The Impact of Unconventional Monetary Policy on Major European Banks' Interest Spreads

2018 ◽  
Author(s):  
Michael Sigmund ◽  
Sophia Döme
Keyword(s):  
Monetary Policy ◽  
Unconventional Monetary Policy ◽  
Interest Spreads ◽  
European Banks ◽  
The Impact

scholarly journals The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality

2019 ◽  
Vol 31 (2) ◽  
pp. 175-186 ◽  
Author(s):  
Brigitte Young
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
Household Finance ◽  
Wealth Inequality ◽  
Unconventional Monetary Policy ◽  
Distributional Effects ◽  
Monetary Policies ◽  
The Rich ◽  
The Impact ◽  
Central Bankers

Unconventional monetary policy was implemented as a result of the financial crisis and resulted in rising asset prices in the stock markets. While the increase in asset prices is not exclusively triggered by unconventional monetary policy, central bankers accept that unconventional monetary policy has resulted in distributional effects on wealth, and that these are not negligible. What is missing are studies analyzing whether these non-standard monetary policies have different distributional effects on women and men. The intent of the paper is to interrogate whether unconventional monetary policy of central banks has a gender bias that operates in favor of men as gender and against women as gender. Relying on insights from feminist economics, the paper uses the results of the ECB Household Finance and Consumption Survey (HFCS) of 62,000 household across 15 euro-area countries. While the results are tentative, they show an asymmetric distributional gendered impact. Since the rich own more assets than the poor, and since monetary easing works in part by raising asset prices, these unconventional policies may unintentionally benefit the wealthier quintile (on average more male) at the expense of the poorer strata of society (on average more female).

An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE

2015 ◽  
Vol 83 ◽  
pp. 51-82 ◽  
Author(s):  
James Cloyne ◽  
Ryland Thomas ◽  
Alex Tuckett ◽  
Samuel Wills
Keyword(s):  
Monetary Policy ◽  
Unconventional Monetary Policy ◽  
The Impact

The impact of unconventional monetary policy on the tail risks of stock markets between U.S. and Japan

2015 ◽  
Vol 41 ◽  
pp. 41-51 ◽  
Author(s):  
Yi-Chen Wang ◽  
Ching-Wen Wang ◽  
Chia-Hsing Huang
Keyword(s):  
Monetary Policy ◽  
Stock Markets ◽  
Unconventional Monetary Policy ◽  
The Impact

The Response of Tail Risk Perceptions to Unconventional Monetary Policy

2016 ◽  
Vol 8 (2) ◽  
pp. 111-136 ◽  
Author(s):  
Masazumi Hattori ◽  
Andreas Schrimpf ◽  
Vladyslav Sushko
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Risk Perceptions ◽  
Equity Market ◽  
Unconventional Monetary Policy ◽  
Tail Risk ◽  
Forward Guidance ◽  
The Impact ◽  
Future Path

We examine the impact of unconventional monetary policy (UMP) on stock market tail risk and risks of extreme interest rate movements. We find that UMP announcements substantially reduced option-implied equity market tail risks and interest rate risks. Most of the impact derives from forward guidance rather than asset purchase announcements. Communication about the future path of policy rates reduced volatility expectations of long-term rates and the associated risk premia. The reaction of equity market tail risk, in turn, points to the risk-taking channel of monetary policy, as the commitment to low funding rates may have relaxed financial intermediaries’ risk-bearing constraints. (JEL E52, E58, G12, G13, G14)

scholarly journals The impact of conventional and unconventional monetary policy on expectations and sentiment

2018 ◽  
Vol 86 ◽  
pp. 1-20 ◽  
Author(s):  
Emilios Galariotis ◽  
Panagiota Makrichoriti ◽  
Spyros Spyrou
Keyword(s):  
Monetary Policy ◽  
Unconventional Monetary Policy ◽  
The Impact

scholarly journals The Impact of Unconventional Monetary Policy Shocks on Energy Prices

2020 ◽  
pp. 743-764
Author(s):  
Panagiota Makrychoriti ◽  
Georgios Moratis ◽  
Spyros Spyrou
Keyword(s):  
Monetary Policy ◽  
Energy Prices ◽  
Unconventional Monetary Policy ◽  
Monetary Policy Shocks ◽  
Policy Shocks ◽  
The Impact
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