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U.S. monetary-fiscal regime changes in the presence of endogenous feedback in policy rules

Chang, Yoosoon; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: Shocks that switch one policy from active to passive tend to induce the other policy to...

Persistent link: https://www.econbiz.de/10011657240

The premium of government debt : disentangling safety and liquidity

Xiong, Qizhou - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

The persistent premium of government debt attributes to two main reasons: absolute nominal safety and liquidity. This … paper employs two types of measures of government debt supply to disentangle the safety and liquidity part of the premium … liability to all sector total liability, separates the liquidity premium from the safety premium and has a negative impact too …

Persistent link: https://www.econbiz.de/10011643023

Monetary policy in an oil-dependent economy in the presence of multiple shocks

Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...

Persistent link: https://www.econbiz.de/10011657233

Exchange rates and the information channel of monetary policy

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2020

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy...

Persistent link: https://www.econbiz.de/10012295246

Technology adoption and the bank lending channel of monetary policy transmission

Hasan, Iftekhar; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2021

This paper studies whether and how banks‘ technology adoption affects the bank lending channel of monetary policy transmission. We construct a new measurement of bank-level technology adoption, which can tell whether the technology is related to the bank‘s lending business and which specific...

Persistent link: https://www.econbiz.de/10012695677

Active driver or passive victim : on the role of international monetary policy transmission

Camehl, Annika; Schweinitz, Gregor von - Leibniz-Institut für Wirtschaftsforschung Halle - 2023

We provide new insights into determinants of international interest rates spillovers across seven advanced economies. To disentangle and quantify their respective importance, we identify country-specific structural monetary policy, demand, and supply equations in a Bayesian structural panel...

Persistent link: https://www.econbiz.de/10014025780

BigTech credit and monetary policy transmission : micro-level evidence from China

Huang, Yiping; Li, Xiang; Qiu, Han; Yu, Changhua - Leibniz-Institut für Wirtschaftsforschung Halle - 2022

This paper studies monetary policy transmission through BigTech and traditional banks. By comparing business loans made by a BigTech bank with those made by traditional banks, it finds that BigTech loans tend to be smaller, and the BigTech bank grants credit to more new borrowers compared with...

Persistent link: https://www.econbiz.de/10013336395

BigTech credit, small business, and monetary policy transmission : theory and evidence

Huang, Yiping; Li, Xiang; Qiu, Han; Su, Dan; Yu, Changhua - Leibniz-Institut für Wirtschaftsforschung Halle - 2024 - This version: 22.04.2024

This paper provides both theoretical and empirical analyses of the differences between BigTech lenders and traditional banks in response to monetary policy changes. Our model integrates Knightian uncertainty into portfolio selection and posits that BigTech lenders possess a diminishing...

Persistent link: https://www.econbiz.de/10014517651

Financial technologies and the effectiveness of monetary policy transmission

Hasan, Iftekhar; Kwak, Boreum; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2023 - This version: December 11, 2023

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results...

Persistent link: https://www.econbiz.de/10014450633

Financial technologies and the effectiveness of monetary policy transmission

Hasan, Iftekhar; Kwak, Boreum; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2023 - This version: April 3, 2023

Persistent link: https://www.econbiz.de/10014247067