monetary policy
What does excess bank liquidity say about the loan market in Less Developed Countries?
by: shinta, 16 pagesEvidence about developing countries’ commercial banks’ liquidity preference suggests the following about their loan markets: (i) the loan interest rate is a minimum mark-up rate; ...
Does Monetary Policy Affect Bank Credit Standards?
by: shinta, 54 pagesYes. By using the comprehensive Bank Lending Survey from the euro Area – where there are time and cross-country variation of the stance of monetary policy – this paper identifies
Masters of the Economy: A Game for Review and Understanding of Fiscal and Monetary Policy
by: shinta, 15 pagesIn this classroom game, pairs or teams of students assume the role of “Masters of the Economy,” or directors of fiscal and monetary policy. The game has three versions; ...
Trade Credit and the Effect of Macro-Financial Shocks: Evidence from U.S. Panel Data
by: shinta, 35 pagesMany studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel ...
Predetermined Prices and the Persistent Effects of Money on Output
by: shinta, 22 pagesThis paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type
Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach
by: shinta, 48 pagesStructural vector autoregressions (VARs) are widely used to trace out the effect of monetary policy innovations on the economy. However, the sparse information sets typically used in ...
The impact of monetary policy on bank balance sheets
by: shinta, 45 pagesThis paper uses disaggregated data on bank balance sheets to provide a test of the lending view of monetary policy transmission. We argue that if the lending view is correct, one should ...
Financial Structure and the Impact of Monetary Policy on Asset Prices
by: shinta, 38 pagesWe study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries in the period 1986-2007, using single-country ...
Sales and the Real Effects of Monetary Policy
by: shinta, 60 pagesIn the data, a sizable fraction of price changes are temporary price reductions referred to as sales. Existing models include no role for sales. Hence, when confronted with data in which a ...
THE EFFECT OF MONETARY POLICY ON HOUSE PRICE INFLATION: A FACTOR AUGMENTED VECTOR AUTOREGRESSION (FAVAR) APPROACH
by: shinta, 11 pagesThis paper assesses the impact of monetary policy on house price inflation for the nine census divisions of the US economy using a factor-augmented VAR (FAVAR), estimated a large data set ...
