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Monetary aggregates, financial intermediate and the business cycle

Hong, Hao - 2011 - Version: 20/06/2011

This paper explains and evaluates the transmissions and effectiveness of monetary policy shock in a simple Cash … monetary shock and the cost channel of monetary policy. Calvo's (1983) sticky price monetary model examines the real effects of … participation monetary shock or Keynesian type of sticky price/wage, to examine the lower nominal interest rate and increasing real …

Persistent link: https://www.econbiz.de/10009229210

The financial accelerator and market-based debt instruments : a role for maturities?

Kühl, Michael - 2014

This paper shows how the average maturity of corporate bonds can affect the transmission of shocks if financial frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for market-based debt which has a market-determined price....

Persistent link: https://www.econbiz.de/10010357605

Shocks to bank lending, risk-taking, securitization, and their role for US business cycle fluctuations

Peersman, Gert; Wagner, Wolf - 2014

type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …

Persistent link: https://www.econbiz.de/10010257361

Information from Financial Markets and VAR Measures of Monetary Policy

Favero, Carlo A.; Bagliano, Fabio C. - 1998

Exogenous measures of monetary policy shocks, directly derived from financial market information, are used in close (U.S.) and open (U.S.-Germany) economy VAR models to evaluate the robustness of the dynamic effect of monetary policy obtained from traditional identified VAR. The empirical...

Persistent link: https://www.econbiz.de/10014212157

Unsurprising Shocks : Information, Premia, and the Monetary Transmission

Miranda-Agrippino, Silvia - 2016

retrieve transmission coefficients to a monetary policy shock consistent with macroeconomic theory even in informationally … surprises capture more than just the monetary policy shock, and their use as external instruments for identification is …

Persistent link: https://www.econbiz.de/10012979758

Financial Shocks, Credit Spreads and the International Credit Channel

Cesa-Bianchi, Ambrogio - 2017

Recent empirical evidence on the cross-country synchronization of credit spreads in response to US monetary policy shocks has led to the notion of an ‘international credit channel' of US monetary policy. This paper provides novel evidence on the existence of an international credit channel for...

Persistent link: https://www.econbiz.de/10012943439

Uncertainty, Financial Frictions and Nominal Rigidities : A Quantitative Investigation

Cesa-Bianchi, Ambrogio - 2017

shock to the variance of aggregate total factor productivity(macro uncertainty) and to the dispersion of entrepreneurs …

Persistent link: https://www.econbiz.de/10012944962

Monetary policy, sectoral comovement and the credit channel

Di Pace, Federico; Görtz, Christoph - 2021

Persistent link: https://www.econbiz.de/10012546900

The Transmission of an Interest Rate Shock, Standard Mitigants and Household Behavior

Mastrogiacomo, Mauro - 2018

We analyze the transmission of an interest rate shock to households in the context of a stress-test module. We examin … responses, where households can alleviate the effect of a shock by reducing debt using voluntary repayments. We estimate a Cragg … study finds a significant dampening role of voluntary repayments on the effects of an interest rate shock …

Persistent link: https://www.econbiz.de/10012906391

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