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What Do a Million Banks Have to Say About the Transmission of Monetary Policy?
Kashyap, Anil K. - 1997
In an effort to shed new light on the monetary transmission mechanism, we create a panel data set that includes quarterly observations of every insured commercial bank in the United States over the period 1976-1993. Our key cross-sectional finding is that the impact of monetary policy on lending...
Persistent link: https://www.econbiz.de/10012472758
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Is There a `Credit Channel' for Monetary Policy?
Hubbard, R. Glenn - 1994
This paper argues that the terms `money view' and `credit view' are not always well defined in theoretical and empirical debates over the transmission mechanism of monetary policy. Recent models of information and incentive problems in financial markets suggest the usefulness of decomposing the...
Persistent link: https://www.econbiz.de/10012473922
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Credit Channel or Credit Actions? An Interpretation of the Postwar Transmission Mechanism
Romer, Christina D. - 1993
This paper shows that the disproportionate impact of tight monetary policy on banks' ability to lend is largely the consequence of Federal Reserve actions aimed at reducing bank loans directly, rather than an inherent feature of the monetary transmission mechanism. We provide two types of...
Persistent link: https://www.econbiz.de/10012474460
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How Important is the Credit Channel in the Transmission of Monetary Policy?
Ramey, Valerie A. - 1993
This paper empirically tests the importance of the credit channel in the transmission of monetary policy. Three credit variables are analyzed: total bank loans, bank holdings of securities relative to loans, and the difference in the growth rate of short-term debt of small and large firms. In...
Persistent link: https://www.econbiz.de/10012474675
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The Price of Stability : The balance sheet policy of the Banque de France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …
Persistent link: https://www.econbiz.de/10012458111
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A. - 1999
implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …
Persistent link: https://www.econbiz.de/10012471558
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Small and Large Price Changes and the Propagation of Monetary Shocks
Alvarez, Fernando - 2014
We document the presence of both small and large price changes in individual price records from the CPI in France and …
Persistent link: https://www.econbiz.de/10012458509
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Keynesian Macroeconomics without the LM Curve
Romer, David - 2000
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10012471315
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Determinants of the Japan Premium : Actions Speak Louder Than Words
Peek, Joe - 1999
Since August 1995, Japanese banks have had to pay a premium on Eurodollar and Euroyen interbank loans relative to their U.S. and U.K. competitors. This so-called Japan premium' provides a market indicator of investor anxiety about the ability of Japanese banks to repay loans. We examine the...
Persistent link: https://www.econbiz.de/10012471539
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The Federal Funds Market, Pre- and Post-2008
Swanson, Eric T. - National Bureau of Economic Research - 2022
This chapter provides an overview of the federal funds market and how the equilibrium federal fund rate is determined. I devote particular attention to comparing and contrasting the federal funds market before and after 2008, since there were several dramatic changes around that time that...
Persistent link: https://www.econbiz.de/10012938731