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Beyond the Balance Sheet Model of Banking : Implications for Bank Regulation and Monetary Policy
Buchak, Greg - 2018
Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of adjustment that are usually absent from this view using microdata in the $10 trillion U.S. residential mortgage market. We first document the limits of the shadow bank...
Persistent link: https://www.econbiz.de/10012909515
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Banks, Liquidity Management and Monetary Policy
Bianchi, Javier - 2014
tradeoff between profiting from lending and incurring greater liquidity risk. We consider two applications of the theory, one …We develop a tractable model of banks' liquidity management and the credit channel of monetary policy. Banks finance … importance of liquidity frictions and the functioning of interbank markets for the conduct of monetary policy …
Persistent link: https://www.econbiz.de/10013047393
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Pledgability and Liquidity : A New Monetarist Model of Financial and Macroeconomic Activity
Venkateswaran, Venky; Wright, Randall - 2021
differ in pledgability - the extent to which they can be used to secure loans - and hence liquidity. Although many previous …-pricing theory, is calibrated to analyze the effects of monetary policy and financial innovation. We show that inflation can raise …
Persistent link: https://www.econbiz.de/10013311918
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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
provided by the uniform squeeze in liquidity, which affected all banks in our sample. We study the first link in the … liquidity …
Persistent link: https://www.econbiz.de/10013235277
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International Liquidity Management : Sterilization Policy in Illiquid Financial Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021
the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …
Persistent link: https://www.econbiz.de/10013245510
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Liquidity Effects and the Monetary Transmission Mechanism
Christiano, Lawrence J.; Eichenbaum, Martin - 2021
liquidity effects. This paper discusses the basic frictions and mechanisms underlying this new class of models and investigates … long-lasting, quantitatively significant liquidity effects, as well as persistent increases in aggregate economic activity …
Persistent link: https://www.econbiz.de/10013228629
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Banks' Exposure to Interest Rate Risk and the Transmission of Monetary Policy
Landier, Augustin - 2013
We show empirically that banks' exposure to interest rate risk, or income gap, plays a crucial role in monetary policy transmission. In a first step, we show that banks typically retain a large exposure to interest rates that can be predicted with income gap. Secondly, we show that income gap...
Persistent link: https://www.econbiz.de/10013085912
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Monetary Policy and Bank Lending
Kashyap, Anil K.; Stein, Jeremy C. - 2021
This paper surveys recent work that relates to the "lending" view of monetary policy transmission. It has three main goals: 1) to explain why it is important to distinguish between the lending and "money" views of policy transmission; 2) to outline the microeconomic conditions that are needed to...
Persistent link: https://www.econbiz.de/10013232736
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Inside the Black Box : The Credit Channel of Monetary Policy Transmission
Bernanke, Ben S.; Gertler, Mark - 2022
The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … credit aggregates are not valid tests of this theory …
Persistent link: https://www.econbiz.de/10014158794
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Maintaining Central-Bank Financial Stability Under New-Style Central Banking
Hall, Robert E. - 2015
are real in theory, but remote in practice today …
Persistent link: https://www.econbiz.de/10013022593