Central bank research hub - Papers by Michael Kühl
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Research hub papers by author Michael KühlenThe Effects of Government Bond Purchases on Leverage Constraints of Banks and Non-Financial Firms
http://www.ijcb.org/journal/ijcb18q3a3.pdf
IJCB International Journal of Central Banking by Michael KühlThe Effects of Government Bond Purchases on Leverage Constraints of Banks and Non-Financial Firms2018-09-01T00:00:03ZThis paper investigates how government bond purchases affect leverage-constrained banks and non-financial firms by utilizing a stochastic general equilibrium model. My results indicate that government bond purchases not only reduce nonfinancial firms' borrowing costs, amplified through a reduction in expected defaults, but also lower banks' profit margins. In an economy in which loans priced at par dominate in banks' balance sheets-as a reflection of the euro area's structure-the leverage constraint of non-financial firms is relaxed while that of banks tightens. I show that the leverage constraint in the non-financial sector plays an essential role in transmitting the impulses of government bond purchases to the real economy. In a bank-financed economy, this channel mainly controls the positive impulse on output and inflation following from government bond purchases, although the soundness of the financial sector deteriorates. This paper adds a new perspective to the discussion regarding the efficacy of government bond purchases as a policy tool.The Effects of Government Bond Purchases on Leverage Constraints of Banks and Non-Financial FirmsFull texthttp://www.ijcb.org/journal/ijcb18q3a3.pdfMichael KühlMichael Kühl2018-09IJCB International Journal of Central BankingE44E58E61Monetary-fiscal interaction and quantitative easing
https://www.econstor.eu/bitstream/10419/191250/1/1046839241.pdf
Deutsche Bundesbank Discussion Papers by Josef Hollmayr and Michael KühlMonetary-fiscal interaction and quantitative easing2018-01-01T00:00:50ZThis paper analyzes the monetary-fiscal interaction if the central bank conducts quantitative easing. Although asset purchases have similar effects on the real economy under monetary and fiscal dominance, wealth effects yield a qualitatively different response on the rate of inflation. Our results show that under fiscal dominance, unconventional monetary policy has similar effects to conventional monetary policy on inflation because these wealth effects exert downward pressure on prices. The longer the average maturity, the more volatile is the transmission of quantitative easing to the real economy.Monetary-fiscal interaction and quantitative easingFull texthttps://www.econstor.eu/bitstream/10419/191250/1/1046839241.pdfJosef HollmayrMichael KühlJosef Hollmayr and Michael Kühl2018Deutsche Bundesbank Discussion PapersE32E44E62The optimal conduct of central bank asset purchases
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2017/2017_07_10_dkp_22.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Matthieu Darracq Pariès, Michael KühlThe optimal conduct of central bank asset purchases2017-01-01T00:00:22ZThe optimal conduct of central bank asset purchasesFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2017/2017_07_10_dkp_22.pdf?__blob=publicationFileMatthieu Darracq ParièsMichael KühlMatthieu Darracq Pariès, Michael Kühl2017-07-10Deutsche Bundesbank Discussion PapersC61E52G11The optimal conduct of central bank asset purchases
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1973.en.pdf
European Central Bank Working papers by Matthieu Darracq Pariès, Michael KühlThe optimal conduct of central bank asset purchases2016-11-11T12:37:59ZThe optimal conduct of central bank asset purchasesECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1973.en.pdfMatthieu Darracq ParièsMichael KühlMatthieu Darracq Pariès, Michael Kühl2016-11-11European Central Bank Working PapersC61E52G11Learning about banks' net worth and the slow recovery after the financial crisis
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2016/2016_10_07_dkp_39.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Jossef Hollmayr, Michael KühlLearning about banks' net worth and the slow recovery after the financial crisis2016-10-07T12:37:59ZLearning about banks' net worth and the slow recovery after the financial crisisFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2016/2016_10_07_dkp_39.pdf?__blob=publicationFileJossef HollmayrMichael KühlJossef Hollmayr, Michael Kühl2016-10-07Deutsche Bundesbank Discussion PapersE3E44The effects of government bond purchases on leverage constraints of banks and non-financial firms
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2016/2016_10_05_dkp_38.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Michael KühlThe effects of government bond purchases on leverage constraints of banks and non-financial firms2016-10-05T12:37:00ZThe effects of government bond purchases on leverage constraints of banks and non-financial firmsFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2016/2016_10_05_dkp_38.pdf?__blob=publicationFileMichael KühlMichael Kühl2016-10-05Deutsche Bundesbank Discussion PapersE44E58E61Imperfect information about financial frictions and consequences for the business cycle
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2015/2015_05_12_dkp_07.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Josef Hollmayr, Michael KühlImperfect information about financial frictions and consequences for the business cycle2015-05-12T12:43:59ZImperfect information about financial frictions and consequences for the business cycleFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2015/2015_05_12_dkp_07.pdf?__blob=publicationFileJosef HollmayrMichael KühlJosef Hollmayr, Michael Kühl2015-05-12Deutsche Bundesbank Discussion PapersE3E44G3Bank capital, the state contingency of banks' assets and its role for the transmission of shocks
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_10_20_dkp_25.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Michael KühlBank capital, the state contingency of banks' assets and its role for the transmission of shocks2014-10-20T12:43:59ZBank capital, the state contingency of banks' assets and its role for the transmission of shocksFull texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_10_20_dkp_25.pdf?__blob=publicationFileMichael KühlMichael Kühl2014-10-20Deutsche Bundesbank Discussion PapersE44E58E61Mitigating financial stress in a bank-financed economy: equity injections into banks or purchases of assets?
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_08_26_dkp_19.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Michael KühlMitigating financial stress in a bank-financed economy: equity injections into banks or purchases of assets?2014-08-26T12:43:00ZMitigating financial stress in a bank-financed economy: equity injections into banks or purchases of assets?Full texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_08_26_dkp_19.pdf?__blob=publicationFileMichael KühlMichael Kühl2014-08-26Deutsche Bundesbank Discussion PapersE44E58E61The financial accelerator and market-based debt instruments: a role for maturities?
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_05_16_dkp_08.pdf?__blob=publicationFile
Deutsche Bundesbank Discussion Papers by Michael KühlThe financial accelerator and market-based debt instruments: a role for maturities?2014-05-16T12:31:00ZThis paper shows how the average maturity of corporate bonds can affect the transmission of shocks if financial frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for market-based debt which has a market-determined price. Our results show that the average maturity of bonds is essential for the transmission of shocks. The dynamics are largely identical to the standard BGG model for shorter maturities, while the model behaves differently for longer maturities. In this case a prolongation channel becomes apparent which attenuates the original amplification mechanism.The financial accelerator and market-based debt instruments: a role for maturities?Full texthttp://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2014/2014_05_16_dkp_08.pdf?__blob=publicationFileMichael KühlMichael Kühl2014-05-16Deutsche Bundesbank Discussion PapersE3E44G3