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Author : Cesar Carrera
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.:/5 (84 download)
Download or read book Essays on Sticky Information and on Bank Lending Channel written by Cesar Carrera and published by . This book was released on 2010 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Elisheva Stern
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book THE BANK LENDING CHANNEL written by Elisheva Stern and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes three chapters discussing the importance of bank heterogeneity in monetary policy implementation using tools such as changes in the interest on reserve and the discount window on bank lending. The first two chapters focus on the implications of differences in government regulation, while the third chapter focuses on market competition. The first chapter assesses the effects of a policy reform changing the relative return of holding reserves on the reserves held by U.S. branches of foreign banks compared to conventional domestic banks, using difference-in-differences regression analysis. The second chapter studies the implications of dispersion in the relative return of holding reserves using a liquidity mismatch banking model with different sectors that can trade reserves in an over-the-counter market for federal funds. The model is used to study the effects of changes to regulation, policy rates, and other market conditions on the distribution of reserves across sectors and the federal funds rate. The third chapter documents changes in competition in the loan and deposit market over the last two decades and considers the implications for monetary policy tools using regression analysis compared to simulations of a Dynamic Stochastic General Equilibrium model.Chapter 1, titled DEPOSIT INSURANCE AND PORTFOLIO DESIGN OF BANKS, reviews the distinct response of U.S. branches of foreign banks to the monetary policy of interest on reserve balances following a policy reform in 2011. The Federal Deposit Insurance Corporation (FDIC) reform changed the relative return of holding reserves for U.S. branches of foreign banks (foreign banks for short) compared to conventional domestic banks (domestic banks for short). The data show higher excess reserves held by foreign banks following this policy change. A fixed-effects model is used to measure the effect of a change in the FDIC policy on excess reserves held by each sector. A difference-in-difference comparison suggests a difference of 0.16 in reserves to assets of domestic banks compared to foreign banks following the policy change and a more considerable gap of around 0.25 for banks with average assets holdings in the top 15 percentile. Furthermore, the event study confirms that these larger banks widely capture the impact of policy. The next chapter, Chapter 2, titled BANK PORTFOLIO CHOICE AND MONETARY POLICY TRANSMISSION IN THE FACE OF A NEW FEDERAL FUNDS MARKET, studies the implications of differences in regulation of banks for monetary policy. The chapter presents an equilibrium model in the framework of Bianchi and Bigio (2022) to include two types of bank branches instead of one; domestic banks must hold deposit insurance, while U.S. branches of foreign banks cannot. Deposit insurance allows for a more stable funding source but attaches a higher balance-sheet cost. Calibration finds consistent predictions that explain the higher excess reserves and the sequential credit supply of foreign branches. Moreover, findings suggest that foreign branches are more responsive to monetary policy tools, such as interest on reserves, because their funding source is associated with higher volatility in deposit withdrawals. The monetary policy of changes to the corridor rates in the model is the same across all banks. Still, because U.S. branches of foreign banks face different tradeoffs than U.S domestic banks, monetary policy affects each sector differently. Chapter 3, titled CHANNELS OF MONETARY POLICY WITH IMPERFECT COMPETITION IN THE BANKING SECTOR, uses a relatively new measure of market power proposed by Boone (2008) to estimate the implications of market power on the pass-through of monetary policy for two monetary policy channels. The lending channel and the deposits channel. Data suggest that market power is high in the deposit market and somewhat high in the loan market, with an incline in competition in both sectors in the last two decades preceding 2001. The paper evaluates monetary policy pass-through to deposit and lending rates given the competition across banks using a Dynamic Stochastic General Equilibrium (DSGE) model with sticky prices. The central assumption of the model is that the pass-through depends on competition across banks. It includes banks with imperfectly competitive markups for loans to firms, markdowns of deposit rates to consumers, and a monetary policy authority that can either change the federal funds rate or the spread between the federal funds rate and the rate paid on excess reserves. The model estimations align with the empirical evidence suggesting banks will compensate on loan spreads to avoid the contraction in lending caused by higher policy rates, while deposits will fluctuate less, and therefore spreads may increase when market rates increase.
Author : Luka Bajec
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.:/5 (634 download)
Download or read book Three Essays on the Bank Lending Channel written by Luka Bajec and published by . This book was released on 2008 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Vera
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (822 download)
Download or read book Essays on the Monetary Transmission Mechanism, Changes in the United States Banking System and Small Business Lending written by David Vera and published by . This book was released on 2005 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: My first essay is a survey of the literature on the bank-lending channel of monetary policy, banking deregulation in the U.S. and small business lending. This literature provides a framework for exploring questions of how recent changes in banking deregulation may have affected the monetary transmission mechanism and small business lending. In my second essay, I provide evidence that the monetary transmission mechanism in the U.S. has changed. In particular, using aggregate data I show that monetary policy shocks no longer have the significant effects on bank loans that were previously demonstrated in the literature. The smaller response of bank loans coincides with a period of deregulation in the banking system that triggered banking consolidation. Using bank-level data, I tie the changes in the monetary transmission mechanism to changes in the response of bank loans resulting from mergers. Consistent with earlier research that linked monetary policy effects to banks' balance sheet characteristics, I show that the growth of loans of banks that have merged is less sensitive to monetary policy shocks than that of banks not taking part in mergers. In my third essay I explore the link between changes in the banking system and small business lending. Research on banking indicates that small banks appear to be the main providers of credit to small businesses. Recent changes in banking legislation that have triggered consolidation have raised concerns over the availability of credit to small businesses. In this paper I provide evidence that even though recent changes in banking legislation have decreased the number of small banks, they have not had an effect on total small business lending. I also provide evidence that small banks may be participating less in small business lending. These results have implications for both the smaller output volatility recently documented in the literature as well as for a diminished bank-lending channel of the monetary transmission mechanism.
