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The role of nonbank financial institutions in the monetary transmission mechanism: Theory and evidence
Yu, Sung-Eun - 2017
particular, NBFIs' C&I loans "decrease" substantially in the beginning periods; however, NBFIs' mortgages and consumer credit …
Persistent link: https://www.econbiz.de/10011882750
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Loan supply shocks in Macedonia: a Bayesian SVAR approach with sign restrictions
Kabashi, Rilind; Suleva, Katerina - 2016
This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural Vector Auto Regression with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks...
Persistent link: https://www.econbiz.de/10011785360
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Financial aggregates as conditioning information for Australian output and inflation
Tallman, Ellis W.; Chandra, Naveen - 1997
of perfect information on the financial aggregates—future information on credit growth helps improve the prediction …—that is, the growth in credit helps explain the growth in real output in a particular specification of the output model. This … finding, though, is sensitive to the choice of foreign output proxy. In sum, we conclude that while credit may have some …
Persistent link: https://www.econbiz.de/10010397412
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Money, banking and financial markets
Andolfatto, David; Berentsen, Aleksander; Martin, … - 2017
The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997) model of banking and financial markets with the Lagos and Wright...
Persistent link: https://www.econbiz.de/10011969184
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Para politikası beklentilerinin sermaye piyasaları üzerindeki etkisi
Demiralp, Selva; Yilmaz, Kamil - 2010
In this paper, we investigate the responsiveness of financial markets to monetary policy expectations in Turkey. According to the efficient markets hypothesis, financial markets respond to anticipated policy actions prior to a policy announcement. As a result, they are expected to respond only...
Persistent link: https://www.econbiz.de/10010277263
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Immediate disclosure or secrecy? The release of information in experimental asset markets
Ackert, Lucy F.; Church, Bryan K.; Gillette, Ann B. - 2001
The Federal Reserve has made significant changes in its predisposition to release information over time. This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In one set of...
Persistent link: https://www.econbiz.de/10010397406
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Degreasing the wheels of finance
Berentsen, Aleksander; Huber, Samuel; Marchesiani, … - 2012
Can there be too much trading in financial markets? To address this question, we construct a dynamic general equilibrium model, where agents face idiosyncratic preference and technology shocks. A financial market allows agents to adjust their portfolio of liquid and illiquid assets in response...
Persistent link: https://www.econbiz.de/10010316859
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Financial stability considerations for monetary policy: Theoretical mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022
fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset …
Persistent link: https://www.econbiz.de/10012888656
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House Prices, Credit and the Effect of Monetary Policy in Norway: Evidence from Structural VAR Models
Robstad, Ørjan - 2014
This paper investigates the responses of house prices and household credit to monetary policy shocks in Norway, using … household credit is muted. This is consistent with a relatively small refinancing rate of the mortgage stock each quarter. Using … to mitigate household credit may prove costly in terms of GDP and inflation variation. …
Persistent link: https://www.econbiz.de/10012143843
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Leaning Against the Credit Cycle
Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James - 2015
We study the interaction between monetary policy and household debt dynamics. To this end, we develop a dynamic stochastic general equilibrium model where household debt is amortized gradually, and only new loans are constrained by the current value of collateral. Long-term debt implies that...
Persistent link: https://www.econbiz.de/10012143860