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Author : Marvin Jenkins Barth
Publisher :
ISBN 13 :
Total Pages : 338 pages
Book Rating : 4.:/5 (318 download)
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 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthieu Picault
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (13 download)
Download or read book Three Essays on the Transmission of Monetary Policy in the Euro Area written by Matthieu Picault and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: After September 2008, due to a frozen interbank market, shortage of liquidity, loss of confidence, and collapsing financial institutions, the monetary policy transmission in the euro area was severely impaired. Under thus exceptional circumstances, the European Central Bank (ECB) had to turn to non-standard monetary policy measures. Considering, in the euro area, the constrained range of actions and fragmented financial markets, the objective of this empirical thesis is to assess the transmission channels of ECB standard and non-standard monetary policies and their effects on both financial markets and the economy.As banks' lending behaviors are related to their financing costs, the first essay focuses on bank lending channel. It studies the evolution of lending activities of European financial institutions on the syndicated loan market and its reaction to the ECB standard and non-standard policies. The communication of the central bank is of utmost importance in a monetary union with heterogeneous, in terms of economic situations and cultures, countries. The second and third essays study the signaling channel of monetary policy. The second essay focuses on the communication during monthly press conferences and their effects on the predictability of monetary policy decisions and on financial markets returns and volatility. The last essay concentrates exclusively on the use of \textit{forward guidance} on interest rate, a non-standard central bank communication providing information on future short-term interest rates. It discusses its effectiveness and ability to lower market participants expected interest rates.
Author : Julius Moschitz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (83 download)
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:
Author : J.M. Berk
Publisher : Springer Science & Business Media
ISBN 13 : 1475734050
Total Pages : 157 pages
Book Rating : 4.4/5 (757 download)
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.
Author : Karl David Boulware
Publisher :
ISBN 13 :
Total Pages : 177 pages
Book Rating : 4.:/5 (94 download)
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.
Author : Henrike Michaelis
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (899 download)
Download or read book Essays on Monetary Policy Transmission written by Henrike Michaelis and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Massimo Giuliodori
Publisher :
ISBN 13 :
Total Pages : 295 pages
Book Rating : 4.:/5 (559 download)
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:
Author : Tuan Anh Phan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (144 download)
Download or read book Empirical Essays on Monetary Policy and Transmission written by Tuan Anh Phan and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis presents four self-contained empirical research papers on monetary policy and monetary transmission using vector autoregression (VAR), structural VAR (SVAR), and Bayesian time-varying parameter VAR (TVP-VAR) models. The first two papers compare aspects of monetary policy and transmission in selected developed countries: Australia, the US, and the Euro area (Chapter 3); and Australia, the US, UK, and Canada (Chapter 4). The last two papers (Chapters 5 and 6) explore monetary policy and effects of monetary policy on inflation in Vietnam - a transition developing country. The empirical results indicate that the investment channel of monetary policy transmission plays a more important role than the consumption channel in Australia. Meanwhile the investment channel and the consumption channel make similar contributions to the overall transmission of monetary policy in the Euro area and the US. The difference between Australia and the Euro area appears to come from differences in housing investment responses, whereas Australia differs from the US mainly because it has a lower share of household consumption in total demand. Results from TVP-VAR models suggest that there were comovements in the monetary policy reactions to unemployment across countries before the recent Global Financial Crisis (GFC). The policy rate seems to react more strongly to unemployment changes in more recent years, especially in the US and UK. Monetary policy responses to inflation/deflation are observed to be divided into two groups, with the responses in the US and UK showing a different pattern to the responses in Canada and Australia. Monetary policy seems to react most aggressively against inflation/deflation in the US. The effects of monetary policy shocks on unemployment and inflation are similar across countries, and seem to have weakened over time. Results also suggest that monetary policy transmission to inflation in a transition country like Vietnam appears to work in a similar way to as in developed countries. The impulse response functions of inflation to shocks in monetary policy are plausible and robust across the VAR and SVAR models. The policy interest rate plays an important role in affecting inflation. For the case of Vietnam as a small, open economy, shocks to output and prices in trading partners also appear to have strong effects on domestic inflation. Allowing for the time-varying nature of the parameters and variance/covariance matrices, the results suggest that the State Bank of Vietnam (SBV) appears to have been steadily using monetary policy tools to contain inflation. TVP-VAR results also confirm that monetary policy in Vietnam appears to lead to reasonable inflation responses. The evidence therefore supports the argument that Vietnam's monetary policy might be more effective than expected.
Author : Rosen Azad Chowdhury
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)
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:
Author : Shabbir Dastgir
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (855 download)
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.
Author : Irene Chan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (452 download)
Download or read book Three Essays on the Transmission Mechanism of Monetary Policy written by Irene Chan and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulrike Rondorf
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (838 download)
Download or read book Essays on Money Demand and Monetary Policy Transmission in Europe written by Ulrike Rondorf and published by . This book was released on 2011 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shabbir Dastgir
Publisher :
ISBN 13 :
Total Pages : 620 pages
Book Rating : 4.:/5 (463 download)
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:
Author : Mario R. Gonzalez
Publisher :
ISBN 13 : 9780355131178
Total Pages : 146 pages
Book Rating : 4.1/5 (311 download)
Download or read book Essays on Monetary Policy Transmission written by Mario R. Gonzalez and published by . This book was released on 2017 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I contribute to the study of how monetary policy shocks are transmitted through the economy. I contribute to this literature by analyzing how different economic structures can alter the transmission of monetary policy shocks, both at an international level, by considering its regional impact, and at a domestic level, by discussing the implications of different levels of financial constraints and by studying how local financial markets react to monetary policy announcements.
Author : Marc Hinterschweiger
Publisher :
ISBN 13 :
Total Pages : 103 pages
Book Rating : 4.:/5 (87 download)
Download or read book Three Essays on the Transmission of Monetary Policy, Non-linearities, and Interbank Markets written by Marc Hinterschweiger and published by . This book was released on 2013 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Junfeng Qiu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Essays on the Financial System and the Transmission of Monetary Policy written by Junfeng Qiu and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jerry-Jeff Suk
Publisher :
ISBN 13 : 9783866243309
Total Pages : 156 pages
Book Rating : 4.2/5 (433 download)
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:
