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Monetary policy, housing, and collateral constraints
Franz, Thorsten - 2019
House-purchasing decisions and the possibility of existing homeowners to tap into their housing equity depend decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth transition local projection (STLP) approach, I show that...
Persistent link: https://www.econbiz.de/10011963152
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Granular shocks to corporate leverage and the macroeconomic transmission of monetary policy
Holm-Hadulla, Fédéric; Thürwächter, Claire - 2024
We study how shocks to corporate leverage alter the macroeconomic transmission of monetary policy. We identify leverage shocks as idiosyncratic firm-level disturbances that are aggregated up to a size-weighted country-level average to generate a Granular Instrumental Variable (Gabaix and Koijen,...
Persistent link: https://www.econbiz.de/10014484385
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Forward guidance matters : disentangling monetary policy shocks
Ferreira, Leonardo Nogueira - 2020
Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...
Persistent link: https://www.econbiz.de/10012295693
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Myths and maths: macroeconomic effects of fiscal adjustments in Hungary
Horváth, Ágnes; Jakab, M. Zoltán; Kiss, Gábor P.; … - 2006
In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...
Persistent link: https://www.econbiz.de/10003347824
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Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies
Medina Guzman, Juan Pablo - 2014
In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro...
Persistent link: https://www.econbiz.de/10013057311
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Asymmetric Effects of Monetary Policy on Firms
Kurt, Ezgi - 2022
This paper documents firm-level evidence on the asymmetric effects of monetary policy in the US. Focusing on firm-level data from 1980q3 to 2016q2, I find that monetary contractions triple the effects of monetary expansions on firms’ employment, investment rate, and sales. Furthermore, I...
Persistent link: https://www.econbiz.de/10014236795
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The effects of conventional and unconventional monetary policy : identification through the yield curve
Kortela, Tomi; Nelimarkka, Jaakko - 2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance of monetary policy by a single interest rate becomes problematic. This...
Persistent link: https://www.econbiz.de/10012160681
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Assessing the Effects of a Policy Rate Shock on Market Interest Rates : Interest Rate Pass-Through with a FAVAR Model - The Case of Turkey for the Inflation-Targeting Period
Varlik, Serdar - 2018
positive policy rate shock positively for all periods and have a hump shape for government debt security yields as well as for … all interest rates to the policy shock increase; (iii) the responses to the policy shock of credit interest rates with …
Persistent link: https://www.econbiz.de/10012915255
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Macroeconomic Effectiveness of Non-Standard Monetary Policy and Early Exit. A Model-Based Evaluation
Burlon, Lorenzo - 2016
This paper evaluates the macroeconomic effects of the Eurosystem's expanded Asset Purchase Programme (APP) under alternative strategies as regards (i) the unwinding of asset positions accumulated under the APP and (ii) communication of current and future paths of the policy rate (forward...
Persistent link: https://www.econbiz.de/10012979531
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Unconventional monetary policy in the euro area : a tale of three shocks
Fanelli, Luca; Marsi, Antonio - 2021
these surprises reflect either a single unconventional 'monetary shock' or, as recently suggested, jointly an unconventional … monetary shock and a central bank 'information shock'. In this paper we show that monetary policy in the euro area after 2008 … is best characterized by three shocks, not two. Besides the unconventional monetary shock and the information shock, we …
Persistent link: https://www.econbiz.de/10012621320