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Monetary policy transmission over the leverage cycle: evidence for the euro area
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| Personen und Körperschaften: | , |
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| Titel: | Monetary policy transmission over the leverage cycle: evidence for the euro area/ Leonie Bräuer, Gerhard Rünstler |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2421 (June 2020)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | We study state dependence in the impact of monetary policy shocks over the leverage cycle for a panel of 10 euro area countries. We use a Bayesian Threshold Panel SVAR with regime classifications based on credit and house prices cycles. We find that monetary policy shocks trigger a smaller response of GDP, but a larger response of in ation during low states of the cycle. The shift in the inflation-output trade-off may result from higher macro-economic uncertainty in low leverage states. For an alternative regime classification based on turning points we find larger effects on GDP during contractions. |
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| Umfang: | 1 Online-Ressource (circa 56 Seiten); Illustrationen |
| ISBN: |
9789289940641
9289940646 |
| DOI: | 10.2866/349021 |