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Essays On The Transmission Mechanisms Of Monetary Policy
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Book Synopsis Essays on the Transmission Mechanisms of Monetary Policy by : Shabbir Dastgir
Download or read book Essays on the Transmission Mechanisms of Monetary Policy written by Shabbir Dastgir and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents coverage of the transmission mechanism of monetary policy in the UK. It shows that historically, monetary policy has evolved through several distinct phases and frameworks over the last quarter of a century. A "new consensus" has emerged as a key theoretical construct of this process, with implications for the nature and role of money in an endogenous framework. It is argued that this is the essential basis for the current mode of economic analysis at the Bank of England. A further series of implications of this are the outcomes of Inflation Targeting as an objective of monetary policy. The stance can be shown to underpin thinking on monetary policy rules and these are used to perform an initial econometric analysis of a monetary policy reaction function. It is argued that the essential time series properties of such rules are generally overlooked in the empirical literature. Tentative analysis suggests that Taylor-type monetary policy reaction functions may not necessarily fit with an Inflation Targeting policy. In addition, the extent of pass through from official to retail bank interest rates is considered and shown to be incomplete.
Book Synopsis Essays on the Transmission Mechanism of Monetary Policy by : Julius Moschitz
Download or read book Essays on the Transmission Mechanism of Monetary Policy written by Julius Moschitz and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Transmission Mechanism of Monetary Policy by : Massimo Giuliodori
Download or read book Essays on the Transmission Mechanism of Monetary Policy written by Massimo Giuliodori and published by . This book was released on 2003 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Preparation of Monetary Policy by : J.M. Berk
Download or read book The Preparation of Monetary Policy written by J.M. Berk and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.
Book Synopsis Essays on the transmission mechanism of monetary policy by : Shabbir Dastgir
Download or read book Essays on the transmission mechanism of monetary policy written by Shabbir Dastgir and published by . This book was released on 2009 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Transmission Mechanism of Monetary Policy by :
Download or read book Three Essays on the Transmission Mechanism of Monetary Policy written by and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Monetary Transmission Mechanism by : Jerry-Jeff Suk
Download or read book Essays on the Monetary Transmission Mechanism written by Jerry-Jeff Suk and published by . This book was released on 2008 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Role that Banks Play in the Monetary Policy Transmission Mechanism in the United States by : Rosen Azad Chowdhury
Download or read book Essays on the Role that Banks Play in the Monetary Policy Transmission Mechanism in the United States written by Rosen Azad Chowdhury and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Transmission of Monetary Policy by : Marvin Jenkins Barth
Download or read book Essays on the Transmission of Monetary Policy written by Marvin Jenkins Barth and published by . This book was released on 1998 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Monetary Policy Transmission Mechanisms in Open and Closed Economies by : Claudio Soto
Download or read book Essays on Monetary Policy Transmission Mechanisms in Open and Closed Economies written by Claudio Soto and published by . This book was released on 2003 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Economics by : Steven Durlauf
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.
Book Synopsis Essays on the Interaction between Monetary Policy and Financial Markets by : Alain Durré
Download or read book Essays on the Interaction between Monetary Policy and Financial Markets written by Alain Durré and published by Presses univ. de Louvain. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the consequences of financial bubbles on economic activity, it is still an open question to what extent the monetary policy should react to sharp fluctuations of equity prices. This dissertation attempts to contribute to the debate with some theoretical and empirical analyses of the relationship between monetary policy and financial markets. Chapter 1 incorporates the effect of real equity prices on aggregate demand in a forward-looking expectations neo-Keynesian model. This effect arises either from a wealth effect or from a change in consumers' confidence. The objective function of monetary authorities depends on the output gap and the deviation of expected inflation from the target. A numerical simulation, based on US data, illustrates the quantitative importance of the financial market channel for various exogenous shocks. In Chapter 2, the variation of equity prices enters explicitly in the loss function of the monetary authorities while, at the same time, it affects aggregate demand. This modifies the optimal monetary policy by increasing the volatility of the nominal interest rate. Chapter 3 examines how the launch of the European single currency has affected expectations on future monetary policy by comparing the econometric results of a co-integrated VAR model on pre- and post- January 1999 data. Chapter 4 deals with diverse methodological issues related to the estimation of the Taylor rule, which represents Central Bank decisions by a single and stable function. Several interesting results emerge from the modelling of the Fed funds rate over the period 1987-2002. In particular, assuming a discontinuous and asymmetric response of the Federal Reserve to fluctuations of equity prices, corrects the apparent instability of the rule.
