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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
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Asymmetric monetary policy spillovers : the role of supply chains, credit networks and fear of floating
Mistak, Jakub; Ozkan, F. Gulcin - 2024
This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynamic general equilibrium model featuring: (i) occasionally binding collateral...
Persistent link: https://www.econbiz.de/10015178607
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Should monetary policy lean against the wind? : an evidence from a DSGE model with occasionally binding constraint
Zacek, Jan - 2018
central banks' loss function proves to be the rule augmented with asset prices. The optimal reactions are, however, shock- and …
Persistent link: https://www.econbiz.de/10011944799
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The short-run effect of monetary policy shocks on credit risk : an analysis of the euro area
Kim, Chi Hyun; Other, Lars - 2019
We examine the credit channel of monetary policy from 2000 to 2015 in the Euro Area using daily monetary policy shock … and credit risk measures in an autoregressive distributed lag model. We find that an expansionary monetary policy shock …
Persistent link: https://www.econbiz.de/10011963607
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Exchange rates and the information channel of monetary policy
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2020
We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …
Persistent link: https://www.econbiz.de/10012295246
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana; Neyer, Ulrike; Stempel, Daniel - 2023
higher consumption. Moreover, the shock absorption capability increases in an economy with CBDC. This particularly applies to …
Persistent link: https://www.econbiz.de/10014229087
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Inflation: thruway of ECB's monetary policy
Seidl, Christian - 2023
Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused by the Corona Pandemic, in particular lockdowns, part is caused by the Ukrainian War, part is caused by European sanctions, and part - and not the smallest one - is caused by...
Persistent link: https://www.econbiz.de/10013553631
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Structural Transformation, Services Deepening, and the Transmission of Monetary Policy
Galesi, Alessandro - 2016
shock. The changes in the responses of sectoral inflation rates are entirely driven by services deepening …
Persistent link: https://www.econbiz.de/10012986126
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International Transmission of Shocks, Money Illusion and the Velocity of Money
Sousa, Teresa - 2011
economy. Furthermore we introduce a velocity of money shock revisiting the Quantity Theory of Money within the open economy … paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the … a productivity shock are increasing in the degree of money illusion and decreasing in the degree of openness of the …
Persistent link: https://www.econbiz.de/10013117366
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International transmission of shocks, money illusion and the velocity of money
Sousa, Teresa - 2011
economy. Furthermore we introduce a velocity of money shock revisiting the Quantity Theory of Money within the open economy … paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the … a productivity shock are increasing in the degree of money illusion and decreasing in the degree of openness of the …
Persistent link: https://www.econbiz.de/10009379782