Koç University - TÜSİAD Economic Research Forum, Sarıyer/Istanbul

    Since the global financial crisis, major central banks gradually switched to unconventional monetary policies (UMPs) as part of their efforts to directly influence the long-term interest rates. This study analyzes the impact of... mehr

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    Since the global financial crisis, major central banks gradually switched to unconventional monetary policies (UMPs) as part of their efforts to directly influence the long-term interest rates. This study analyzes the impact of conventional/unconventional monetary policies on sovereign bond return spillovers across countries and maturities since February 2007. Following the Taper Tantrum of mid-2013 and the ECB’s policy convergence to other major central banks in 2015, the long-term return connectedness across countries increased, overtaking the short-term connectedness and lowering the dispersion of connectedness measures across maturities. Over the same period, net connectedness from short- to long-term maturities weakens, while net connectedness from medium- to long-term maturities stays strong. Finally, panel regression results show that UMPs in the form of higher central bank asset ratios led to higher pairwise long-term return connectedness even when the control variables such as trade and portfolio investment flows and the distance between pairs of countries are included in regression analysis.

     
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    Schriftenreihe: Koç University - TÜSİAD Economic Research Forum working paper series ; no: 2101 (March 2021)
    Schlagworte: Unconventional monetary policy; quantitative easing; yield curve; vector autoregression; variance decomposition; elastic net
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  17. The treasury market in spring 2020 and the response of the Federal Reserve
    Autor*in: Vissing-Jørgensen, Annette
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Auflage/Ausgabe: Revised July 28, 2021
    Schriftenreihe: BIS working papers ; no 966 (October 2021)
    Schlagworte: Treasury bonds; COVID; Federal Reserve; quantitative easing
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  18. Do term premiums matter?
    transmission via exchange rate dynamics
    Autor*in: Katagiri, Mitsuru; Takahashi, Koji
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 971 (October 2021)
    Schlagworte: term premium; uncovered interest rateparity; quantitative easing
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  19. Optimal monetary policy mix at the zero lower bound
    Autor*in: Bonciani, Dario; Oh, Joonseok
    Erschienen: October 2021
    Verlag:  Bank of England, London

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    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 443
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Staff working paper / Bank of England ; no. 945
    Schlagworte: Optimal monetary policy; unconventional monetary policy; quantitative easing; forward guidance
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen