{"id":7238,"date":"2023-01-06T13:44:54","date_gmt":"2023-01-06T12:44:54","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-pr-mariassunta-giannetti-stockholm-school-of-economics\/"},"modified":"2024-02-22T09:52:23","modified_gmt":"2024-02-22T08:52:23","slug":"df-lunch-seminar-pr-mariassunta-giannetti-stockholm-school-of-economics","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-pr-mariassunta-giannetti-stockholm-school-of-economics\/","title":{"rendered":"DF Lunch Seminar Pr Mariassunta Giannetti, Stockholm School of Economics"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>Exploiting the introduction of the ECB\u2019s tiering system for remunerating excess reserve holdings, we document the importance of access to the money market for bank lending. We show that the announcement of the two-tier system produced positive wealth effects for banks with excess reserves and that the associated incentives to reallocate liquidity toward banks with unused exemptions decreased the segmentation in the money market. The monetary policy transmission is enhanced because banks with unused allowances obtain easier access to the money market and extend more credit than other banks, including banks with excess liquidity whose valuations increase the most.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":7239,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2022-03-03 12:00:00","event_end_date":"2022-03-03 13:15:00","event_speaker_name":"Professor Mariassunta Giannetti","event_speaker_link":"","event_is_online":false,"event_location":"Online\r\n\r\nhttps:\/\/unilu.webex.com\/unilu\/j.php?MTID=m2a7ba3bc7df05de1e43931f8c47a85a7","event_street":"University of Luxembourg 6 Rue Richard Coudenhove-Kalergi","event_location_link":"","event_zip_code":"1359","event_city":"Luxembourg","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[116],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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