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Daily Monetary Policy Shocks and the Delayed Response of New Home Sales

Hamilton, James D. - 2008

This paper offers an explication of the hump-shaped response of real economic activity to changes in monetary policy, focusing on the particular channel operating through new home sales. I suggest that the conventional notion of a monetary policy shock as a surprise change in the fed funds rate...

Persistent link: https://www.econbiz.de/10012464424

Housing and the Monetary Transmission Mechanism

Mishkin, Frederic S. - 2007

transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of … housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary … policy. I begin with a theoretical and empirical review of the main housing-related channels of the transmission mechanism …

Persistent link: https://www.econbiz.de/10012465128

The Impact of Monetary Policy on Asset Prices

Rigobon, Roberto - 2002

Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heteroskedasticity that...

Persistent link: https://www.econbiz.de/10012469921

Global Financial Cycles and Risk Premiums

Jordà, Òscar - 2018

This paper studies the synchronization of financial cycles across 17 advanced economies over the past 150 years. The comovement in credit, house prices, and equity prices has reached historical highs in the past three decades. The sharp increase in the comovement of global equity markets is...

Persistent link: https://www.econbiz.de/10012453043

Credit Traps

Benmelech, Efraim - 2010

This paper studies the limitations of monetary policy transmission within a credit channel frame- work. We show that …, under certain circumstances, the credit channel transmission mechanism fails in that liquidity injections by the central …

Persistent link: https://www.econbiz.de/10012462457

Macroeconomic Modeling for Monetary Policy Evaluation

Galí, Jordi - 2007

significant role of expectations of future policy actions in the monetary transmission mechanism, and the importance for the …

Persistent link: https://www.econbiz.de/10012465104

Globalization and Monetary Control

Woodford, Michael - 2007

nature of the monetary transmission mechanism, and it is sometimes suggested that this could threaten the ability of national … of the three structural equations of a basic model of the monetary transmission mechanism: the LM equation, the IS … markets, and factor markets for the form of each of these parts of the monetary transmission mechanism, and find that …

Persistent link: https://www.econbiz.de/10012465321

The Impact of Monetary Policy on Bank Balance Sheets

Kashyap, Anil K. - 1994

transmission. We argue that if the lending view is correct, one should expect the loan and security portfolios of large and small …

Persistent link: https://www.econbiz.de/10012474094

Finance, farms, and the Fed's early years

Carlin, Bruce - 2017

We provide causal evidence that discount rate changes by the Federal Reserve affected economic output in the 1920s. Our identification strategy exploits county-level variation in access to the Fed's discount window, and we implement this strategy with hand-collected data on banking and...

Persistent link: https://www.econbiz.de/10012455171

The Voice of Monetary Policy

Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - National Bureau of Economic Research - 2021

We develop a deep learning model to detect emotions embedded in press conferences after the meetings of the Federal Open Market Committee and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Fed's actions and the sentiment in policy...

Persistent link: https://www.econbiz.de/10012496146