Take it and leave it: Banks’ balance sheet optimization and targeted longer-term refinancing operations (Michael Sigmund, Johannes Wächtler, Philip Schuster, Robert Ferstl, Maria Teresa Valderrama)
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Altavilla, Carlo & Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2023.
"The Great Lockdown: Pandemic response policies and bank lending conditions,"
European Economic Review, Elsevier, vol. 156(C).
- Altavilla, Carlo & Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2020. "The great lockdown: pandemic response policies and bank lending conditions," Working Paper Series 2465, European Central Bank.
- Altavilla, Carlo & Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2020. "The Great Lockdown: pandemic response policies and bank lending conditions," CEPR Discussion Papers 15298, Centre for Economic Policy Research.
- Mehrhoff, Jens, 2009. "A solution to the problem of too many instruments in dynamic panel data GMM," Discussion Paper Series 1: Economic Studies 2009,31, Deutsche Bundesbank.
- Arellano, Manuel & Bover, Olympia, 1995.
"Another look at the instrumental variable estimation of error-components models,"
Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
- M Arellano & O Bover, 1990. "Another Look at the Instrumental Variable Estimation of Error-Components Models," CEP Discussion Papers dp0007, Centre for Economic Performance, LSE.
- Kenneth J. Kopecky & David D. Van Hoose, 2012.
"Imperfect Competition in Bank Retail Markets, Deposit and Loan Rate Dynamics, and Incomplete Pass Through,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1185-1205, September.
- Kenneth J. Kopecky & David D. Van Hoose, 2012. "Imperfect Competition in Bank Retail Markets, Deposit and Loan Rate Dynamics, and Incomplete Pass Through," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1185-1205, September.
- Temizsoy, Asena & Iori, Giulia & Montes-Rojas, Gabriel, 2017.
"Network centrality and funding rates in the e-MID interbank market,"
Journal of Financial Stability, Elsevier, vol. 33(C), pages 346-365.
- Temizsoy, A. & Iori, G. & Montes-Rojas, G., 2016. "Network Centrality and Funding Rates in the e-MID Interbank Market," Working Papers 16/08, Department of Economics, City St George's, University of London.
- Whitney K. Newey & Richard J. Smith, 2004.
"Higher Order Properties of Gmm and Generalized Empirical Likelihood Estimators,"
Econometrica, Econometric Society, vol. 72(1), pages 219-255, January.
- Whitney K. Newey & Richard Smith, 2003. "Higher order properties of GMM and generalised empirical likelihood estimators," CeMMAP working papers CWP04/03, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
- G. Consigli & M. Dempster, 1998. "Dynamic stochastic programmingfor asset-liability management," Annals of Operations Research, Springer, vol. 81(0), pages 131-162, June.
- Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988.
"Estimating Vector Autoregressions with Panel Data,"
Econometrica, Econometric Society, vol. 56(6), pages 1371-1395, November.
- Tom Doan, 2025. "RATS program to demonstrate IV estimation of VAR in panel data," Statistical Software Components RTZ00185, Boston College Department of Economics.
- Ben S. Bernanke & Mark Gertler, 1995.
"Inside the Black Box: The Credit Channel of Monetary Policy Transmission,"
Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
- Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
- Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University.
- Emilie Da Silva & Vincent Grossmann-Wirth & Benoit Nguyen & Miklos Vari, 2021. "Paying Banks to Lend? Evidence from the Eurosystem's TLTRO and the Euro Area Credit Registry," Working papers 848, Banque de France.
- Eisner, Robert, 1969. "Investment and the Frustrations of Econometricians," American Economic Review, American Economic Association, vol. 59(2), pages 50-64, May.
- Elyasiani, Elyas & Kopecky, Kenneth J & VanHoose, David, 1995. "Costs of Adjustment, Portfolio Separation, and the Dynamic Behavior of Bank Loans and Deposits," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 955-974, November.
