Anna Stelzer

This paper examines asymmetries and nonlinearities in the effects of monetary policy on the aggregate euro area. Using a non-linear mixedfrequency model that explicitly models lending via banks, the authors identify significant asymmetries. Monetary tightening has clear and persistent effects on ...

This paper examines the OeNB’s balance sheet and profit trends in light of Eurosystem losses from unconventional monetary policy during the low inflation period. Simulations show that future demand for central bank money is a key profit factor. Losses and negative capital do not ...

This study examines the economic effects of monetary policy (short-term interest rate shocks) and its interaction with macroprudential policy in 11 EU member states of Central, Eastern and Southeastern Europe (CESEE) over the period from 2000 to 2019. Employing a smooth transition vector ...