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Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U …-for-sale securities, unhedged securities, and banks that must include unrealized gains and losses in their regulatory capital. A …
Persistent link: https://www.econbiz.de/10014544727
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Bank Funding Risk, Reference Rates, and Credit Supply
Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, … - National Bureau of Economic Research - 2023
offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during … bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until …
Persistent link: https://www.econbiz.de/10014226104
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Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - National Bureau of Economic Research - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...
Persistent link: https://www.econbiz.de/10014287383
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Loose Monetary Policy and Financial Instability
Grimm, Maximilian; Jordà, Òscar; Schularick, Moritz; … - National Bureau of Economic Research - 2023
Do periods of persistently loose monetary policy increase financial fragility and the likelihood of a financial crisis? This is a central question for policymakers, yet the literature does not provide systematic empirical evidence about this link at the aggregate level. In this paper we fill...
Persistent link: https://www.econbiz.de/10014226155
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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms
Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024
mortgage rates move one-for-one with 10-year swap rates, leaving little explanatory power for mortgage concentration, bank …
Persistent link: https://www.econbiz.de/10014486229
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Negative Nominal Interest Rates : Three ways to overcome the zero lower bound
Buiter, Willem H. - 2009
symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be …
Persistent link: https://www.econbiz.de/10012463532
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Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
Wu, Jing Cynthia - 2014
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be...
Persistent link: https://www.econbiz.de/10012458549
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What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?
Wright, Jonathan H. - 2011
The federal funds rate has been stuck at the zero bound for over two years and the Fed has turned to unconventional monetary policies, such as large scale asset purchases to provide stimulus to the economy. This paper uses a structural VAR with daily data to identify the effects of monetary...
Persistent link: https://www.econbiz.de/10012461504
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Sticky Discount Rates
Fukui, Masao; Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024
We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We...
Persistent link: https://www.econbiz.de/10014512092
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non-announcement times. We use a heteroskedasticity-based procedure to...
Persistent link: https://www.econbiz.de/10014576665