- Igan, Deniz & Kabundi, Alain & De Simone, Francisco Nadal & Tamirisa, Natalia, 2017.
"Monetary policy and balance sheets,"
Journal of Policy Modeling, Elsevier, vol. 39(1), pages 169-184.
- Ms. Deniz O Igan & Alain N. Kabundi & Mr. Francisco d Nadal De Simone & Ms. Natalia T. Tamirisa, 2013. "Monetary Policy and Balance Sheets," IMF Working Papers 2013/158, International Monetary Fund.
- Alain Kabundi & Deniz Igan & Francisco N. de Simone & Natalia Tamirisa, 2013. "Monetary Policy and Balance Sheets," ERSA Working Paper Series 364, Economic Research Southern Africa.
- Perdichizzi, Salvatore & Duqi, Andi & Molyneux, Philip & Tamimi, Hussein Al, 2023. "Does unconventional monetary policy boost local economic development? The case of TLTROs and Italy," Journal of Banking & Finance, Elsevier, vol. 148(C).
- Jiménez, Gabriel & Ongena, Steven & Peydró, José-Luis & Saurina, Jesús, 2012.
"Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications,"
EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 102(5), pages 2301-2326.
- Gabriel Jimenez & Steven Ongena & Jose-Luis Peydro & Jesus Saurina, 2012. "Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications," American Economic Review, American Economic Association, vol. 102(5), pages 2301-2326, August.
- Gabriel Jimenez & Steven Ongena & José-Luis Peydró & Jesús Saurina, 2010. "Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications," Economics Working Papers 1706, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2011.
- Sealey, C W, Jr, 1980. "Deposit Rate-Setting, Risk Aversion, and the Theory of Depository Financial Intermediaries," Journal of Finance, American Finance Association, vol. 35(5), pages 1139-1154, December.
- Fricke, Daniel & Greppmair, Stefan & Paludkiewicz, Karol, 2024.
"Excess reserves and monetary policy tightening,"
Discussion Papers
05/2024, Deutsche Bundesbank.
- Paludkiewicz, Karol & Fricke, Daniel & Greppmair, Stefan, 2024. "Excess Reserves and Monetary Policy Tightening," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302364, Verein für Socialpolitik / German Economic Association.
- M.ª Carmen Castillo Lozoya & Enrique Esteban García-Escudero & M.ª Luisa Pérez Ortiz, 2022. "The effect of TLTRO III on Spanish credit institutions' balance sheets," Economic Bulletin, Banco de España, issue 2/2022.
- Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2021. "TLTRO III and bank lending conditions," Economic Bulletin Articles, European Central Bank, vol. 6.
- Fair, Ray C & Taylor, John B, 1983.
"Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models,"
Econometrica, Econometric Society, vol. 51(4), pages 1169-1185, July.
- Ray C. Fair & John B. Taylor, 1980. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear RationalExpectations Models," NBER Technical Working Papers 0005, National Bureau of Economic Research, Inc.
- Ray C. Fair & John B. Taylor, 1980. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Cowles Foundation Discussion Papers 564, Cowles Foundation for Research in Economics, Yale University.
- A. B. Treadway, 1969. "On Rational Entrepreneurial Behaviour and the Demand for Investment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(2), pages 227-239.
- Cosimano, Thomas F., 1988. "The banking industry under uncertain monetary policy," Journal of Banking & Finance, Elsevier, vol. 12(1), pages 117-139, March.
- Mario J. Miranda & Paul L. Fackler, 2004. "Applied Computational Economics and Finance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633094, December.
- Ryan, Ellen & Whelan, Karl, 2021.
"Quantitative easing and the hot potato effect: Evidence from euro area banks,"
Journal of International Money and Finance, Elsevier, vol. 115(C).
- Ellen Ryan & Karl Whelan, 2019. "Quantitative Easing and the Hot Potato Effect: Evidence from Euro Area Banks," Working Papers 201901, School of Economics, University College Dublin.
