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Financial stress, monetary policy, and economic activity
Li, Fuchun; St-Amant, Pierre - 2010
This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada …
Persistent link: https://www.econbiz.de/10010279923
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Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies the state-dependent effects of monetary policy on financial crisis risk. Based on the near-universe of advanced economy gonancial cycles since the 19th...
Persistent link: https://www.econbiz.de/10012319939
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Monetary transmission mechanism in a small open economy : a Bayesian structural VAR approach
Bhuiyan, Rokon (contributor) - 2008
This paper develops an open-economy Bayesian structural VAR model for Canada in order to estimate the effects of … estimate this over-identified VAR model, I find that the policy shock transmits to real output through both the interest rate … and exchange rate channels, and the shock does not induce a departure from uncovered interest rate parity. I also find …
Persistent link: https://www.econbiz.de/10003768853
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Monetary transmission mechanisms in a small open economy : a Bayesian structural VAR approach
Bhuiyan, Rokon - In: The Canadian journal of economics 45 (2012) 3, pp. 1037-1061
Persistent link: https://www.econbiz.de/10009628585
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The Effect of Commodity Price Shocks on Underlying Inflation : The Role of Central Bank Credibility
Davis, Scott - 2015
This paper seeks to document and explain the effect of a commodity price shock on underlying core inflation, and how … across many countries there was a break in the response of core inflation to a commodity price shock. In an earlier period, a … shock to commodity prices would lead to a large and significant increase in core inflation, but in later periods, the effect …
Persistent link: https://www.econbiz.de/10013036232
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The cost channel effect of monetary transmission : how effective is the ECB's low interest rate policy for increasing inflation?
Schäfer, Dorothea; Stephan, Andreas; Hoang, Khanh Trung - 2017 - This version: March 29, 2017
We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential passthrough of changes in the monetary policy rate to those in consumer prices. First,...
Persistent link: https://www.econbiz.de/10011630975
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Chapter 21 The financial accelerator in a quantitative business cycle framework
Bernanke, Ben S.; Gertler, Mark; Gilchrist, Simon - In: Handbook of macroeconomics : volume 1, part C, (pp. 1341-1393). 1999
This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...
Persistent link: https://www.econbiz.de/10014024219
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Küreselleşen Dünyada Para Politikaları Ve Azerbaycan Değerlendirmesi (Evaluation of Azerbaijan's Monetary Policy in a Globalized World)
Bulut, Cihan - 2013
During the globalization process, each country tries to have monetary stability, macro economic discipline, an effective finance system, and a more competitive market mechanism. On the aspects of applied policies and politicians' reliability, their accountability and transparency is far...
Persistent link: https://www.econbiz.de/10013085193
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Loans and the Transmission of Monetary Policy Shocks : A VAR Analysis of the Role of Commitments
Barraza, Santiago - 2015
commitment in response to a monetary shock. We find that firms use commitments more intensively after a monetary tightening and …
Persistent link: https://www.econbiz.de/10013014182
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Firm heterogeneity and the transmission of central bank credit policy
Kuhmann, Konrad - 2023
I study the role of firm heterogeneity for the transmission of unconventional monetary policy in the form of "credit policy" à la Gertler and Karadi (2011). To this end, I lay out a Two-Agent New-Keynesian model with financially constrained and unconstrained firms and a financial intermediary...
Persistent link: https://www.econbiz.de/10014234463