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...

Ngày tải lên: 15/03/2014, 10:20

... concomitant of such an environment, and either non-rational expectations 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 variable...

Ngày tải lên: 15/03/2014, 10:20

... 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 GDP deflator and monetary aggregates are revised for a few quarters. While GDP is only available on a quarterly basis, monetary aggregates are available on a...

Ngày tải lên: 29/03/2014, 13:20

... 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 im...

Ngày tải lên: 15/03/2014, 10:20

... (“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 state banks ... 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 s...

Ngày tải lên: 15/03/2014, 10:20

... market rate Data Econometric approach 11 ECB 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. 18 ECB Working Paper Series No. 580 January 2006 WORKING PAP...

Ngày tải lên: 22/03/2014, 23:20

... 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. 23 ECB Working Paper ... policy scenarios. 4 Calibration and d em ographic trends 4.1 Calibration We calibrate the system of steady-state equations to match key features of annual euro area...

Ngày tải lên: 29/03/2014, 13:20

... 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 2007 In 2007 all ECB publications feature a motif taken from the 20 banknote. RUN-PRONE BANKING AND ASSET MARKETS...

Ngày tải lên: 06/03/2014, 09:22

... 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 ye...

Ngày tải lên: 15/03/2014, 10:20

... Taylor (2009), Allen, Babus and Carletti (2009), Adrian and Shin (201 0a) , Diamond and Rajan (2009) and Kannan, Rabanal and Scott (2009). 5 That 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 this literature. 5 Exceptions to this are Angeloni and Faia (2009), Angeloni, Faia and Lo Duc...

Ngày tải lên: 22/03/2014, 21:20