- Ryan, Ellen & Whelan, Karl, 2019. "Quantitative Easing and the Hot Potato Effect: Evidence from Euro Area Banks," Research Technical Papers 1/RT/19, Central Bank of Ireland.
- Whelan, Karl & Ryan, Ellen, 2019. "Quantitative Easing and the Hot Potato Effect: Evidence from Euro Area Banks," CEPR Discussion Papers 13499, Centre for Economic Policy Research.
- Claudio Borio, 2023. "Getting up from the floor," BIS Working Papers 1100, Bank for International Settlements.
- Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
- David Roodman, 2009.
"A Note on the Theme of Too Many Instruments,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(1), pages 135-158, February.
- David Roodman, 2007. "A Note on the Theme of Too Many Instruments," Working Papers 125, Center for Global Development.
- Joseph Abadi & Markus Brunnermeier & Yann Koby, 2023.
"The Reversal Interest Rate,"
American Economic Review, American Economic Association, vol. 113(8), pages 2084-2120, August.
- Markus K. Brunnermeier & Yann Koby, 2018. "The Reversal Interest Rate," NBER Working Papers 25406, National Bureau of Economic Research, Inc.
- Joseph Abadi & Markus K. Brunnermeier & Yann Koby, 2022. "The Reversal Interest Rate," Working Papers 22-28, Federal Reserve Bank of Philadelphia.
- Markus K. Brunnermeier & Yann Koby, 2019. "The Reversal Interest Rate," IMES Discussion Paper Series 19-E-06, Institute for Monetary and Economic Studies, Bank of Japan.
- Bernanke, Ben S & Blinder, Alan S, 1988.
"Credit, Money, and Aggregate Demand,"
American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
- Ben S. Bernanke & Alan S. Blinder, 1988. "Credit, Money, and Aggregate Demand," NBER Working Papers 2534, National Bureau of Economic Research, Inc.
- Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-652, Part II, .
- Gambacorta, Leonardo & Shin, Hyun Song, 2018.
"Why bank capital matters for monetary policy,"
Journal of Financial Intermediation, Elsevier, vol. 35(PB), pages 17-29.
- Leonardo Gambacorta & Hyun Song Shin, 2016. "Why bank capital matters for monetary policy," BIS Working Papers 558, Bank for International Settlements.
- Hartmann, Philipp & Smets, Frank, 2018.
"The first twenty years of the European Central Bank: monetary policy,"
Working Paper Series
2219, European Central Bank.
- Hartmann, Philipp & Smets, Frank, 2018. "The first twenty years of the European Central Bank: monetary policy," CEPR Discussion Papers 13411, Centre for Economic Policy Research.
- J. P. Gould, 1968. "Adjustment Costs in the Theory of Investment of the Firm," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(1), pages 47-55.
- Sigmund, Michael & Siebenbrunner, Christoph, 2024. "Do interbank markets price systemic risk?," Journal of Financial Stability, Elsevier, vol. 71(C).
- Blundell, Richard & Bond, Stephen, 1998.
"Initial conditions and moment restrictions in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- R Blundell & Steven Bond, "undated". "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Richard Blundell & Stephen Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Windmeijer, Frank, 2005. "A finite sample correction for the variance of linear efficient two-step GMM estimators," Journal of Econometrics, Elsevier, vol. 126(1), pages 25-51, May.
- Mehrhoff, Jens, 2009. "A solution to the problem of too many instruments in dynamic panel data GMM," IBES Diskussionsbeiträge 171, University of Duisburg-Essen, Institute of Business and Economic Studie (IBES).
- Ugo Albertazzi & Andrea Nobili & Federico M. Signoretti, 2021.
"The Bank Lending Channel of Conventional and Unconventional Monetary Policy,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(2-3), pages 261-299, March.
