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The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence

Gali, Jordi; Gambetti, Luca - National Bureau of Economic Research (NBER) - 2014

We estimate the response of stock prices to exogenous monetary policy shocks using a vector-autoregressive model with time-varying parameters. Our evidence points to protracted episodes in which, after a short-run decline, stock prices increase persistently in response to an exogenous tightening...

Persistent link: https://www.econbiz.de/10011196344

Effects of Funding Portfolios on the Credit Supply of Canadian Banks

Damar, H. Evren; Meh, Césaire; Terajima, Yaz - Bank of Canada - 2015

This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans. We then examine how the supply of credit by banks that rely more...

Persistent link: https://www.econbiz.de/10011196438

Riesgo de crédito y la transmisión de la política monetaria en Colombia

Galarza, Fernando Tenjo; Enciso, Enrique López; … - BANCO DE LA REPÚBLICA - 2015

Teniendo en cuenta los cambios recientes en la intermediación financiera y los avances en regulación, este artículo estudia las condiciones de riesgo de los bancos y sus características tradicionales para analizar el funcionamiento del canal de préstamos. La evidencia indica que los bancos...

Persistent link: https://www.econbiz.de/10011196480

Gradual wage-price adjustments, labor market frictions and monetary policy rules

Proaño, Christian R. - Department of Economics, New School for Social Research - 2011

Persistent link: https://www.econbiz.de/10011196536

Stock market booms, endogenous credit creation and the implications of broad and narrow banking for macroeconomic stability

Chiarella, Carl; Flaschel, Peter; Hartmann, Florian; … - Department of Economics, New School for Social Research - 2011

Persistent link: https://www.econbiz.de/10011196537

Excess Bank Reserves and Monetary Policy with a Lower-Bound Lending Rate September 2011

Khemraj, Tarron; Proaño, Christian R. - Department of Economics, New School for Social Research - 2011

The paper posits the existence of a minimum mark-up loan interest rate threshold, which is identified using a long-term bank demand curve for excess reserves. At the threshold rate, the risk adjusted marginal revenue is equal to the marginal cost of extending loans. An excess reserves-loan (RL)...

Persistent link: https://www.econbiz.de/10011196541

Should Monetary Policy Take Account of National Labor Market Asymmetries in a Currency Union?

Proaño, Christian R. - Department of Economics, New School for Social Research - 2011

Persistent link: https://www.econbiz.de/10011196544

Monetary Policy Rules and Macroeconomic Stabilization in Small Open Economies under Behavioral FX Trading: Insights from Numerical Simulations

Proaño, Christian - Department of Economics, New School for Social Research - 2011

In this paper the interaction between FX markets driven by trading based on behavioral forecasting rules and the macroeconomy of a small open economy is investigated. A special focus of the paper is set on the consequences of chartism or technical analysis for the stability at the macroeconomic...

Persistent link: https://www.econbiz.de/10011196550

U.S. macroeconomic and regulatory developments and emerging market economies

Musalem, Alberto G. - Federal Reserve Bank of New York - 2015

Remarks at the International Financial Conference Annual Meeting, Cartagena, Colombia.

Persistent link: https://www.econbiz.de/10011196793

Non-Standard Monetary Policy Measures – Magic Wand or Tiger by the Tail?

Belke, Ansgar - In: Review of Economics 64 (2013) 3, pp. 341-364

This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its … countries of the Euro Area. The second main part of the paper assesses which other tools the ECB could use in order to stimulate … the economy in the Euro Area. It does so by delivering details on whether and how the effectiveness of the ECB’s policies …

Persistent link: https://www.econbiz.de/10011198688