Click on a term to reduce result list
The result list below will be reduced to the selected search terms. The terms are generated from the titles, abstracts and STW thesaurus of publications by the respective author.
163 records from EconBiz based on author Name
1. Green risk in Europe
Cassola, Nuno; Morana, Claudio; Ossola, Elisa;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 2. Green risk in Europe
Cassola, Nuno; Morana, Claudio; Ossola, Elisa;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 3. The risks of exiting too early the policy responses to the COVID-19 recession
abstractThis policy brief warns about the risks of discontinuing the policy responses to the COVID-19 crisis by pursuing exit strategies too early and/or too sharply. It outlines a comprehensive strategy for limiting such risks globally and offers an in-depth discussion of the European situation. Due to fiscal rules written in a pre- COVID-19 era and excessive emphasis on controlling public debt ratios, the Euro Area could be left with long-lasting scars, so its situation requires special treatment. Therefore, we articulate some policy proposals designed to preserve and strengthen the recovery in the EMU.
Cassola, Nuno; De Grauwe, Paul; Morana, Claudio; Tirelli, Patrizio;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link Citations: 2 (based on OpenCitations)
4. The risks of exiting too early the policy responses to the COVID-19 recession
Cassola, Nuno; De Grauwe, Paul; Morana, Claudio; Tirelli, Patrizio;2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 5. The risks of exiting too early the policy responses to the COVID-19 recession
Cassola, Nuno; De Grauwe, Paul; Morana, Claudio; Tirelli, Patrizio;2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 6. The ECB after the crisis : existing synergies among monetary policy, macroprudential policies and banking supervision
abstractThe prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today responsible for setting a single monetary policy applicable throughout the euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some indirectly. Its role in the area of financial stability has also expanded through the conferral of macroprudential tasks and tools that include tightening national measures when necessary. It thus carries out these complementary functions, while its primary objective of pursuing price stability remains unchanged. What are the working arrangements of this enlarged ECB, and what are the similarities and existing synergies among these functions? In the following pages, focusing on the organisational implications of the “new” ECB, we show the relative degrees of centralisation and decentralisation that exist in discharging these functions, the cycles of policy preparation and the rules governing interaction between them.
Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, Francesco Paolo;2019
Type: Graue Literatur; Non-commercial literature;
Availability: Link
Link 7. The Reserve Fulfilment Path of Euro Area Commercial Banks : Empirical Testing Using Panel Data
abstractThe theory of liquidity management under uncertainty predicts that, under certain conditions, commercial banks will accumulate minimum reserve requirements linearly over the reserve maintenance period. This prediction is empirically tested using daily data (from March 2004 until February 2007) on the current accounts and minimum reserve requirements of a panel of 79 commercial banks from the euro area. The linear accumulation hypothesis is not rejected by the data with the exception of small banks which build-up excess reserves. The empirical analysis suggest that idiosyncratic liquidity uncertainty is much higher than aggregate liquidity uncertainty. Nevertheless, on the penultimate day in the reserve maintenance period, the inverse demand schedule of the representative bank is relatively flat around the middle of the interest rate corridor set by the standing facilities. This suggests that liquidity effects on the overnight inter-bank rate should be very muted on this day. Our calibration exercise suggests that the probability of an individual bank's daily overdraft in the euro area is very low (less than 1.0 %). This is confirmed by the analysis of the daily recourses to the marginal lending facility by the panel banks
Cassola, Nuno;2021
Availability: Link Link
Citations: 2 (based on OpenCitations)
8. Structural Econometric Approach to Bidding in the Main Refinancing Operations of the Eurosystem
abstractThis paper contributes to the existing literature on central bank repo auctions. It is based on a structural econometric approach, whereby the primitives of bidding behavior (individual bid schedules and bid-shading components) are directly estimated. With the estimated parameters we calibrate a theoretical model in order to illustrate some comparative static results. Overall the results suggest that strategic and optimal behavior is prevalent in ECB tenders. We find evidence of a statistically significant bid-shading component, even though the number of bidders is very large. Bid-shading increases with liquidity uncertainty and decreases with the number of participants
Ewerhart, Christian; Cassola, Nuno; Morana, Claudio;2021
Availability: Link Link
9. Comovements in Volatility in the Euro Money Market
abstractThis paper assesses the sources of volatility persistence in Euro Area money market interest rates and the existence of linkages relating volatility dynamics. The main findings of the study are as follows. Firstly, there is evidence of stationary long memory, of similar degree, in all series. Secondly, there is evidence of fractional cointegration relationships relating all series, except the overnight rate. Two common long memory factors are found to drive the temporal evolution of the volatility processes. The first factor shows how persistent volatility shocks are trasmitted along the term structure, while the second factor points to excess persistent volatility at the longer end of the yield curve, relative to the shortest end. Finally, impulse response analysis and forecast error variance decomposition point to forward transmission of shocks only, involving the closest maturities
Cassola, Nuno; Morana, Claudio;2021
Availability: Link Link
Citations: 9 (based on OpenCitations)
10. Sporadic Manipulation in Money Markets with Central Bank Standing Facilities
abstractIn certain market environments, a large investor may benefit from building up a futures position first and trading subsequently in the spot market (Kumar and Seppi, 1992). The present paper identifies a variation of this type of manipulation that might occur in money markets with an interest rate corridor. We show that manipulation involving the use of central bank facilities would be observable only sporadically. The probability of manipulation decreases when the central bank uses an active liquidity management. Manipulation can also be reduced by widening the interest rate corridor
Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; Valla, Natacha;2021
Availability: Link Link