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China pro-growth monetary policy and its asymmetric transmission
Chen, Kaiji; Higgins, Patrick; Waggoner, Daniel F.; Zha, Tao - 2016
China monetary policy, as well as its transmission, is yet to be understood by researchers and policymakers. In the spirit of Taylor (1993, 2000), we develop a tractable framework that approximates practical monetary policy of China. The framework, grounded in relevant institutional elements,...
Persistent link: https://www.econbiz.de/10011776819
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Trade Credit and the Bank Lending Channel
Nilsen, Jeffrey H. - 1999
firms accelerate, loan growth. We find that small firms increase trade credit, a substitute credit, indicating a strong loan …-desirable alternative. Using trade credit is propitious since unlike commercial paper (investigated by previous researchers), it is widely … used by the small firms suffering the loan decline. Surprisingly, we also find large firms increase trade credit, a puzzle …
Persistent link: https://www.econbiz.de/10011430008
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US Monetary Policy in a Globalized World
Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016
We analyze the interaction between monetary policy in the US and the global economy proposing a new class of Bayesian global vector autoregressive models that accounts for time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock...
Persistent link: https://www.econbiz.de/10013370122
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Monetary policy and credit demand in India and some EMEs
Padit, B. L.; Vashisht, Pankaj - 2011
Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies … controlled for, change in policy rate of interest is an important determinant of firms' demand for bank credit. The results …
Persistent link: https://www.econbiz.de/10011807662
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Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland
Bäurle, Gregor; Menz, Tobias - 2008
We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...
Persistent link: https://www.econbiz.de/10011430077
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Greenspan and the Greenbook
Tchaidze, Robert R. - 2002
A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...
Persistent link: https://www.econbiz.de/10010293458
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The Taylor Rule: A Spurious Regression?
Österholm, Pär - 2003
processes, cointegration is a necessary condition both for consistent estimation of the parameters of the model and …
Persistent link: https://www.econbiz.de/10010321545
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Monetary Policy and Swedish Unemployment Fluctuations
Alexius, Annika; Holmlund, Bertil - 2007
A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...
Persistent link: https://www.econbiz.de/10010321638
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A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices
Anene, Dominic; D'Amico, Stefania - 2017
We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...
Persistent link: https://www.econbiz.de/10012030329
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Monetary policy and Swedish unemployment fluctuations
Alexius, Annika; Holmlund, Bertil - 2008
A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...
Persistent link: https://www.econbiz.de/10010317906