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Credit Channel or Credit Actions? an Interpretation of the Postwar Transmission Mechanism
Romer, Christina D. - 2008
This paper shows that the disproportionate impact of tight monetary policy on banks' ability to lend is largely the consequence of Federal Reserve actions aimed at reducing bank loans directly, rather than an inherent feature of the monetary transmission mechanism. We provide two types of...
Persistent link: https://www.econbiz.de/10012774825
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How Important is the Credit Channel in the Transmission of Monetary Policy?
Ramey, Valerie A. - 2010
This paper empirically tests the importance of the credit channel in the transmission of monetary policy. Three credit variables are analyzed: total bank loans, bank holdings of securities relative to loans, and the difference in the growth rate of short-term debt of small and large firms. In...
Persistent link: https://www.econbiz.de/10012763457
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What Do a Million Banks Have to Say About the Transmission of Monetary Policy?
Kashyap, Anil K.; Stein, Jeremy C. - 2021
In an effort to shed new light on the monetary transmission mechanism, we create a panel data set that includes quarterly observations of every insured commercial bank in the United States over the period 1976-1993. Our key cross-sectional finding is that the impact of monetary policy on lending...
Persistent link: https://www.econbiz.de/10013218905
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Is There a `Credit Channel' for Monetary Policy?
Hubbard, R. Glenn - 2021
This paper argues that the terms `money view' and `credit view' are not always well defined in theoretical and empirical debates over the transmission mechanism of monetary policy. Recent models of information and incentive problems in financial markets suggest the usefulness of decomposing the...
Persistent link: https://www.econbiz.de/10013248249
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The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …
Persistent link: https://www.econbiz.de/10013046162
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Small and Large Price Changes and the Propagation of Monetary Shocks
Alvarez, Fernando - 2014
We document the presence of both small and large price changes in individual price records from the CPI in France and …
Persistent link: https://www.econbiz.de/10013053475
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A.; Giavazzi, Francesco; Flabbi, Luca - 2021
implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …
Persistent link: https://www.econbiz.de/10013235277
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Why are Target Interest Rate Changes so Persistent?
Coibion, Olivier - 2011
While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the U.S. is controversial, with tests of competing hypotheses such as interest-smoothing and...
Persistent link: https://www.econbiz.de/10013131304
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Precautionary Hoarding of Liquidity and Inter-Bank Markets : Evidence from the Sub-Prime Crisis
Acharya, Viral V. - 2010
We study the liquidity demand of large settlement banks in the UK and its effect on the Sterling Money Markets before and during the sub-prime crisis of 2007-08. Liquidity holdings of large settlement banks experienced on average a 30% increase in the period immediately following 9th August,...
Persistent link: https://www.econbiz.de/10013137765
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Futures Prices as Risk-Adjusted Forecasts of Monetary Policy
Piazzesi, Monika - 2004
Many researchers have used federal funds futures rates as measures of financial markets' expectations of future monetary policy. However, to the extent that federal funds futures reflect risk premia, these measures require some adjustment to account for these premia. In this paper, we document...
Persistent link: https://www.econbiz.de/10012785640