OeNB Freitagsseminar with Daniel Fricke

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Excess Reserves and Monetary Policy Tightening

OeNB Freitagsseminar with Daniel Fricke, Deutsche Bundesbank

We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases strongly. Focusing on the ECB’s 2022 rate hiking cycle, we show that reserve-rich banks’ credit supply is less sensitive to the monetary policy tightening compared to other banks. The effect varies in the cross-section of both banks and firms. The results are binding at the firm level, indicating the presence of real effects.

Date
Friday, 4 April 2025 | Start: 11:00 AM | End: 12:30 PM                         

Venue
The event is planned both, online via Webex and onsite at the Oesterreichische Nationalbank, Otto-Wagner-Platz 3, 1090 Vienna, Veranstaltungssaal, Ground Floor.

Please register by 4 April 2025, at the latest.

  • Contact

    • Event Management
      Phone: +43 (1) 404 20-6920