Showing 1 - 10 of 1,768
are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor …
Persistent link: https://www.econbiz.de/10013125566
We study the dynamics linking monetary policy with bank leverage and show that adjustments in leverage act as the linchpin in the monetary transmission mechanism that works through fluctuations in risk-taking. Motivated by the evidence, we formulate a model of the "risk-taking channel" of...
Persistent link: https://www.econbiz.de/10013083802
There seems to be a widespread belief among economists, policy-makers, and members of the media that the "confidence'" of households and businesses is a critical component in the transmission of fiscal policy shocks into economic activity. We take this proposition to the data using standard...
Persistent link: https://www.econbiz.de/10013124852
The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen during tight- money periods. The resulting increase in the external finance premium--the difference in cost between internal and external funds-- enhances the effects of...
Persistent link: https://www.econbiz.de/10014158794
In the 1920s, Irving Fisher extended his previous work on the Quantity Theory to describe, through an early version of the Phillips Curve, how changes in the money stock could be associated with cyclical movements in output, employment, and inflation. At the same time, Holbrook Working designed...
Persistent link: https://www.econbiz.de/10012839715
We use a broad set of Chinese economic indicators and a dynamic factor model framework to estimate Chinese economic activity and inflation as latent variables. We incorporate these latent variables into a factor-augmented vector autoregression (FAVAR) to estimate the effects of Chinese monetary...
Persistent link: https://www.econbiz.de/10013046611
We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...
Persistent link: https://www.econbiz.de/10012907145
This paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary...
Persistent link: https://www.econbiz.de/10013220970
a significant source of sectoral transfers. In particular, a shock to Equipment and Software investment, which we … evaluating what the model predicts regarding the automatic and a more aggressive monetary policy response to a shock similar to …
Persistent link: https://www.econbiz.de/10013227732
The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of...
Persistent link: https://www.econbiz.de/10013236808