scholarly journals The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area

2018 ◽  
Author(s):  
Matthias Neuenkirch ◽  
Matthias Nöckel
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Risk Taking ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Shadow banks and the risk-taking channel of monetary policy transmission in the euro area

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Arina Wischnewsky ◽  
Matthias Neuenkirch
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Risk Taking ◽  
Banking Sector ◽  
Shadow Banking ◽  
Monetary Policy Transmission ◽  
Monetary Policy Shocks ◽  
Shadow Banks ◽  
Policy Transmission ◽  
Policy Shocks

AbstractWe provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks’ total asset growth and their risk assets ratio. Our dataset covers the period 2000Q1–2018Q3 and includes, in addition to the standard variables for real GDP growth, inflation, and the monetary policy stance, the aforementioned two indicators for the shadow banking sector. Based on vector autoregressive models for the euro area as a whole, we find a portfolio reallocation effect towards riskier assets and evidence for a general expansion of assets. Both effects last for roughly six quarters in the case of conventional monetary policy shocks, whereas for unconventional monetary policy shocks the responses are significant for two quarters only. Country-specific as well as sector-specific estimations confirm these findings for most of the euro area countries and all non-bank types, but also reveal some heterogeneity in the reaction of financial institutions.

scholarly journals The risk-taking channel of monetary policy transmission in the euro area

2018 ◽  
Vol 93 ◽  
pp. 71-91 ◽  
Author(s):  
Matthias Neuenkirch ◽  
Matthias Nöckel
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Risk Taking ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Firm Investment and Monetary Policy Transmission in the Euro Area

2001 ◽  
Author(s):  
Jean-Bernard Chatelain ◽  
Andrea Generale ◽  
Ignacio Hernando ◽  
Ulf von Kalckreuth ◽  
Philip Vermeulen
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Firm Investment ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Monetary Policy Transmission Over the Leverage Cycle: Evidence for the Euro Area

2020 ◽  
Author(s):  
Gerhard Rünstler ◽  
Leonie Bräuer
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Financial systems and the role of banks in monetary policy transmission in the euro area

2003 ◽  
pp. 235-269 ◽  
Author(s):  
M. Ehrmann ◽  
L. Gambacorta ◽  
J. Martínez-Pagés ◽  
P. Sevestre ◽  
A. Worms
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Monetary Policy Transmission ◽  
Financial Systems ◽  
Policy Transmission

scholarly journals Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms

2021 ◽  
Author(s):  
Cecilia Caglio ◽  
R. Matthew Darst ◽  
Ṣebnem Kalemli-Özcan
Keyword(s):  
Monetary Policy ◽  
Risk Taking ◽  
Large Firms ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Monetary Policy Transmission in the Euro Area: What Do Aggregate and National Structural Models Tell Us?

2001 ◽  
Author(s):  
Peter <!>van Els ◽  
Alberto Locarno ◽  
Julian Benedict Morgan ◽  
Jean-Pierre Villetelle
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Structural Models ◽  
Monetary Policy Transmission ◽  
Policy Transmission
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