{"id":48881,"date":"2023-11-20T15:43:22","date_gmt":"2023-11-20T14:43:22","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/two-sides-of-the-same-sparkly-coin\/"},"modified":"2024-06-20T02:40:51","modified_gmt":"2024-06-20T00:40:51","slug":"two-sides-of-the-same-sparkly-coin","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/48881\/","title":{"rendered":"Two Sides of the Same Sparkly Coin?"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-48881","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"Disinflation and Financial Market Jitters amid Monetary Tightening","text":"Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks' balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks' net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow the financial sector to digest the rapid rate hikes of last year by reducing the pace of tightening.","onlinedate":"2023-07-12 16:25:05","lang":"English","publication_series":"","publication_date":"20230605","publication_date_year":"","publication_date_full":true,"publication_num_pages":"23","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/doi.org\/10.2861\/670320","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"European Parliament","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3500],"collaboration":"","persons":[3543,3865,3899],"persons_data":"[{\"personId\":3543,\"personName\":\"Christian Glocker\",\"organisationNames\":[]},{\"personId\":3865,\"personName\":\"Stefan Schiman-Vukan\",\"organisationNames\":[]},{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[10718],"subclients":[],"partners":[8870,29305,29306,9526],"topics":[40979],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"Luxembourg","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_bookanthology rendering_apa rendering_bookanthology_apa\\\"><span>Glocker, C.<\\\/span><span>, Schiman-Vukan, S.<\\\/span><span>, &amp; Url, T.<\\\/span> (2023). <span><em>Two Sides of the Same Sparkly Coin? Disinflation and Financial Market Jitters amid Monetary Tightening<\\\/em><\\\/span>. European Parliament. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/doi.org\\\/10.2861\\\/670320\\\" class=\\\"link\\\"><span>https:\\\/\\\/doi.org\\\/10.2861\\\/670320<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\"><span>Glocker C<\\\/span><span>, Schiman-Vukan S<\\\/span><span>, Url T<\\\/span>. <span class=\\\"title\\\"><span>Two Sides of the Same Sparkly Coin? <span class=\\\"subtitle\\\">Disinflation and Financial Market Jitters amid Monetary Tightening<\\\/span><\\\/span><\\\/span>. Luxembourg: European Parliament, 2023. 23 p. doi: 10.2861\\\/670320<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{c17ad365e27949caa689fe3e4d9c71e0,<\\\/div><div>  title     = \\\"Two Sides of the Same Sparkly Coin?: Disinflation and Financial Market Jitters amid Monetary Tightening\\\",<\\\/div><div>  abstract  = \\\"Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks' balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks' net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow the financial sector to digest the rapid rate hikes of last year by reducing the pace of tightening.\\\",<\\\/div><div>  keywords  = \\\"Disinflation in the EMS and in the Non-EMS Countries. What Have We Learned?, Monetary Policy\\\",<\\\/div><div>  author    = \\\"Christian Glocker and Stefan Schiman-Vukan and Thomas Url\\\",<\\\/div><div>  note      = \\\"Two Sides of the Same Sparkly Coin? Disinflation and Financial Market Jitters amid Monetary Tightening\\\",<\\\/div><div>  year      = \\\"2023\\\",<\\\/div><div>  month     = jun,<\\\/div><div>  day       = \\\"5\\\",<\\\/div><div>  doi       = \\\"10.2861\\\/670320\\\",<\\\/div><div>  language  = \\\"English\\\",<\\\/div><div>  isbn      = \\\"ISBN 978-92-848-0647-8\\\",<\\\/div><div>  publisher = \\\"European Parliament\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_bookanthology rendering_ris rendering_bookanthology_ris\\\"><p>TY  - BOOK<\\\/p><p>T1  - Two Sides of the Same Sparkly Coin?<\\\/p><p>T2  - Disinflation and Financial Market Jitters amid Monetary Tightening<\\\/p><p>AU  - Glocker, Christian<\\\/p><p>AU  - Schiman-Vukan, Stefan<\\\/p><p>AU  - Url, Thomas<\\\/p><p>N1  - Two Sides of the Same Sparkly Coin? Disinflation and Financial Market Jitters amid Monetary Tightening<\\\/p><p>PY  - 2023\\\/6\\\/5<\\\/p><p>Y1  - 2023\\\/6\\\/5<\\\/p><p>N2  - Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks' balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks' net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow the financial sector to digest the rapid rate hikes of last year by reducing the pace of tightening.<\\\/p><p>AB  - Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks' balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks' net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow the financial sector to digest the rapid rate hikes of last year by reducing the pace of tightening.<\\\/p><p>KW  - Disinflation in the EMS and in the Non-EMS Countries. What Have We Learned?<\\\/p><p>KW  -  Monetary Policy<\\\/p><p>UR  - https:\\\/\\\/www.europarl.europa.eu\\\/thinktank\\\/en\\\/document\\\/IPOL_IDA(2023)747844<\\\/p><p>U2  - 10.2861\\\/670320<\\\/p><p>DO  - 10.2861\\\/670320<\\\/p><p>M3  - Study<\\\/p><p>SN  - ISBN 978-92-848-0647-8<\\\/p><p>BT  - Two Sides of the Same Sparkly Coin?<\\\/p><p>PB  - European Parliament<\\\/p><p>CY  - Luxembourg<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Two Sides of the Same Sparkly Coin? - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/48881\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Sides of the Same Sparkly Coin?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/48881\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-20T00:40:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/48881\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/48881\\\/\",\"name\":\"Two Sides of the Same Sparkly Coin? 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