- Ugo Albertazzi & Andrea Nobili & Federico M. Signoretti, 2016. "The bank lending channel of conventional and unconventional monetary policy," Temi di discussione (Economic working papers) 1094, Bank of Italy, Economic Research and International Relations Area.
- Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75(4), pages 321-321.
- David Roodman, 2009.
"How to do xtabond2: An introduction to difference and system GMM in Stata,"
Stata Journal, StataCorp LLC, vol. 9(1), pages 86-136, March.
- David Roodman, 2006. "How to Do xtabond2: An Introduction to "Difference" and "System" GMM in Stata," Working Papers 103, Center for Global Development.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Sigmund, Michael & Ferstl, Robert, 2021. "Panel vector autoregression in R with the package panelvar," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 693-720.
- Canarella, Giorgio & Miller, Stephen M., 2018.
"The determinants of growth in the U.S. information and communication technology (ICT) industry: A firm-level analysis,"
Economic Modelling, Elsevier, vol. 70(C), pages 259-271.
- Giorgio Canarella & Stephen M. Miller, 2017. "The Determinants of Growth in the Information and Communication Technology (ICT) Industry: A Firm-Level Analysis," Working papers 2017-12, University of Connecticut, Department of Economics.
- Nguyen Thi Tuong Anh & Hung Quang Doan & Tuan Anh Bui & Nam Hoang Vu & Duong Thuy Thanh Le, 2022. "A Revisit of Motives for Chinese Outward Foreign Direct Investment: The Role of the Institution in Host Countries," SAGE Open, , vol. 12(4), pages 21582440221, December.
- Giorgio Caselli & Catarina Figueira, 2023. "Monetary policy, ownership structure, and risk‐taking at financial intermediaries," The Financial Review, Eastern Finance Association, vol. 58(1), pages 167-191, February.
- M. E. Bontempi & I. Mammi, 2014. "pca2: implementing a strategy to reduce the instrument count in panel GMM," Working Papers wp960, Dipartimento Scienze Economiche, Universita' di Bologna.
- Beutler, Toni & Bichsel, Robert & Bruhin, Adrian & Danton, Jayson, 2020.
"The impact of interest rate risk on bank lending,"
Journal of Banking & Finance, Elsevier, vol. 115(C).
- Toni Beutler & Robert Bichsel & Adrian Bruhin & Jayson Danton, 2015. "The Impact of Interest Rate Risk on Bank Lending," Working Papers 15.05, Swiss National Bank, Study Center Gerzensee.
- Toni Beutler & Robert Bichsel & Adrian Bruhin & Jayson Danton, 2015. "The Impact of Interest Rate Risk on Bank Lending," Cahiers de Recherches Economiques du Département d'économie 15.09, Université de Lausanne, Faculté des HEC, Département d’économie.
- Toni Beutler & Robert Bichsel & Adrian Bruhin & Jayson Danton, 2017. "The Impact of Interest Rate Risk on Bank Lending," Working Papers 2017-04, Swiss National Bank.
- Iyke Bernard Njindan, 2017.
"Does Trade Openness Matter for Economic Growth in the CEE Countries?,"
Review of Economic Perspectives, Sciendo, vol. 17(1), pages 3-24, March.
- Njindan Iyke, Bernard, 2016. "Does Trade Openness Matter for Economic Growth in the CEE Countries?," MPRA Paper 78869, University Library of Munich, Germany.
- Emna Trabelsi, 2022.
"Macroprudential Transparency and Price Stability in Emerging and Developing Countries,"
Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(1), pages 105-129.
- Emna Trabelsi, 2021. "Macroprudential Transparency And Price Stability In Emerging And Developing Countries," Post-Print hal-03566224, HAL.
- Dima Bogdan & Dima Ştefana Maria, 2017. "Does Corporate Tax Burden Affect Growth? Evidences from OECD Countries," Journal of Heterodox Economics, Sciendo, vol. 4(2), pages 51-80, December.
