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Explaining Monetary Spillovers : The Matrix Reloaded
Kearns, Jonathan - 2019
strength and characteristics of interest rate spillovers to 47 advanced and emerging market economies. Our main goal is to … assess different channels through which spillovers occur and why some countries' interest rates respond more than others. We … find that there is no evidence that spillovers relate to real linkages, such as trade flows. There is some indication that …
Persistent link: https://www.econbiz.de/10012896702
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Financial Crisis, US Unconventional Monetary Policy and International Spillovers
Chen, Qianying - 2015
sizeable impact of the early actions, countered forces that could have led to episodes of prolonged recession and deflation in … found for the United States and other advanced economies. The estimates suggest that US monetary policy spillovers … spillovers …
Persistent link: https://www.econbiz.de/10013026237
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Capital Regulation, Risk-Taking and Monetary Policy : A Missing Link in the Transmission Mechanism?
Borio, Claudio E. V. - 2013
Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and waning of conceptual frameworks and the changing characteristics of the financial system. In this paper,...
Persistent link: https://www.econbiz.de/10012710837
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The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis
Gambacorta, Leonardo - 2014
monthly data from eight advanced economies over a sample spanning the period since the onset of the global finanancial crisis …
Persistent link: https://www.econbiz.de/10013065515
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Credit Growth, Monetary Policy, and Economic Activity in a Three-Regime TVAR Model
Avdjiev, Stefan - 2014
We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...
Persistent link: https://www.econbiz.de/10013052166
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Macroeconomic Implications of Financial Imperfections : A Survey
Claessens, Stijn - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10012942918
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Asset Prices and Macroeconomic Outcomes : A Survey
Claessens, Stijn - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012942935
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Spillovers, Capital Flows and Prudential Regulation in Small Open Economies
Castillo, Paul - 2014
interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it …
Persistent link: https://www.econbiz.de/10013047530
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News Driven Business Cycles and Data on Asset Prices in Estimated DSGE Models
Avdjiev, Stefan - 2014
The existing literature on estimated structural News Driven Business Cycle (NDBC) models has focused almost exclusively on macroeconomic data and has largely ignored asset prices. In this paper, we present evidence that including data on asset prices in the estimation of a structural NDBC model...
Persistent link: https://www.econbiz.de/10013067113
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Cyclical Macroeconomic Policy, Financial Regulation and Economic Growth
Aghion, Philippe - 2014
This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...
Persistent link: https://www.econbiz.de/10013058584