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In: NBER macroeconomics annual, Volume 27, Issue 1, p. 420-428
ISSN: 1537-2642
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In: NBER macroeconomics annual, Volume 27, Issue 1, p. 420-428
ISSN: 1537-2642
In: ECB Working Paper No. 1560
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Working paper
Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision for bank capital and too low for too long monetary policy rates. Conversely, low long-term interest rates do not soften lending standards. Finally, countries with softer lending standards before the crisis related to negative Taylor-rule residuals experienced a worse economic performance afterwards. These results help shed light on the origins of the crisis and have important policy implications.
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In: ECB Working Paper No. 1147
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In: ECB Working Paper No. 1248
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In: European Corporate Governance Institute – Finance Working Paper No. 991/2024
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In: CEPR Discussion Paper No. DP16778
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Offering a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation, this book provides a list of challenges in the implementation of macroprudential policy and a discussion on its limitations. --
In: Bank of England Working Paper No. 1012
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In: FRB of Chicago Working Paper No. 2023-29
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In: CEPR Discussion Paper No. DP15473
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In: ECB Working Paper No. 20202504
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In: CEPR Discussion Paper No. DP15539
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In: Deutsche Bundesbank Discussion Paper No. 37/2020
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Working paper