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The Narrow Channel of Quantitative Easing : Evidence from YCC Down Under
Lucca, David O.; Wright, Jonathan H. - National Bureau of Economic Research - 2022
We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...
Persistent link: https://www.econbiz.de/10013191066
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Monetary Policy and Endogenous Financial Crises
Boissay, Frederic; Collard, Fabrice; Galí, Jordi; … - National Bureau of Economic Research - 2021
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
Persistent link: https://www.econbiz.de/10012794628
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Mortgage Prepayment and Path-Dependent Effects of Monetary Policy
Berger, David W. - 2018
How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial debt in fixed-rate, prepayable mortgages means that the ability to stimulate the economy by cutting interest rates depends not just on their current level but also on...
Persistent link: https://www.econbiz.de/10012480809
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Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy
Landier, Augustin - 2013
We show empirically that banks' exposure to interest rate risk, or income gap, plays a crucial role in monetary policy …
Persistent link: https://www.econbiz.de/10012459804
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The Effects of Quantitative Easing on Interest Rates : Channels and Implications for Policy
Krishnamurthy, Arvind - 2011
, and an inflation channel for both QE1 and QE2, and an MBS pre-payment channel and a corporate bond default risk channel … corporate credit risk and thus corporate yields for QE1, and (b) Treasuries-only purchases in QE2 had a disproportionate effect …
Persistent link: https://www.econbiz.de/10012461102
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Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?
Friedman, Benjamin M. - 2010
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10012462492
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Quantitative Easing : A Rationale and Some Evidence from Japan
Wieland, Volker - 2009
of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …
Persistent link: https://www.econbiz.de/10012463084
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What about Japan?
Chien, YiLi; Cole, Harold L.; Lustig, Hanno - National Bureau of Economic Research - 2023
Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet …
Persistent link: https://www.econbiz.de/10014436981
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Negative Interest Rate Policy and the Yield Curve
Wu, Jing Cynthia - 2018
We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we introduce two policy indicators, which summarize the immediate and longer-horizon future monetary policy...
Persistent link: https://www.econbiz.de/10012480832
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Nominal Rigidities in Debt and Product Markets
Garriga, Carlos - 2016
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when...
Persistent link: https://www.econbiz.de/10012456066