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How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence
Mishra, Prachi - 2012
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological...
Persistent link: https://www.econbiz.de/10013102261
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Chapter 8. How Has the Monetary Transmission Mechanism Evolved Over Time?
Boivin, Jean; Kiley, Michael T.; Mishkin, Frederic S. - In: Handbook of monetary economics : volume 3, (pp. 369-422). 2010
We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission — the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest...
Persistent link: https://www.econbiz.de/10014025672
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Mortgage debt and time-varying monetary policy transmission
Finck, David; Schmidt, Jörg; Tillmann, Peter - 2018
We study the role of monetary policy for the dynamics of U.S. mortgage debt, which is the largest component of household indebtedness. A timevarying parameter VAR model allows us to study the variation in the mortgage debt sensitivity to monetary policy. We find that an identically-sized policy...
Persistent link: https://www.econbiz.de/10011803783
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A Vectorautoregressive Investment Model (VIM) and monetary policy transmission : panel evidence from German firms
Breitung, Jörg; Chirinko, Robert S.; Kalckreuth, Ulf von - 2003
In diesem Papier wird ein neuer Rahmen für die Untersuchung der Wirkungen von Geldpolitik auf privatwirtschaftliche …, Geldpolitik ist wirksam, und privatwirtschaftliche Investitionen reagieren auf Änderungen der in den Kapitalnutzungskosten … erhöht die geschätzte Wirkung von Geldpolitik um ein Drittel im Vergleich zur Simulation einer isolierten …
Persistent link: https://www.econbiz.de/10011432001
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Trusting the Bankers : A New Look at the Credit Channel of Monetary Policy
Ciccarelli, Matteo - 2010
Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand are difficult to disentangle. To address this issue, we use the detailed answers from the US and the confidential and unique Euro area bank lending surveys. Embedding this...
Persistent link: https://www.econbiz.de/10013141032
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Trusting the Bankers : A New Look at the Credit Channel of Monetary Policy
Maddaloni, Angela - 2013
Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan conditions due to bank, firm...
Persistent link: https://www.econbiz.de/10013093820
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Transmission Mechanisms of Monetary Policy in Armenia : Evidence from VAR Analysis
Dabla-Norris, Era - 2007
This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels...
Persistent link: https://www.econbiz.de/10012778207
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A Vectorautoregressive Investment Model (Vim) and Monetary Policy Transmission : Panel Evidence from German Firms
Breitung, Jörg - 2016
neuer Rahmen für die Untersuchung der Wirkungen von Geldpolitik …
Persistent link: https://www.econbiz.de/10012991241
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Are the Effects of Monetary Policy Shocks Big or Small?
Coibion, Olivier - 2010
This paper studies the estimated effects of monetary policy shocks from standard VAR's, which are small, and those from the approach of Romer and Romer (2004), which are large. The differences appear to be driven by three factors: a) the contractionary impetus associated with each shock, b) the...
Persistent link: https://www.econbiz.de/10013144847
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Foreign effects of higher U.S. interest rates
Iacoviello, Matteo; Navarro, Gaston - 2018
This paper analyzes the spillovers of higher U.S. interest rates on economic activity in a large panel of 50 advanced and emerging economies. We allow the response of GDP in each country to vary according to its exchange rate regime, trade openness, and a vulnerability index that includes...
Persistent link: https://www.econbiz.de/10011859442