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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
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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
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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
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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
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Voluntary reserve targets
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
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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
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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
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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
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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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Liquidity from two lending facilities
Anbil, Sriya; Vossmeyer, Angela - 2017
Persistent link: https://www.econbiz.de/10011803682