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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

Global monetary and financial spillovers: Evidence from a new measure of Bundesbank policy shocks

Cloyne, James S.; Hürtgen, Patrick; Taylor, Alan M. - 2022

Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...

Persistent link: https://www.econbiz.de/10013412978

The narrow channel of quantitative easing: Evidence from YCC down under

Lucca, David O.; Wright, Jonathan H. - 2022

We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...

Persistent link: https://www.econbiz.de/10013432943

Transmissionsmechanismen der Geldpolitik

Baltensperger, Ernst (contributor) - 1999

Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht … inländischen Geldmenge orientierten Geldpolitik der Schweizerischen Nationalbank beeinflußt werden. -- Der Aufsatz von P. Bofinger … die These einer nichtlinearen Phillipskurve, was der Geldpolitik die Möglichkeit eröffnet, realwirtschaftliche Einflüsse …

Persistent link: https://www.econbiz.de/10014492661

Differences between Financial Systems in Europe: Consequences for EMU

Schmidt, Reinhard H. - 1999

Major differences between national financial systems might make a common monetary policy difficult. As within Europe, Germany and the United Kingdom differ most with respect to their financial systems, the present paper addresses its topic under the assumption that the United Kingdom is already...

Persistent link: https://www.econbiz.de/10010316251

The effect of equity market liberalization on the transmission of monetary policy: Evidence from Australia

Alcidi, Cinzia - 2009

This paper investigates the effects of equity market integration on the transmission of monetary policy shocks. Based on the assumption that financial market liberalization and integration lead to falling portfolio holding costs, we analyze its effect on a twocountry DSGE model with staggered...

Persistent link: https://www.econbiz.de/10010316818

Monetary transmission in three central European economies: Evidence from time-varying coefficient vector autoregressions

Darvas, Zsolt - 2012

We study the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and Poland, in comparison with that in the euro area. These three countries have experienced changes in monetary policy regimes...

Persistent link: https://www.econbiz.de/10010317298

Regional interest rate pass-through in Italy

Montagnoli, Alberto; Napolitano, Oreste; Siliverstovs, … - 2012

This paper estimates the pass-through and speed of adjustment of Italian regional interest rates to changes in the money market rate for the period 1998Q1-2009Q4. Our main findings suggest that the markup for the lending rates that banks charge are generally higher in the South than in the...

Persistent link: https://www.econbiz.de/10010319697

Housing collateral and the monetary transmission mechanism

Walentin, Karl; Sellin, Peter - 2010

In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission mechanism. Furthermore, we want to explore the implications of the increase in household indebtedness, and specifically the loan-to-value ratio, in the last two decades. We set up a two...

Persistent link: https://www.econbiz.de/10010320736

Monetary policy risk-taking transmission channel: A case of banking industry in Kenya

Ndwiga, David - 2024

Using a Panel VAR model and annual bank level data for the period 2008-2022, this study investigated banks risk taking behaviour amid monetary policy tightening considering the role of banks' non-interest-bearing deposits and equity levels. Estimation results found monetary policy tightening and...

Persistent link: https://www.econbiz.de/10014547738