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An EMU with Different Transmission Mechanisms
Giovannetti, Giorgia; Marimon, Ramon - C.E.P.R. Discussion Papers - 1998
We develop and compute a dynamic equilibrium model where economies differ on the relative efficiency of financial intermediaries and, therefore on households portfolios and currency holdings. Our model economies have some of the features of the different financial structures in countries of the...
Persistent link: https://www.econbiz.de/10005662222
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The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition
Kierzenkowski, Rafal - C.E.P.R. Discussion Papers - 2002
This Paper examines the consequences of interactions between the bank lending channel and the traditional interest rate … system with sterilized intervention and a pure floating rate system, we establish that the bank lending channel can generate … spread between the loan rate and the central bank's intervention rate are found to be a good indicator of amplification and …
Persistent link: https://www.econbiz.de/10005666443
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Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy
Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014
behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates … income gap also predicts the sensitivity of bank lending to interest rates, both for commercial & industrial loans and for … mortgages. Quantitatively, a 100 basis point increase in the Fed funds rate leads a bank at the 75th percentile of the income …
Persistent link: https://www.econbiz.de/10011145414
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419
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Gambling for resurrection in Iceland: the rise and fall of the banks
Baldursson, Fridrik Mar; Portes, Richard - C.E.P.R. Discussion Papers - 2013
lending to the banks’ owners, although they strongly maintained otherwise in autumn 2007. Neither the FSA nor the Central Bank …
Persistent link: https://www.econbiz.de/10011084274
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009293988
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International Liquidity and Exchange Rate Dynamics
Gabaix, Xavier; Maggiori, Matteo - C.E.P.R. Discussion Papers - 2014
We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...
Persistent link: https://www.econbiz.de/10011083240
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Global Imbalances and the Financial Crisis: Products of Common Causes
Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009
This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the transmission of these policies...
Persistent link: https://www.econbiz.de/10008557008
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Asymmetries in Housing and Financial Market Institutions and EMU
Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999
Despite convergence pressures, differences in housing and financial market institutions across the 15 member states of the European Union are still enormous. This paper argues that they have profound effects on the responsiveness of output and inflation in the different countries to changes in...
Persistent link: https://www.econbiz.de/10005504528
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Measuring Monetary Policy with VAR Models: An Evaluation
Bagliano, Fabio-Cesare; Favero, Carlo A. - C.E.P.R. Discussion Papers - 1997
This paper evaluates VAR models designed to analyse the monetary policy transmission mechanism in the United States by considering three issues: specification, identification, and the effect of the omission of the long-term interest rate. Specification analysis suggests that only VAR models...
Persistent link: https://www.econbiz.de/10005114174