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Bank Leverage and Monetary Policy's Risk-Taking Channel; Evidence from the United States

Dell'Ariccia, Giovanni; Laeven, Luc; Suarez, Gustavo - International Monetary Fund (IMF) - 2013

We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data …’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank …

Persistent link: https://www.econbiz.de/10011242177

Afghanistan; Balancing Social and Security Spending in the Context of Shrinking Resource Envelope

Aslam, Aqib; Berkes, Enrico; Fukac, Martin; Menkulasi, Jeta - International Monetary Fund (IMF) - 2013

For Afghanistan, the dual prospect of declining donor support and high ongoing security spending over the medium term keeps the government budget tight. This paper uses a general equilibrium model to capture the security-development tradeoff facing the government in its effort to rehabilitate...

Persistent link: https://www.econbiz.de/10011242233

Capital Flows and Financial Stability; Monetary Policy and Macroprudential Responses

Unsal, D. Filiz - International Monetary Fund (IMF) - 2011

(ii) to minimize the risk that prolonged periods of easy financing conditions will undermine financial stability. While …

Persistent link: https://www.econbiz.de/10009293772

The International Monetary System: Where Are We and Where Do We Need to Go?

Mohan, Rakesh; Patra, Michael Debabrata; Kapur, Muneesh - International Monetary Fund (IMF) - 2013

The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial...

Persistent link: https://www.econbiz.de/10010790272

Capital Account Policies in Chile Macro-financial considerations along the path to liberalization

Carriere-Swallow, Yan; Garcia-Silva, Pablo - International Monetary Fund (IMF) - 2013

This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and...

Persistent link: https://www.econbiz.de/10010790346

Unconventional Monetary Policy and Long-Term Interest Rates

Wu, Tao - International Monetary Fund (IMF) - 2014

This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...

Persistent link: https://www.econbiz.de/10010959464

The Impact of Uncertainty Shocks on the UK Economy

Denis, Stephanie; Kannan, Prakash - International Monetary Fund (IMF) - 2013

This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic activity in the UK, depressing industrial production and GDP. The peak impact is felt fairly quickly at...

Persistent link: https://www.econbiz.de/10010790244

Unconventional Monetary Policy and Asset Price Risk

Roache, Shaun K.; Rousset, Marina V - International Monetary Fund (IMF) - 2013

We examine the effects of unconventional monetary policy (UMP) events in the United States on asset price risk using … risk-neutral density functions estimated from options prices. Based on an event study including a key exchange rate, an … equity index, and five commodities, we find that “tail risk” diminishes in the immediate aftermath of UMP events …

Persistent link: https://www.econbiz.de/10010790292

Monetary Policy and Balance Sheets

Igan, Deniz; Kabundi, Alain N.; Simone, Francisco Nadal-De - International Monetary Fund (IMF) - 2013

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets...

Persistent link: https://www.econbiz.de/10010790431

Labor Force Participation and Monetary Policy in the Wake of the Great Recession

Erceg, Christopher J.; Levin, Andrew - International Monetary Fund (IMF) - 2013

In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during...

Persistent link: https://www.econbiz.de/10011123858