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Unregulated lending, mortgage regulations and monetary policy

Emenogu, Ugochi; Peterson, Brian - 2022 - Last updated: June 27, 2022

Macroprudential policies are often aimed at the traditional banking sector while nondepository financial institutions or shadow banks have limited or no prudential regulations. This paper studies the macroeconomic impact of household-side macroprudential tightening in the presence of unregulated...

Persistent link: https://www.econbiz.de/10013264902

Monetary policy pass-through with central bank digital currency

Jiang, Janet Hua; Zhu, Yu - 2021 - Last updated: March 9, 2021

This paper investigates how the introduction of an interest-bearing central bank digital currency (CBDC) that serves as a perfect substitute for bank deposits as an electronic means of payment affects monetary policy pass-through. When the deposit market is not fully competitive, the CBDC tends...

Persistent link: https://www.econbiz.de/10012488040

The welfare implications of fiscal dominance

De Resende, Carlos (contributor); Rebei, Nooman (contributor) - 2008

This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government debt must be backed by the discounted value of...

Persistent link: https://www.econbiz.de/10003772978

Financial intermediation, liquidity and inflation

Chiu, Jonathan (contributor); … - 2008

This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller...

Persistent link: https://www.econbiz.de/10003790575

Cross-country estimates of the degree of fiscal dominance and central bank independence

De Resende, Carlos (contributor) - 2007

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...

Persistent link: https://www.econbiz.de/10003484267

Endogenously segmented asset market in an inventory theoretic model of money demand

Chiu, Jonathan (contributor) - 2007

capture. Second, I show that the short run effects of money shocks in an exogenous segmentation model (such as the linear … segmentation model, the equilibrium response to money shocks is non-linear and non-monotonic. Moreover, for large money shocks …

Persistent link: https://www.econbiz.de/10003560555

Financial stress, monetary policy, and economic activity

Li, Fuchun; St-Amant, Pierre - 2010

This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada … stress conditions, the authors examine questions such as: Do contractionary and expansionary monetary policy shocks have … symmetric effects? Do financial stress conditions play a role as a nonlinear propagator of monetary policy shocks? Does monetary …

Persistent link: https://www.econbiz.de/10003981316

Central bank haircut policy

Chapman, James; Chiu, Jonathan; Molico, Miguel - 2010

We present a model of central bank collateralized lending to study the optimal choice of the haircut policy. We show that a lending facility provides a bundle of two types of insurance: insurance against liquidity risk as well as insurance against downside risk of the collateral. Setting a...

Persistent link: https://www.econbiz.de/10008659919

Macroprudential rules and monetary policy when financial frictions matter

Bailliu, Jeannine N.; Meh, Césaire Assah; Zhang, Yahong - 2012

market frictions and financial shocks as well as standard macroeconomic shocks. We estimate the model using Canadian data … on the nature of the shock where the benefits are larger in the presence of financial shocks that have broader effects on …

Persistent link: https://www.econbiz.de/10009501847

Inflation, nominal portfolios, and wealth redistribution in Canada

Meh, Césaire Assah (contributor); Terajima, Yaz (contributor) - 2008

There is currently a policy debate on potential refinements to monetary policy regimes in countries with low and stable inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework is underway. An issue that has generally...

Persistent link: https://www.econbiz.de/10003721283

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