- Abdilahi Ali & Katsushi S. Imai, 2015.
"Editor's choice Crises, Economic Integration and Growth Collapses in African Countries,"
Journal of African Economies, Centre for the Study of African Economies, vol. 24(4), pages 471-501.
- Abdilahi Ali & Katsushi S. Imai, 2013. "Crises, Economic Integration and Growth Collapses in African Countries," Discussion Paper Series DP2013-07, Research Institute for Economics & Business Administration, Kobe University.
- Abdilahi Ali & Katsushi S. Imai, 2013. "Crises, Economic Integration and Growth Collapses in African Countries," Economics Discussion Paper Series 1302, Economics, The University of Manchester.
- Oliveira, Fernando N. de & Neto, Alberto Ronchi, 2012. "An empirical analysis of the external finance premium of public non-financial corporations in Brazil," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 66(3), October.
- W.N.W Azman‐Saini & Peter Smith, 2011.
"Finance And Growth: New Evidence On The Role Of Insurance,"
South African Journal of Economics, Economic Society of South Africa, vol. 79(2), pages 111-127, June.
- Azman-saini, W.N.W & Smith, Peter, 2010. "Finance and growth: new evidence on the role of insurance," MPRA Paper 65836, University Library of Munich, Germany.
- Ifeoma Florence Onaga & Augustine C. Arize & Josaphat U. J Onwumere & Ebere Ume Kalu, 2023. "Monetary policy transmission channels and the performance of the real sectors in selected sub-Saharan African countries: a system-GMM approach," Future Business Journal, Springer, vol. 9(1), pages 1-15, December.
- Joseph L. Dieleman & Michael Hanlon, 2014. "Measuring The Displacement And Replacement Of Government Health Expenditure," Health Economics, John Wiley & Sons, Ltd., vol. 23(2), pages 129-140, February.
- Dong, Xiao-yuan & Pandey, Manish, 2012. "Gender and labor retrenchment in Chinese state owned enterprises: Investigation using firm-level panel data," China Economic Review, Elsevier, vol. 23(2), pages 385-395.
- Varvara Isyuk, 2014. "Resuming bank lending in the aftermath of the Capital Purchase Program," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01093414, HAL.
- Mateo Zokalj, 2016. "The impact of population aging on public finance in the European Union," Financial Theory and Practice, Institute of Public Finance, vol. 40(4), pages 383-412.
- Michel Dumont, 2015. "Working Paper 05-15 - Evaluation of federal tax incentives for private R&D in Belgium: An update," Working Papers 1505, Federal Planning Bureau, Belgium.
- Sebastian Kripfganz & Claudia Schwarz, 2019.
"Estimation of linear dynamic panel data models with time‐invariant regressors,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(4), pages 526-546, June.
- Kripfganz, Sebastian & Schwarz, Claudia, 2013. "Estimation of Linear Dynamic Panel Data Models with Time-Invariant Regressors," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79756, Verein für Socialpolitik / German Economic Association.
- Schwarz, Claudia & Kripfganz, Sebastian, 2015. "Estimation of linear dynamic panel data models with time-invariant regressors," Working Paper Series 1838, European Central Bank.
- Kripfganz, Sebastian & Schwarz, Claudia, 2013. "Estimation of linear dynamic panel data models with time-invariant regressors," Discussion Papers 25/2013, Deutsche Bundesbank.
- Witte, Niklas, 2024. "Capital requirements in Pillar 1 or Pillar 2: does it matter for market discipline?," Working Paper Series 2988, European Central Bank.
More about this item
Keywords
; ; ; ;JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- G20 - Financial Economics - - Financial Institutions and Services - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-OPM-2026-05-04 (Open Economy Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:onb:oenbwp:257. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Markus Knell (email available below). General contact details of provider: https://edirc.repec.org/data/oenbbat.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.
Printed from https://ideas.repec.org/p/onb/oenbwp/257.html