Current study has focused on the bank lending channel of monetary transmission in EU countries. The aim of the paper is to carry out an empirical investigation of the bank lending channel of monetary transmission in EMU and non-EMU countries. As estimation method we use GMM model with pooled...

Since the international financial crisis, the external environment was an important source of risks and uncertainties, the banking and financial markets of most of the states were marked by successive waves of turbulence, central banks reverted the task of ensuring financial stability to the...

Presentation to the joint convention of the Idaho, Nevada, and Oregon Bankers Associations, Coeur d'Alene, ID, July 9, 2012

Textbook monetary theory holds that increasing the money supply leads to higher inflation. However, the Federal Reserve has tripled the monetary base since 2008 without inflation surging. With interest rates at historically low levels and the economy still struggling, the normal money multiplier...

The standard argument for abstracting from capital accumulation in sticky-price macro models is based on their short-run focus: over this horizon, capital does not move much. This argument is more problematic in the context of real exchange rate (RER) dynamics, which are very persistent. In this...

June 29, 2012. Presentation. "U.S. Monetary Policy: Still Appropriate." Presented at Dialogue with the Fed, Little Rock, Arkansas.

We use a dynamic stochastic general equilibrium model to address two questions about U.S. monetary policy: 1) Can monetary policy elevate output when it is below potential? and 2) Is the zero lower bound a trap? The model answer to the first question is yes it can, but the effect is only...

This paper aims to deepen the understanding of the transit of traditional to modern monetary system and its impact on economic growth in the Spanish economy over the first half of the nineteenth century. The main sources on which the study of the monetary policy in this period is based, in...

The pace of economic growth has been frustratingly slow and the recovery has lost momentum in recent months. The economy is weighed down by the ongoing European sovereign debt crisis and fiscal tightening in our own country. In these circumstances, it is essential that the Federal Reserve...

Since the late 1980s the Fed has implemented monetary policy by adjusting its target for the overnight federal funds rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested that money is irrelevant for monetary policy. They...