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Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy
Kourelis, Angeliki - 1994
The stickiness of bank lending rates with respect to money market rates is often regarded as an obstacle to the smooth transmission of monetary policy impulses. Yet, no systematic measure of the different degree of lending rate stickiness across countries has been attempted. This paper provides...
Persistent link: https://www.econbiz.de/10014396171
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The monetary policy credibility channel and the amplification effects in a semi-structural model
Chansriniyom, Thitipat; Epstein, Natan; Nalban, Valeriu - 2020
credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the … announced inflation target, with positive deviations being more costly compared to negative ones. A loss in policy credibility …. We find that the extended model with credibility effects matches well the key macroeconomic data over specific past …
Persistent link: https://www.econbiz.de/10012391944
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Negative monetary policy rates and portfolio rebalancing : evidence from credit register data
Bottero, Margherita; Minoiu, Camelia; Peydró, José-Luis; … - 2019
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks...
Persistent link: https://www.econbiz.de/10012009439
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Monetary Transmission in Low Income Countries
Montiel, Peter - 2010
This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect...
Persistent link: https://www.econbiz.de/10014397443
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Bank Lending and Interest Rate Changes in a Dynamic Matching Model
Dell'Ariccia, Giovanni - 1998
This paper presents theory and evidence on the dynamic relationship between aggregate bank lending and interest rate changes. Theoretically, it proposes and solves a stochastic matching model where credit expansion and contraction are time consuming. It shows that the response of bank lending to...
Persistent link: https://www.econbiz.de/10014400310
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The scarcity effect of quantitative easing on repo rates : evidence from the euro area
Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...
Persistent link: https://www.econbiz.de/10011978433
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China's monetary policy communication : frameworks, impact, and recommendations
McMahon, Michael; Schipke, Alfred; Li, Xiang - 2018
Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique...
Persistent link: https://www.econbiz.de/10011978360
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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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Enabling deep negative rates to fight recessions : a guide
Agarwal, Ruchir; Kimball, Miles S. - 2019
The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available...
Persistent link: https://www.econbiz.de/10012019855
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Monetary policy in hybrid regimes : the case of Kazakhstan
Epstein, Natan; Portillo, Rafael - 2014
Persistent link: https://www.econbiz.de/10010388860