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Inside asset purchase programs: the effects of unconventional policy on banking competition

Author

Listed:
  • Wedow, Michael
  • Koetter, Michael
  • Podlich, Natalia

Abstract

We test if unconventional monetary policy instruments influence the competitive conduct of banks. Between q2:2010 and q1:2012, the ECB absorbed JEL Classification: C30, C78, G21, G28, L51

Suggested Citation

  • Wedow, Michael & Koetter, Michael & Podlich, Natalia, 2017. "Inside asset purchase programs: the effects of unconventional policy on banking competition," Working Paper Series 2017, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:20172017
    Note: 406092
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpwps/ecbwp2017.en.pdf
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    References listed on IDEAS

    as
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    22. Marco Casiraghi & Eugenio Gaiotti & Lisa Rodano & Alessandro Secchi, 2013. "The impact of unconventional monetary policy on the Italian economy during the sovereign debt crisis," Questioni di Economia e Finanza (Occasional Papers) 203, Bank of Italy, Economic Research and International Relations Area.
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    Citations

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    Cited by:

    1. Eric T. Swanson, 2018. "The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 555-572.
    2. Albertazzi, Ugo & Barbiero, Francesca & Marqués-Ibáñez, David & Popov, Alexander & Rodriguez d’Acri, Costanza & Vlassopoulos, Thomas, 2020. "Monetary policy and bank stability: the analytical toolbox reviewed," Working Paper Series 2377, European Central Bank.
    3. Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2021. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic," ZEW Discussion Papers 21-050, ZEW - Leibniz Centre for European Economic Research.
    4. Storz, Manuela & Koetter, Michael & Setzer, Ralph & Westphal, Andreas, 2017. "Do we want these two to tango? On zombie firms and stressed banks in Europe," Working Paper Series 2104, European Central Bank.
    5. Antoni, Manfred & Müller, Steffen & Sondershaus, Talina, 2021. "Do asset purchase programmes shape industry dynamics? Evidence from the ECB's SMP on plant entries and exits," IWH Discussion Papers 12/2019, Halle Institute for Economic Research (IWH).
    6. Paludkiewicz, Karol, 2018. "Unconventional Monetary Policy, Bank Lending, and Security Holdings: The Yield-Induced Portfolio Rebalancing Channel," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181669, Verein für Socialpolitik / German Economic Association.

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    More about this item

    Keywords

    competition; security markets program; unconventional monetary policy;
    All these keywords.

    JEL classification:

    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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