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Crossing the credit channel : credit spreads and firm heterogeneity
Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2020
Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting … with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction … of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results …
Persistent link: https://www.econbiz.de/10012485947
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Monetary policy transmission mechanisms in Pacific Island countries
Yang, Yongzheng; Davies, Matt; Wang, Shengzu; Dunn, … - 2011
Persistent link: https://www.econbiz.de/10009486305
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Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America
Tovar, Camilo Ernesto; Garcia-Escribano, Mercedes; … - 2012
Persistent link: https://www.econbiz.de/10009618590
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What's different about monetary policy transmission in remittance-dependent countries?
Barajas, Adolfo; Chami, Ralph; Ebeke, Christian; … - 2016
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying...
Persistent link: https://www.econbiz.de/10011445365
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Monetary Policy Transmission Mechanisms in Pacific Island Countries
Dunn, Jonathan C. - 2011
economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary … credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary …
Persistent link: https://www.econbiz.de/10014401200
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
International Monetary Fund - 2012
procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have … new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments …
Persistent link: https://www.econbiz.de/10014396432
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One money, many markets : monetary transmission and housing financing in the euro area
Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel - 2020
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012252067
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Market power and monetary policy transmission
Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes … - 2021
We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock...
Persistent link: https://www.econbiz.de/10012605640
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Has higher household indebtedness weakened monetary policy transmission?
Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019
Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares the responsiveness of household consumption to monetary...
Persistent link: https://www.econbiz.de/10012001512
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Monetary policy is not always systematic and data-driven : evidence from the yield curve
Bulíř, Aleš; Vlček, Jan - 2020
Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve movements, do react to macroeconomic innovations and these reactions reflect the...
Persistent link: https://www.econbiz.de/10012170089