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Monetary policy in transition: Essays on monetary policy transmission mechanism in China
Koivu, Tuuli - 2012
China's economic development has been exceptionally robust since the end of the 1970s, and the country has already emerged as the second biggest economy in the world. In this study, we seek to illuminate the role of the monetary policy in this successful economic performance and as a part of the...
Persistent link: https://www.econbiz.de/10012148910
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New Paradigms in Monetary Theory and Policy?
Balling, Morten; Llewellyn, David T.; Orphanides, Athanasios - 2012
On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...
Persistent link: https://www.econbiz.de/10011689952
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States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013
On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011689959
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Liquidity Shortages and Monetary Policy
Illing, Gerhard; Cao, Jin - 2007
the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good … states may result in excessively low liquidity in bad states. In the prevailing mixed-strategy equilibrium, depositors are … worse off than if banks would coordinate on more liquid investment. It is shown that public provision of liquidity improves …
Persistent link: https://www.econbiz.de/10010427485
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10011605002
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The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the euro area
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10011605135
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Bank heterogeneity and monetary policy transmission
Brissimis, Sophocles N.; Delis, Manthos D. - 2010
this policy through banks. This paper examines the role of bank liquidity, capitalization and market power as internal …
Persistent link: https://www.econbiz.de/10011605279
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Firm entry, inflation and the monetary transmission mechanism
Lewis, Vivien; Poilly, Céline - 2011
This paper estimates a business cycle model with endogenous firm entry by matching impulse responses to a monetary policy shock in US data. Our VAR includes net business formation, profits and markups. We evaluate two channels through which entry may influence the monetary transmission process....
Persistent link: https://www.econbiz.de/10011506731
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The narrow channel of quantitative easing: Evidence from YCC down under
Lucca, David O.; Wright, Jonathan H. - 2022
"narrow" liquidity channels. YCC seemingly worked well in 2020 while the market expected short rates to stay at zero for long …
Persistent link: https://www.econbiz.de/10013432943
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Endogenous Systemic Liquidity Risk
Cao, Jin; Illing, Gerhard - 2008
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10010427534