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The Financial Accelerator, Wages, and Optimal Monetary Policy

König, Tobias - 2020

This paper studies the effects of labor market outcomes on ﬁrms' loan demand and on credit intermediation. In a ﬁrst step, I investigate how wages in the production sector affect bank net worth and the process of ﬁnancial intermediation in partial equilibrium. Second, the role of the...

Persistent link: https://www.econbiz.de/10012836922

The financial accelerator, wages, and optimal monetary policy

König, Tobias - 2020

Persistent link: https://www.econbiz.de/10012197901

Investigating the zero lower bound on the nominal interest rate under financial instability

Carrillo, Julio A.; Poilly, Céline - 2014

This paper studies the effects of three financial shocks in the economy: a net-worth shock, an uncertainty or risk … shock, and a credit-spread shock. We argue that only the latter can push the nominal interest rate against its zero lower … bound. Further, a recessionary shock to the net worth or the credit spread generates a positive response for loans, which is …

Persistent link: https://www.econbiz.de/10010243420

Monetary policy surprises, central bank information shocks, and economic activity in a small open economy

Laséen, Stefan - 2020

restrictions on stock market changes around the announcement to separate structural monetary policy shock from central bank …

Persistent link: https://www.econbiz.de/10012309007

Inflation, Trade Frictions, and Productive Activity in a Multiple-Matching Model of Money

Laing, Derek; Li, Victor; Wang, Ping - 2014

This paper investigates the relationship between money growth, inflation, and productive activity in a general equilibrium model of search. The use of a multiple-matching technique, where trade frictions are captured by limited consumption variety, allows us to study price determination in a...

Persistent link: https://www.econbiz.de/10014048927

Excess reserves and monetary policy tightening

Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024

We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases...

Persistent link: https://www.econbiz.de/10014481115

The Role of Money in Monetary Policymaking

Masuch, Klaus; Nicoletti Altimari, Sergio; Rostagno, Massimo - 2004

In this paper, the conceptual and empirical bases for the role of monetary aggregates in monetary policy making are reviewed. It is argued that money can act as a useful information variable in a world in which a number of indicators are imperfectly observed. In this context, the paper discusses...

Persistent link: https://www.econbiz.de/10014072696

Discount shock, price-rent dynamics, and the business cycle

Miao, Jianjun; Wang, Pengfei; Zha, Tao - 2020

identifies the discount shock as the most important factor in driving price-rent dynamics and linking the dynamics in the real …

Persistent link: https://www.econbiz.de/10012219582

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

cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low …

Persistent link: https://www.econbiz.de/10011630975

The balance sheet channel of monetary policy transmission : evidence from Nigeria

Olowofeso, Olorunsola E.; Bada, Abiodun S.; Bassey, Kufre J. - In: CBN journal of applied statistics 5 (2014) 2, pp. 95-116

This paper assesses the existence of a balance sheet channel of monetary policy transmission in Nigeria by examining whether variation in the official interest rate, with respect to the 2007- 2008 global financial crisis, feeds through to the deposit money banks (DMBs) balance sheets, and...

Persistent link: https://www.econbiz.de/10011489517