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Investment slowdown in the 90s: small or large firms? Manufacturing or services industry?

DUHAUTOIS, R. - Département des Études Économiques d'Ensemble (D3E), … - 2000

Investment of French firms remained weak in the first part of the 90's, after allowing for the sluggish economic growth … fluctuations. We first describe the evolution of investment using a large panel of French firms, distinguishing the size and the … industry. We afterwards estimate an investment equation which enables us to check whether these firms were subject to financial …

Persistent link: https://www.econbiz.de/10009001105

Financial intermediaries, financial stability, and monetary policy

Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2008

In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are...

Persistent link: https://www.econbiz.de/10003781771

DSGE models and central banks

Tovar, Camilo Ernesto - 2009

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

Persistent link: https://www.econbiz.de/10003832138

Monetary transmission in three Central European economies : evidence from time-varying coefficient vector autoregressions

Darvas, Zsolt M. - 2009

This paper studies the transmission of monetary policy to macroeconomic variables in three new EU Member States in comparison with that in the euro area with structural time-varying coefficient vector autoregressions. In line with the Lucas Critique reduced-form models like standard VARs are not...

Persistent link: https://www.econbiz.de/10003873059

Monetary cycles, financial cycles, and the business cycle

Adrian, Tobias; Estrella, Arturo; Shin, Hyun Song - 2010

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper,...

Persistent link: https://www.econbiz.de/10003948217

Endogenously segmented asset market in an inventory theoretic model of money demand

Chiu, Jonathan (contributor) - 2007

This paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that money is dominated in rate of return by interest bearing assets, because they must pay a fixed cost to transfer funds between...

Persistent link: https://www.econbiz.de/10003560555

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. The model used is a threshold vector autoregression in which a regime change occurs if financial stress conditions cross a critical threshold. Using the financial stress index...

Persistent link: https://www.econbiz.de/10003981316

Regional interest rate pass-through in Italy

Montagnoli, Alberto; Napolitano, Oreste; Siliverstovs, … - 2012

This paper estimates the pass-through and speed of adjustment of Italian regional interest rates to changes in the money market rate for the period 1998Q1-2009Q4. Our main findings suggest that the markup for the lending rates that banks charge are generally higher in the South than in the...

Persistent link: https://www.econbiz.de/10009578159

On the mechanics of New-Keynesian models

Rupert, Peter; Šustek, Roman - 2016

We scrutinize the monetary transmission mechanism in New-Keynesian models, focusing on the role of capital, the key ingredient in the transition from the basic framework to DSGE models. The widely held view that monetary policy affects output and inflation in these models through a real interest...

Persistent link: https://www.econbiz.de/10011433135

Time-varying business volatility, price setting, and the real effects of monetary policy

Bachmann, Ruediger; Born, Benjamin; Elstner, Steffen; … - 2013

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...

Persistent link: https://www.econbiz.de/10009767295