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Dive into the research topics where Esteban Prieto is active.

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Featured researches published by Esteban Prieto.


Social Science Research Network | 2016

Time-varying Volatility, Financial Intermediation and Monetary Policy

Sandra Eickmeier; Norbert Metiu; Esteban Prieto

We document that expansionary monetary policy shocks are less effective at stimulating output and investment in periods of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. Exogenous policy changes are identified by adapting an external instruments approach to the non-linear model. The lower effectiveness of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism that is weaker in high volatility periods. To rationalize our robust empirical results, we use a macroeconomic model in which financial intermediaries endogenously choose their capital structure. In the model, the leverage choice of banks depends on the volatility of aggregate shocks. In low volatility periods, financial intermediaries lever up, which makes their balance sheets more sensitive to aggregate shocks and the financial accelerator more effective. On the contrary, in high volatility periods banks decrease leverage, which renders the financial accelerator less effective; this in turn decreases the ability of monetary policy to improve funding conditions and credit supply, and thereby to stimulate the economy. Hence, we provide a novel explanation for the non-linear effects of monetary stimuli observed in the data, linking the effectiveness of monetary policy to the procyclicality of leverage.


Journal of Economic Dynamics and Control | 2014

In search for yield? Survey-based evidence on bank risk taking

Claudia M. Buch; Sandra Eickmeier; Esteban Prieto


Journal of Money, Credit and Banking | 2014

Macroeconomic Factors and Microlevel Bank Behavior

Claudia M. Buch; Sandra Eickmeier; Esteban Prieto


Review of Finance | 2015

Bank Risk Taking and Competition: Evidence from Regional Banking Markets

Thomas K. Kick; Esteban Prieto


International Finance | 2014

Do better capitalized banks lend less? Long-run panel evidence from Germany

Claudia M. Buch; Esteban Prieto


Journal of Applied Econometrics | 2016

Time Variation in Macro-Financial Linkages

Esteban Prieto; Sandra Eickmeier; Massimiliano Giuseppe Marcellino


Chapters in SUERF Studies | 2012

The ESRB at 1

Hermann Remsperger; Stephen G. Cecchetti; Stefan Ingves; Alberto Giovannini; Jens Weidmann; Alexandros Vardoulakis; Stefano Neri; Jürgen Stark; Elod Takats; Christian Upper; Claudia M. Buch; Sandra Eickmeier; Esteban Prieto; Abdul Abiad; Giovanni Dell'ariccia; Bin Grace Li; Francesco Mazzaferro


Chapters in SUERF Studies | 2012

Macroeconomic factors and microeconomic bank risk

Claudia M. Buch; Sandra Eickmeier; Esteban Prieto


Archive | 2016

Financial Shocks and Inflation Dynamics

Angela Abbate; Sandra Eickmeier; Esteban Prieto


Archive | 2014

The Effects of Fiscal Policy in an Estimated DSGE Model -- The Case of the German Stimulus Packages during the Great Recession

Thomas Krause; Konstantin Kiesel; Manuel Buchholz; Jana Ohls; Christoph Schröder; Stefan Eichler; Lisa Cyon; Matia Ossandon Busch; Claudia M. Buch; Michael Koetter; Felix Noth; Sascha Steffen; Marlene Karl; Esteban Prieto

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Claudia M. Buch

Frankfurt School of Finance

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Christoph Schröder

Zentrum für Europäische Wirtschaftsforschung

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Felix Noth

Halle Institute for Economic Research

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Manuel Buchholz

Halle Institute for Economic Research

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Stefan Eichler

Halle Institute for Economic Research

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