Narrow search
Showing 1 - 10 of 101
Cover Image
The Central-Bank Balance Sheet as an Instrument of Monetary Policy
Cúrdia, Vasco - 2010
acquired by central banks, and changes in the interest rate paid on reserves. We first extend a standard New Keynesian model to …
Persistent link: https://www.econbiz.de/10013139787
Cover Image
The High-Frequency Response of Energy Prices to Monetary Policy : Understanding the Empirical Evidence
Rosa, Carlo - 2013
This paper examines the impact of conventional and unconventional monetary policy on energy prices, using an event study with intraday data. Three measures for monetary policy surprises are used: 1) the surprise change to the current federal funds target rate, 2) the surprise component to the...
Persistent link: https://www.econbiz.de/10013087148
Cover Image
Conventional and Unconventional Monetary Policy
Cúrdia, Vasco - 2009
We extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in determining equilibrium. We use the model to investigate the...
Persistent link: https://www.econbiz.de/10013154673
Cover Image
Credit Spreads and Monetary Policy
Cúrdia, Vasco - 2009
We consider the desirability of modifying a standard Taylor rule for a central bank's interest rate policy to incorporate either an adjustment for changes in interest rate spreads (as proposed by Taylor [2008] and McCulley and Toloui [2008]) or a response to variations in the aggregate volume of...
Persistent link: https://www.econbiz.de/10013156626
Cover Image
New Evidence on the Lending Channel
Ashcraft, Adam B. - 2006
Do banks play a special role in the transmission mechanism of monetary policy? I exploit the presence of internal … capital markets in bank holding companies to isolate plausibly exogenous variation in the financial constraints faced by banks … affiliated banks are better able to smooth insured deposit outflows by issuing uninsured debt. Financial constraints matter for …
Persistent link: https://www.econbiz.de/10012735666
Cover Image
A Dynamic Theory of Collateral Quality and Long-Term Interventions
Lee, Michael - 2019
We study a dynamic model of collateralized lending under adverse selection in which the quality of collateral assets is endogenously determined by hidden effort. Complementarities in incentives lead to non-ergodic dynamics: Asset quality and output grow when asset quality is high, but stagnate...
Persistent link: https://www.econbiz.de/10012865106
Cover Image
Segregated Balance Accounts
Garratt, Rodney - 2015
shifting reserves from banks with high balance sheet costs to banks with low balance sheet costs. SBAs would not require …
Persistent link: https://www.econbiz.de/10013021988
Cover Image
Stock Market Participation, Inequality, and Monetary Policy
Melcangi, Davide - 2020
What role does stock investment play in the transmission of monetary policy to the real economy? We study this question using a New Keynesian model with heterogeneous households. Following a monetary tightening, stock market participants rebalance their investments away from stocks, in line with...
Persistent link: https://www.econbiz.de/10012829368
Cover Image
Money, Liquidity, and Monetary Policy
Adrian, Tobias - 2010
In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a...
Persistent link: https://www.econbiz.de/10012715535
Cover Image
Financial Intermediaries, Financial Stability, and Monetary Policy
Adrian, Tobias - 2010
In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are...
Persistent link: https://www.econbiz.de/10012715720