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Wieland, Johannes F. - 2016

We propose a novel mechanism, "financial dampening," whereby loan retrenchment by banks attenuates the effectiveness of monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank holding companies (BHCs). We derive an IV-strategy...

Persistent link: https://www.econbiz.de/10012456534

Accounting for Post-Crisis Inflation and Employment : A Retro Analysis

Fratto, Chiara - 2014

What accounts for inflation after 2008? We use the prominent pre-crisis Smets-Wouters (2007) model to address this question. We find that due to price markup shocks alone inflation would have been 1% higher than observed and 0.5% higher that the long-run average. Their standard deviation is...

Persistent link: https://www.econbiz.de/10012457959

The Macroeconomic Consequences of Natural Rate Shocks : An Empirical Investigation

Schmitt-Grohé, Stephanie; Uribe, Martín - National Bureau of Economic Research - 2022

Much of the empirical literature on the natural rate of interest has focused on estimating its path. This paper addresses the question of how exogenous movements in the natural rate of interest affect aggregate activity and inflation in the short and long runs. To this end it proposes a...

Persistent link: https://www.econbiz.de/10013361991

The Source of Fluctuations in Money : Evidence From Trade Credit

Ramey, Valerie A. - 1991

model presented extends the theory of King and Plosser by recognizing that both money and trade credit provide transactions … services. The model shows that the comovements between money and trade credit can reveal the nature of the underlying shocks …

Persistent link: https://www.econbiz.de/10012475249

Economic Policy Uncertainty and the Credit Channel : Aggregate and Bank Level U.S. Evidence over Several Decades

Bordo, Michael D. - 2016

first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank … macroeconomic controls, economic policy uncertainty affected bank level credit growth, and (ii) whether there is variation in the … on bank credit growth. Since this impact varies meaningfully with some bank characteristics - particularly the overall …

Persistent link: https://www.econbiz.de/10012456652

Inside the Black Box : The Credit Channel of Monetary Policy Transmission

Bernanke, Ben - 1995

The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … components to monetary policy shocks and describe how the credit channel helps explain the facts. We discuss two main components … credit aggregates are not valid tests of this theory …

Persistent link: https://www.econbiz.de/10012473736

Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron - 2002

gradually decelerates. But sometimes the boom ends in twin currency and banking crises, and is followed by a protracted credit …

Persistent link: https://www.econbiz.de/10012469490

Credit, Prices, and Crashes : Business Cycles with a Sudden Stop

Mendoza, Enrique G. - 2001

-price economy with imperfect credit markets. Foreign debt is denominated in units of tradables and a liquidity constraint links … credit-market access to the income generated in the nontradables sector and the relative price of nontradables. Sudden Stops … weaken credit frictions …

Persistent link: https://www.econbiz.de/10012470386

Housing Wealth Effects : The Long View

Guren, Adam M. - 2018

We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate...

Persistent link: https://www.econbiz.de/10012452991

Money and Velocity During Financial Crises : From the Great Depression to the Great Recession

Anderson, Richard G. - 2016

This study offers a single, consistent model that tracks the velocity of broad money (M2) since 1929, including the Great Depression, the global financial crisis, and the Great Recession. The model emphasizes the roles of changes in uncertainty and risk premia, financial innovation, and major...

Persistent link: https://www.econbiz.de/10012456574

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