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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms

Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024

We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...

Persistent link: https://www.econbiz.de/10014486229

Central bank misperceptions and the role of money in interest rate rules

Beck, Günter W.; Wieland, Volker - 2008

modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …

Persistent link: https://www.econbiz.de/10011599217

What explains month-end funding pressure in Canada?

Sutherland, Christopher S. - 2017

The Canadian overnight repo market persistently shows signs of latent funding pressure around month-end periods. Both the overnight repo rate and Bank of Canada liquidity provision tend to rise in these windows. This paper proposes three non-mutually exclusive hypotheses to explain this...

Persistent link: https://www.econbiz.de/10011661122

Monetary policy implementation and pass-through

Canetg, Fabio - 2020

market operations and interest on reserves policies. I show that open market operations affect the money market rate, the …

Persistent link: https://www.econbiz.de/10012170663

Money in modern macro models : a review of the arguments

Seitz, Franz; Schmidt, Markus A. - 2014

This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New … Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money … recent New Keynesian literature, we argue that keeping an eye on money is important to monetary policy decision-makers in …

Persistent link: https://www.econbiz.de/10010251183

Financial factors in economic fluctuations

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10003973320

A note on the long-run neutrality of monetary policy : new empirics

Asongu, Simplice A. - 2013

-run potential output. Despite well documented theoretical and empirical consensus on money neutrality in the literature, the role of … money as an informational variable for monetary policy decision has remained opened to debate with empirical works providing …

Persistent link: https://www.econbiz.de/10011409905

Monetary transmission via the Central Bank Balance Sheet

Behrendt, Stefan - 2013

money, or towards newly created asset price bubbles. …

Persistent link: https://www.econbiz.de/10010221429

Asymmetric macroeconomic effects of QE-induced increases in excess reserves in a monetary union

Horst, Maximilian; Neyer, Ulrike; Stempel, Daniel - 2020

The Eurosystem's large-scale asset purchases (quantitative easing, QE) induce a strong and persistent increase in excess reserves in the euro area banking sector. These excess reserves are heterogeneously distributed across euro area countries. This paper develops a two-country New Keynesian...

Persistent link: https://www.econbiz.de/10012243601

The great lockdown : pandemic response policies and bank lending conditions

Altavilla, Carlo; Barbiero, Francesca; Boucinha, Miguel; … - 2020

This study analyses the policy measures taken in the euro area in response to the outbreak and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed specifically to support bank lending conditions. For...

Persistent link: https://www.econbiz.de/10012271571