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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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Monetary policy disconnect
Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020
Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...
Persistent link: https://www.econbiz.de/10012387237
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Monetary policy after the crisis : a joint publication with the National Bank of Poland
Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.);  … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011
On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...
Persistent link: https://www.econbiz.de/10011710723
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Crossing the Credit Channel : Credit Spreads and Firm Heterogeneity
Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2021
Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced...
Persistent link: https://www.econbiz.de/10013250094
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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