Book Synopsis Essays on the Monetary Transmission Mechanism, Changes in the United States Banking System and Small Business Lending by : David Vera
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 0 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.
Book Synopsis Three Essays on Monetary Policy, the Financial Market, and Economic Growth in the U.S. and China by : Juan Yang
Download or read book Three Essays on Monetary Policy, the Financial Market, and Economic Growth in the U.S. and China written by Juan Yang and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China's economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.
Book Synopsis Three Essays on the Transmission of Monetary Policy to Non-bank Credit Activity by : Karl David Boulware
Download or read book Three Essays on the Transmission of Monetary Policy to Non-bank Credit Activity written by Karl David Boulware and published by . This book was released on 2014 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that measure the impact of monetary policy on non-bank credit activity by issuer, composition, and duration. The first essay measures the dynamic impact of monetary policy on gross repurchase agreement activity of primary government dealers of the Federal Reserve System. The second essay measures the dynamic impact of monetary policy on commercial paper activity. The third essay measures the impact of monetary policy on issuers of asset-backed securities. In the first essay, we find a positive shock to the federal funds rate significantly affects the level of credit activity. In particular, repo arrangements longer than a day display persistent declines. By comparison, overnight financing increases after a delay. This implies that contractionary monetary policy shocks lead to maturity substitution in the repo market. Our findings show that credit activity in the repo market is more sensitive to monetary policy than previously reported in the literature. In the second essay, our measure of contractionary monetary policy shocks corresponds to a sharp decline in money market mutual fund assets. Though there is an increase in aggregate commercial paper volumes, the impact of monetary policy is stronger for issuers with less liquid balance sheets. Specifically, issuers of asset-backed paper and issuers with second tier credit ratings. Furthermore, there is evidence of a broad substitution towards shorter maturities, in particular for asset backed and nonfinancial paper. In the final essay, we find that an anticipated increase in the target for the federal funds rate impacts the behavior of ABS issuers. In particular, we find commercial paper issuance rises while bond issuance falls. Consequently, our results support the existence of a liquidity risk channel for monetary policy operating through the total supply of non-bank credit activity. In this manner, our findings indicate the monetary transmission mechanism contributes to systemic risk in the shadow banking system through rollover risk. As a result, non-bank credit activity is an important component of the relationship between monetary policy and financial stability.
Book Synopsis Essays on the International Transmission Mechanism by : Pedro Aspe Armella
Download or read book Essays on the International Transmission Mechanism written by Pedro Aspe Armella and published by . This book was released on 1983 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Monetary Policy Under Openness by : Sarfaraz Ali Shah Syed
Download or read book Essays on Monetary Policy Under Openness written by Sarfaraz Ali Shah Syed and published by . This book was released on 2011 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the prevalent consensus on the short to medium-run effects of monetary policy shocks on the real economy and long-run effects on inflation; the relative importance of the channels of monetary transmission mechanism (MTM) still remains open to debate. In this regard, recent findings of the monetary literature and the important developments in the economic and financial structure of the economies on the whole invoke new insights and important questions on the relevancy of monetary policy. The new era of increased openness has also started posing new challenges to the existing monetary transmission mechanism and the policy effects thereof. However, this area has yet not been explored on merit by the researchers, and the existing literature explains only a small part of this globalization -inflation puzzle. Therefore, this thesis aims to make a contribution to this debate. Starting with the analysis of monetary transmission the corresponding channels and the lags we develop a theoretical model to explain the developments and challenges to the monetary policy in the current scenario of increased globalization. The succeeding section deals with the data of a large set of economies, where in the first instance we compute the potential output and subsequently the output gap for the whole sample. Going ahead we conduct panel estimation using Phillips curve equation for our sample to investigate the globalization impacts on the economies on the whole and in parts based on the regional and economic groups.
