Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area doc

... 1150 January 2010 Working PaPer SerieS no 1150 / January 2010 Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area by Lorenzo Cappiello,Arjan ... 2010 all ECB publications feature a motif taken from the €500 banknote. DO BANK LOANS AND CREDIT STANDARDS HAVE AN EFFECT ON OUTPUT? A PANEL APPROACH FOR THE EURO AREA 1by Lorenzo Cappiello ... 201027Table 5 - Contnued Panel B: IV panel regression of GDP growth on loans growth and changes in credit standards 28ECB Working Paper Series No 1150 January 2010 WORKING PAPER SERIES NO 1150 / JANUARY...

WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc

... concomitant of such an environment, and either non-rationalexpectations or asymmetric information between the public and the central bank. If one or more of these conditions hold, central bank ... rates and asset prices affect the economy only gradually—with the proverbial long and variable lags. Second, many factors other than monetary policy influence macro variables such as yt and ... stylized) explanation of its underlying reasoning, and (at times) some forward guidance. The Bank of England’s press statement announces the decision, but normally provides an explanation only when...

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Working PaPer SerieS no 967 / november 2008: Central bank miSPerCePtions and the role of money in interest rate rules pptx

... real income and the price level.What about the information value of monetary aggregates? Since we treat actual output and inflation as observable variables, monetary aggregates have no additional ... of GDP, the GDPdeflator and monetary aggregates are revised for a few quarters. While GDP is only available on a quarterly basis, monetary aggregates are available on a monthly frequency and tend ... that initial GDP estimates for the euro area are revised moresubstantially than monetary aggregates. Using an estimated model of the euro area with rationalexpectations they find that optimal...

Working PaPer SerieS no 1160 / FeBrUarY 2010: evidence For SUrveY maTTerS The eUro area Bank lending emPirical crediT and oUTPUT groWTh pptx

... paper from the papers mentioned earlier featuring euro area bank credit studies. These studies all have in common the estimation of a bank loan demand equation and do not have such BLS-related ... quarterly bank loan growth to non-financial corporations due to the net tightening in credit standards and on top of conventional demand and interest rate impacts. In addition, the BLS responses ... Looking at realised and expected loan demand for all three loan categories a significant coefficient is found for all lags. Overall, in all cases both loan demand and credit standards seem to play...

Working PaPer SerieS no 1272 / DeCeMBer 2010: THe iMPaCT of PuBliC guaranTeeS on Bank riSk Taking eviDenCe froM a naTural exPeriMenT pptx

... (“Landesbank”) and each federal state bank is a liated with a state (“Bundesland”) or group of states. The a liated savings banks own each a part of their federal state bank. The federal statebanks ... banks, rather than to an individual savings bank. In addition to the detailed borrower /bank matched data set, we also use a bank level data set that includes the savings banks and as a control ... Resolution, the European Finance Association Conference, the Reserve Bank of Chicago Conference on Bank Structure and Competition, the German Finance Association (best paper award) and the Tilburg...

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WORKING PAPER SERIES NO. 580 / JANUARY 2006: BANK INTEREST RATE PASS-THROUGH IN THE EURO AREA A CROSS COUNTRY COMPARISON ppt

... market rateDataEconometric approach 11ECB Working Paper Series No. 580 January 2006 3. Description of the data Construction of bank interest rate series The data on bank interest rates ... in the error-correction model and therefore allows for an indirect test for cointegration. 18ECB Working Paper Series No. 580 January 2006 WORKING PAPER SERIES NO. 580 / JANUARY 2006 BANK ... study are based partly on non-harmonised monthly national retail interest rate statistics (for the period 1999-2002), which were collected by national central banks of the euro area and on harmonised,...

Working PaPer SerieS no 1273 / DeCeMBer 2010: intereSt rate effeCtS of DeMograPhiC ChangeS in a neW-keyneSian life-CyCle fraMeWork pptx

... for the year 2008 of the summary table ‘Main demographic and macroeconomic assumptions’ for the euro area (EA 16) in the Statistical Annex to European Economy (2009), p. 174.23ECB Working Paper ... policy scenarios.4 Calibration and d em ographic trends4.1 CalibrationWe calibrate the system of steady-state equations to match key features of annual euro area data, taking, in particular, recent ... summarize compactly the distribution of aggre-gate non-human wealth between retirees and workers. Using these denitions aggregateconsumption (fw) and aggregate real balances (pw) can be...

WORKING PAPER SERIES NO 845 / DECEMBER 2007: RUN-PRONE BANKING AND ASSET MARKETS doc

... Institute, the European Central Bank, Erasmus University Rotterdam, Tilburg University, Cambridge University, the European Bank for Reconstruction and Development, the Bank of Canada, Cornell ... O WORKING PAPER SERIES NO 845 / DECEMBER 2007In 2007 all ECB publications feature a motif taken from the 20 banknote.RUN-PRONE BANKING AND ASSET MARKETS 1by Marie Hoerova 2This paper ... comments and advice from Bruno Biais, David Easley, Huberto Ennis, Miquel Faig, Florian Heider, Todd Keister, B. Ravikumar, Assaf Razin, Karl Shell, Yi Wen, and seminar participants at the European...

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WORKING PAPER SERIES NO 1332 / APRIL 2011: CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY docx

... central bank in financial supervision matters, by testing once for the effects of communication by central banks that do have a formal role in financial supervision, and once for those central banks ... financial markets and therefore we analyze the information market participants actually receive. The resulting dataset contains 768 communication. The breakdown by year in Table 1 reveals large ... financial market developments and the assessment of risks to banks and systemically relevant non-banking financial institutions. Cihak (2006) calls these sections the “core” part of an FSR and...

WORKING PAPER SERIES NO 1457 / AUGUST 2012: EXCESSIVE BANK RISK TAKING AND MONETARY POLICY pptx

... Taylor (2009), Allen, Babus and Carletti (2009), Adrian and Shin (201 0a) , Diamond and Rajan (2009) and Kannan, Rabanal and Scott (2009).5That is to say, banks do not choose a risk proﬁle, nor ... and Kyotaki (2010). But, for the most part, banks are a passive friction in thisliterature.5Exceptions to this are Angeloni and Faia (2009), Angeloni, Faia and Lo Duca (2010) and Gertler and ... Acharya, Viral V., and Hassan Naqvi, forthcoming, The seeds of a crisis, Journal of FinancialEconomics.[2] Acharya, Viral V., Hamid Mehran and Anjan Thakor, 2010, Caught between scylla and charyb-dis?...

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