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The Investment Channel of Monetary Policy : evidence from Norway

Cao, Jin; Hegna, Torje; Holm, Martin Blomhoff; … - 2023

We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that firm heterogeneity plays a minor role in...

Persistent link: https://www.econbiz.de/10014314082

Identifying money and inflation expectation shocks on real oil prices

Benk, Szilárd; Gillman, Max - 2023

role played by inflation expectations and the money supply shocks during major oil shock episodes. These shocks partially … replace roles previously attributed to the precautionary oil demand shock and the aggregate demand shock during the three … major oil shock periods of the 1970s-1980s, post-2008 and during the 2020-2021 pandemic. The results show that both real oil …

Persistent link: https://www.econbiz.de/10014295388

The effects of the ECB's pandemic-related monetary policy measures

Nelimarkka, Jaakko; Laine, Olli-Matti - 2021

We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...

Persistent link: https://www.econbiz.de/10012622376

Technological innovation and the bank lending channel of monetary policy transmission

Hasan, Iftekhar; Li, Xiang; Takalo, Tuomas - 2023

This paper studies whether and how banks' technological innovations affect the bank lending channel of monetary policy transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms' earning-based borrowing constraints and thereby enlarges the response...

Persistent link: https://www.econbiz.de/10014443832

Assessing targeted longer-term refinancing operations : identification through search intensity

Laine, Olli-Matti; Nelimarkka, Jaakko - 2023

We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with a novel identification approach based on high-frequency web search data....

Persistent link: https://www.econbiz.de/10014364058

BigTech credit and monetary policy transmission : micro-level evidence from China

Huang, Yiping; Li, Xiang; Qiu, Han; Yu, Changhua - 2023

This paper studies monetary policy transmission through BigTech and traditional banks. By comparing business loans made by a BigTech bank with those made by traditional banks, it finds that BigTech credit amplifies monetary policy transmission mainly through the extensive margin. Specifically,...

Persistent link: https://www.econbiz.de/10014248716

Quantitative easing, accounting and prudential frameworks, and bank lending

Orame, Andrea; Ramcharan, Rodney; Robatto, Roberto - 2023

We study whether regulation that relies on historical cost accounting (HCA) rather than mark-to-market accounting (MMA) to insulate banks' net worth from financial market volatility affects the transmission of quantitative easing (QE) through the bank lending channel. Using detailed supervisory...

Persistent link: https://www.econbiz.de/10014320749

Monetary policy transmission below zero

Fungáčová, Zuzana; Kerola, Eeva; Laine, Olli-Matti - 2023

This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010-2020. We find changes in the pass-through as policy rates first dip below zero in 2014 and again when negative interest rates become more persistent...

Persistent link: https://www.econbiz.de/10014308203

Did monetary policy kill the Phillips curve? : some simple arithmetics

Bergholt, Drago; Furlanetto, Francesco; Vaccaro-Grange, … - 2023 - First draft: November 2019

An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other measures of economic slack. This observation has led some to believe that...

Persistent link: https://www.econbiz.de/10014227888

Risk Amplification Macro Model (RAMM)

Tuzcuoglu, Kerem - 2023 - Last updated: January 26, 2023

Persistent link: https://www.econbiz.de/10013499423

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