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Baughman, Garth; Carapella, Francesca - 2018

This paper updates the standard workhorse model of banks' reserve management to include frictions inherent to money … rates. In addition to this characterization, we consider (i) the impact of routine and non-routine liquidity injections by …

Persistent link: https://www.econbiz.de/10011932184

Understanding bank and nonbank credit cycles : a structural exploration

Durdu, Ceyhun Bora; Zhong, Molin - 2019

We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that allows for bank and nonbank financial intermediation. We posit economy-wide aggregate and sectoral disturbances to potentially drive bank and nonbank credit growth. We find that...

Persistent link: https://www.econbiz.de/10012181042

The costs and benefits of liquidity regulations : lessons from an idle monetary policy tool

Curfman, Christopher J.; Kandrac, John - 2019

We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a … credit supply. Liquidity requirements also depress banks' profitability, though some of the regulatory costs are passed on to … liability holders. We document a prudential benefit of liquidity requirements by showing that banks subject to a higher …

Persistent link: https://www.econbiz.de/10012181216

Reaffirming the influence of Milton Friedman on U.K. economic policy

Nelson, Edward - 2017

This paper finds a significant influence of Milton Friedman on U.K. economic policy from the 1970s onward, and especially during the period of the Thatcher Government. The finding is based on a consideration of statements by policymakers and key economic advisers, as well as an analysis of...

Persistent link: https://www.econbiz.de/10011803172

The continuing validity of monetary policy autonomy under floating exchange rates

Nelson, Edward - 2017

Economic research in recent years has given considerable prominence to the issue of whether a floating exchange rate provides autonomy with regard to monetary policy to a central bank whose economy is highly open. In particular, Rey (2016) has argued that inflation-targeting advanced economies...

Persistent link: https://www.econbiz.de/10011803325

Karl Brunner and U.K. monetary debate

Nelson, Edward - 2018

Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as...

Persistent link: https://www.econbiz.de/10012016810

Money, Reserves, and the Transmission of Monetary Policy : Does the Money Multiplier Exist?

Carpenter, Seth B. - 2011

With the use of nontraditional policy tools, the level of reserve balances has risen significantly in the United States since 2007. Before the financial crisis, reserve balances were roughly $20 billion whereas the level has risen well past $1 trillion. The effect of reserve balances in simple...

Persistent link: https://www.econbiz.de/10013122094

Misallocation Costs of Digging Deeper into the Central Bank Toolkit

Kurtzman, Robert - 2019

Central bank large-scale asset purchases, such as the purchase of securities of nonfinancial firms, can induce a misallocation of resources through their heterogeneous effect on firm cost of capital. First, we analytically demonstrate the mechanism in a two-period model. We then evaluate the...

Persistent link: https://www.econbiz.de/10012901030

Breaks in the Phillips Curve : Evidence from Panel Data

Wright, Jonathan H.; Smith, Simon C.; Timmermann, Allan - 2023

We revisit time-variation in the Phillips curve, applying new Bayesian panel methods with breakpoints to US and European Union disaggregate data. Our approach allows us to accurately estimate both the number and timing of breaks in the Phillips curve. It further allows us to determine the...

Persistent link: https://www.econbiz.de/10014354910

Friedman's Monetary Economics in Practice

Nelson, Edward - 2011

This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. Five major aspects of the policy response are: 1) discount window lending has been provided broadly to the financial system, at rates low relative to the market rates...

Persistent link: https://www.econbiz.de/10013124914

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