Author : Miranda S. Goeltom
Publisher : Gramedia Pustaka Utama
ISBN 13 : 9789792233391
Total Pages : 624 pages
Book Rating : 4.2/5 (333 download)
Download or read book Essays in Macroeconomic Policy written by Miranda S. Goeltom and published by Gramedia Pustaka Utama. This book was released on 2007 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Todd A. Knoop
Publisher : Bloomsbury Publishing USA
ISBN 13 :
Total Pages : 348 pages
Book Rating : 4.2/5 (16 download)
Download or read book Business Cycle Economics written by Todd A. Knoop and published by Bloomsbury Publishing USA. This book was released on 2015-02-17 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents the empirical data of business cycles and the theories that economists have developed to explain and prevent them, and considers case studies of recessions and depressions in the United States and internationally. Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises. Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.
Author : Ben S. Bernanke
Publisher : Princeton University Press
ISBN 13 : 0691259666
Total Pages : 352 pages
Book Rating : 4.6/5 (912 download)
Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.
Author :
Publisher :
ISBN 13 :
Total Pages : 516 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2005 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jaromir Benes
Publisher : International Monetary Fund
ISBN 13 : 1475505523
Total Pages : 71 pages
Book Rating : 4.4/5 (755 download)
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Author :
Publisher :
ISBN 13 :
Total Pages : 1272 pages
Book Rating : 4.:/5 (318 download)
Download or read book Journal of Economic Literature written by and published by . This book was released on 1996 with total page 1272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : N. Gregory Mankiw
Publisher : University of Chicago Press
ISBN 13 : 0226503100
Total Pages : 358 pages
Book Rating : 4.2/5 (265 download)
Download or read book Monetary Policy written by N. Gregory Mankiw and published by University of Chicago Press. This book was released on 2007-12-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves. This new research will be of special interest to central bankers and academic economists.
Author : Natalya Martynova
Publisher : International Monetary Fund
ISBN 13 : 1513565818
Total Pages : 44 pages
Book Rating : 4.5/5 (135 download)
Download or read book Bank Profitability and Risk-Taking written by Natalya Martynova and published by International Monetary Fund. This book was released on 2015-11-25 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing significant losses? We attempt to reconcile theory and evidence. In our setup, banks are endowed with a fixed core business. They take risk by levering up to engage in risky ‘side activities’(such as market-based investments) alongside the core business. A more profitable core business allows a bank to borrow more and take side risks on a larger scale, offsetting lower incentives to take risk of given size. Consequently, more profitable banks may have higher risk-taking incentives. The framework is consistent with cross-sectional patterns of bank risk-taking in the run up to the recent financial crisis.
Author : Naoyuki Yoshino
Publisher : Springer Nature
ISBN 13 : 9811670625
Total Pages : 671 pages
Book Rating : 4.8/5 (116 download)
Download or read book Studies in International Economics and Finance written by Naoyuki Yoshino and published by Springer Nature. This book was released on 2022-03-30 with total page 671 pages. Available in PDF, EPUB and Kindle. Book excerpt: This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Author : Bruna Ingrao
Publisher : Edward Elgar Publishing
ISBN 13 : 9781800375222
Total Pages : 288 pages
Book Rating : 4.3/5 (752 download)
Download or read book Banks and Finance in Modern Macroeconomics written by Bruna Ingrao and published by Edward Elgar Publishing. This book was released on 2020-09-25 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this significant new book, Bruna Ingrao and Claudio Sardoni emphasize the crucial importance of considering credit/debt relations and financial markets for a comprehensive understanding of the world in which we live. The book offers both a thorough historical and theoretical reconstruction of how 20th century macroeconomics got (or did not get) to grips with the interactions between banks and financial markets, and the 'real' economy.The book is split into two distinct and thematic parts to expose the different attitudes to banks and finance before and after the Great Depression of the 1930s. Part I explores the period from the turn of the 20th century to the late 1930s, when many important economists devoted great attention to banks and credit relations in their explanations of the working of market economies. Part II discusses the post-war period up until the modern day, when banks and financial markets ceased to be a major concern of mainstream macroeconomics. The 2007-8 crisis gave rise to a renewed interest in credit relations, but many problems inherited from the past still remain open. The authors stress, in particular, the implications of the uneasy, if not impossible, coexistence of the endeavour to set macroeconomics within the framework of general equilibrium theory with the attempt to develop the analysis of the monetary and financial features of actual economies. Macroeconomists will greatly benefit from this timely book as it examines the historical evolution of the discipline, pointing out the major factors that have largely prevented the development of satisfactory analyses of the interrelations of credit, finance and the macroeconomy. Those involved in current economic policy debates will also benefit from the lessons offered in this book.
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309142393
Total Pages : 348 pages
Book Rating : 4.3/5 (91 download)
Download or read book Strengthening Forensic Science in the United States written by National Research Council and published by National Academies Press. This book was released on 2009-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.
Author : Michel De Vroey
Publisher : Cambridge University Press
ISBN 13 : 0521898439
Total Pages : 451 pages
Book Rating : 4.5/5 (218 download)
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Author : Steven Durlauf
Publisher : Springer
ISBN 13 : 0230280854
Total Pages : 395 pages
Book Rating : 4.2/5 (32 download)
Download or read book Monetary Economics written by Steven Durlauf and published by Springer. This book was released on 2016-04-30 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
