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The Bank Lending Channel in a Dual Banking System : Evidence from Malaysia
Caporale, Guglielmo Maria - 2016
including both Islamic and conventional banks, over the period 1994:01-2015:06. A two-regime threshold vector autoregression … can be interpreted in terms of the distinctive features of Islamic banks …
Persistent link: https://www.econbiz.de/10012994579
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Self-Fulfilling Credit Cycles
Azariadis, Costas - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10013024359
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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Peersman, Gert - 2014
Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a...
Persistent link: https://www.econbiz.de/10013055428
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Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
Binici, Mahir - 2013
We explore the role of interest rate policy in the exchange rate determination process. Specifically, we derive exchange rate equations from interest rate rules that are theoretically optimal under a few alternative settings. The exchange rate equation depends on its underlying interest rate...
Persistent link: https://www.econbiz.de/10013092385
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Monetary Policy Through Production Networks : Evidence from the Stock Market
Ozdagli, Ali K. - 2017
Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...
Persistent link: https://www.econbiz.de/10012953959
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Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications
Dixon, Huw David - 2013
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we...
Persistent link: https://www.econbiz.de/10013094533
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Bank Behavior and the Cost Channel of Monetary Transmission
Hülsewig, Oliver; Mayer, Eric; Wollmershaeuser, Timo - 2021
This paper presents a New Keynesian model that dwells on the role of banks in the cost channel of monetary policy …. Banks extend loans to firms in an environment of monopolistic competition by setting the loan rate according to a Calvo … channel is mitigated as banks shelter firms from monetary policy shocks by smoothing lending rates …
Persistent link: https://www.econbiz.de/10013317392
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The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?
Henzel, Steffen - 2013
This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...
Persistent link: https://www.econbiz.de/10012753889
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Monetary Transmission Mechanism in Transition Economies : Surveying the Surveyable
Égert, Balázs - 2013
This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or...
Persistent link: https://www.econbiz.de/10012754233
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Resurrecting the New-Keynesian Model : (Un)Conventional Policy and the Taylor Rule
Posch, Olaf - 2018
ability to explain the facts, such that the theory supports both a negative and a positive response of inflation. Central to …
Persistent link: https://www.econbiz.de/10012920346