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Firm heterogeneity and the transmission of central bank credit policy

Kuhmann, Konrad - 2023

heterogeneous, aggregate investment is substantially less responsive to credit policy compared to an identical firm setting …

Persistent link: https://www.econbiz.de/10014234463

Ensuring financial stability : financial structure and the impact of monetary policy on asset prices

Assenmacher, Katrin; Gerlach, Stefan - 2008 - Revised draft

This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986 - 2006. We estimate VARs for individual economies and panel VARs in which we distinguish between groups of countries on...

Persistent link: https://www.econbiz.de/10010382339

Exchange rate pass-through, monetary policy and real shocks : an empirical evaluation

Aguirre, Horacio A.; González Padilla, Héctor Gustavo - 2019 - This version: January 2019

We look at a panel of Latin American countries from 1970 and 2016 to enquire how exchange rate pass-through has changed over time, and whether this owes to monetary or real shocks hitting the economy. We estimate conventional pass-through measures, both short and long run; then we obtain rolling...

Persistent link: https://www.econbiz.de/10012020009

The effects of financial frictions on Slovenian companies : a panel VAR approach

Zabavnik, Darja; Verbič, Miroslav - In: Finance research letters 58 (2023) 3, pp. 1-16

Persistent link: https://www.econbiz.de/10014636653

Transmitting Shocks to the Economy : The Contribution of Interest and Exchange Rates and the Credit Channel

Claus, Edda; Claus, Iris - 2007

Understanding the transmission channels of shocks is critical for successful policy response. This paper develops a dynamic general equilibrium model to assess the relative importance of the interest rate, the exchange rate and the credit channels in transmitting shocks in an open economy. The...

Persistent link: https://www.econbiz.de/10014051435

Monetary Policy Transmission Mechanisms and Currency Unions : A Vector Error Correction Approach to a Trans-Tasman Currency Union

Haug, Alfred Albert; Karagedikli, Özer; Ranchhod, Satish - 2006

Transmission mechanisms are the channels through which monetary policy affects macroeconomic variables, such as GDP and inflation. Differences in transmission mechanisms can generate asymmetric behaviour among currency union partners when they experience shocks. This has the potential to widen...

Persistent link: https://www.econbiz.de/10014083025

A New Measure of Monetary Policy Shocks

Zhang, Xu - 2018

This paper constructs a new measure of monetary policy shocks that is orthogonal to fundamentals by combining the high-frequency approach of Gurkaynak et al. (2005) and Romer and Romer (2004)'s narrative approach. The empirical features of the new measure are: (i) contractionary monetary policy...

Persistent link: https://www.econbiz.de/10012907026

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

lags in investment which enables the model to generate both hump-shaped output dynamics and a lead-lag relation between … asset prices and investment, as is consistent with the data. Finally, we allow for heterogeneity among firms to capture the …

Persistent link: https://www.econbiz.de/10014024219

Nonbank lenders as global shock absorbers : evidence from US monetary policy spillovers

Elliott, David; Meisenzahl, Ralf; Peydró, José-Luis - 2023

effects, as firms with existing relationships with nonbank lenders increase total debt, investment, and employment relative to …

Persistent link: https://www.econbiz.de/10014355993

U.S. Monetary Policy Shock Spillovers : Evidence from Firm-Level Data

Arbatli, Elif C.; Firat, Melih; Furceri, Davide; … - 2022

We examine three main channels through which U.S. monetary policy shocks affect firm investment in foreign countries … shocks have larger effects on investment for firms that are more leveraged (balance sheet channel), for firms that have a … most important channel of transmission of U.S. monetary policy shocks on aggregate firm investment …

Persistent link: https://www.econbiz.de/10014239400