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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

The role of U.S. monetary policy in global banking crises

Durdu, Bora; Martin, Alex; Zer, Ilknur - 2019

We examine the role of U.S. monetary policy in global financial stability by using a cross-country database spanning the period from 1870-2010 across 69 countries. U.S. monetary policy tightening increases the probability of banking crises for those countries with direct linkages to the U.S.,...

Persistent link: https://www.econbiz.de/10012181191

Income inequality, financial crises, and monetary policy

Cairó, Isabel; Sim, Jae W. - 2018

quantities that are highly skewed to the downside due to financial crises and the liquidity trap. Consequently, symmetric …

Persistent link: https://www.econbiz.de/10011932429

Identification of monetary policy shocks with external instrument SVAR

Kim, Kyungmin - 2017

We explore the use of external instrument SVAR to identify monetary policy shocks. We identify a forward guidance shock as the monetary shock component having zero instant impact on the policy rate. A contractionary forward guidance shock raises both future output and price level, stressing the...

Persistent link: https://www.econbiz.de/10011803281

Bank market power and the risk channel of monetary policy

Afanasyeva, Elena; Güntner, Jochen - 2018 - This version: January 2018

This paper investigates the risk channel of monetary policy through banks' lending standards. We modify the classic …

Persistent link: https://www.econbiz.de/10011803796

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