Similar Search Results

Optimal unconventional monetary policy in the face of shadow banking

Kirchner, Philipp; Schwanebeck, Benjamin - 2017

Using a DSGE framework, we discuss the optimal design of monetary policy for an economy where both retail banks and shadow banks serve as financial intermediaries. We get the following results. During crises times, a standard Taylor rule fails to reach sufficient stimulus. Direct asset purchases...

Persistent link: https://www.econbiz.de/10011671242

Unconventional Monetary Policy in a Financially Heterogeneous Monetary union

Schwanebeck, Benjamin - 2017

foreign counterparts, I examine its role as shock ampli.er and the implications for unconventional policy interventions Using … as shock multipliers on union output. Country-specific unconventional policies of direct lending to firms seem to be the … interbank market seems to be very sensitive to the type of shock and the interbank market size. Hence, the central bank should …

Persistent link: https://www.econbiz.de/10011773490

Bank lending channel effectiveness : potential lessons for monetary policy

Świtała, Filip; Kowalska, Iwona; Malajkat, Karolina - In: Journal of banking and financial economics 19 (2023) 1, pp. 160-117

The article supplements the research on the effectiveness of monetary policy transmission - especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan...

Persistent link: https://www.econbiz.de/10014515074

Monetary Policy Transmission and the Impact on Financial Markets, Inflation and the Real Economy

Van Holle, Frederiek - 2019

The relationship between macroeconomic variables and asset prices varies over time. Recent research points to monetary policy as an important driver of this dynamic relationship. On the one hand, most central banks pursue a mandate that takes into account expected inflation and some measure of...

Persistent link: https://www.econbiz.de/10012864709

Firm-Level Uncertainty and the Transmission of Monetary Policy

Lakdawala, Aeimit; Moreland, Timothy - 2022

We show that firms which face higher uncertainty adjust their investment less in response to monetary policy shocks. We find corroborating evidence of this differential effect from firm-level stock returns on FOMC announcement days. Our results are explained by a real options or...

Persistent link: https://www.econbiz.de/10014236478

Does Inflation Targeting Help Information Transmission?

Das, Satadru; Surti, Jay; Tomar, Shekhar - 2020

This paper studies the informational impact of inflation targeting on financial market volatility in an emerging market context by using a novel monetary policy regime-switching approach. We find that the changeover to inflation targeting in India did not result in a greater impact of monetary...

Persistent link: https://www.econbiz.de/10014031597

The Bank Lending Channel Revisited

Disyatat, Piti - 2013

A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...

Persistent link: https://www.econbiz.de/10013095074

Monetarism rides again? : US monetary policy in a world of quantitative easing

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2014

This paper gives money a role in providing cheap collateral in a model of banking; besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0, so at the zero bound monetary policy is effective; fiscal policy crowds out investment via...

Persistent link: https://www.econbiz.de/10010429162

What Drives the Global Official/Policy Interest Rate?

Ratti, Ronald A. - 2015

We construct a GFAVAR model with newly released global data from the Federal Reserve Bank of Dallas to investigate the drivers of official/policy interest rate. We find that 62% of movement in global official/policy interest rates is attributed to changes in global monetary aggregates (21%), oil...

Persistent link: https://www.econbiz.de/10013018400

Capital Regulation, Risk-Taking and Monetary Policy : A Missing Link in the Transmission Mechanism?

Borio, Claudio E. V. - 2013

Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and waning of conceptual frameworks and the changing characteristics of the financial system. In this paper,...

Persistent link: https://www.econbiz.de/10012710837