25 Jahre IWH

Kirsten Schmidt

Kirsten Schmidt
Aktuelle Position

seit 1/16

Wissenschaftliche Mitarbeiterin der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • Bankenregulierung
  • Geldpolitik
  • Finanzmarktstabilität

Seit Januar 2016 ist Kirsten Schmidt Doktorandin in der Forschungsgruppe „Regulierung internationaler Finanzmärkte und Banken” der Abteilung Finanzmärkte.

Von 2010 bis 2013 studierte sie Economics and Business Administration (B.Sc.) an der Eberhard Karls Universität Tübingen und der University of Michigan, Ann Arbor. Zwischen 2013 und 2015 absolvierte sie ihr Masterstudium in Economics and Finance (M.Sc.) ebenfalls in Tübingen.

Ihr Kontakt

Kirsten Schmidt
Kirsten Schmidt
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-723

Publikationen

Arbeitspapiere

cover_DP_2017-12.jpg

Do Conventional Monetary Policy Instruments Matter in Unconventional Times?

Manuel Buchholz Kirsten Schmidt Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 12, 2017

Abstract

This paper investigates how declines in the deposit facility rate set by the European Central Bank (ECB) affect bank behavior. The ECB aims to reduce banks’ incentives to hold reserves at the central bank and thus to encourage loan supply. However, given depressed margins in a low interest environment, banks might reallocate their liquidity toward more profitable liquid assets other than traditional loans. Our analysis is based on a sample of euro area banks for the period from 2009 to 2014. Three key findings arise. First, banks reduce their reserve holdings following declines in the deposit facility rate. Second, this effect is heterogeneous across banks depending on their business model. Banks with a more interest-sensitive business model are more responsive to changes in the deposit facility rate. Third, there is evidence of a reallocation of liquidity toward loans but not toward other liquid assets. This result is most pronounced for non-GIIPS countries of the euro area.

Publikation lesen
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