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Author : Almut Balleer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (113 download)
Download or read book Monetary Policy, Price Setting, and Credit Constraints written by Almut Balleer and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : U. Michael Bergman
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Currency Crises and Monetary Policy in an Economy with Credit Constraints written by U. Michael Bergman and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julien Champagne
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Monetary Policy, Credit Constraints and SME Employment written by Julien Champagne and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial constraints amplify or dampen the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines (i) firm-level employment and balance sheet data, (ii) identified monetary policy shocks and (iii) survey data on financing activities. The key novelty of our approach is a new proxy for the likelihood of being credit constrained, which is constructed using survey data on realized outcomes of financing requests. Leveraging cross-sectional heterogeneity in the proxy and the sensitivity of employment to monetary policy shocks, we find that credit constraints amplify the transmission of monetary policy. In the aggregate, credit constraints account for roughly a third of the employment response. Our findings are consistent with a strong financial accelerator, whereby accommodative monetary policy has the indirect effect of improving the ability of firms to obtain credit.
Author : Philippe Aghion
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.X/5 (6 download)
Download or read book Currency Crises and Monetary Policy in an Economy with Credit Constraints written by Philippe Aghion and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shakill Hassan
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (319 download)
Download or read book Currency Crises and Monetary Policy in an Economy with Credit Constraints written by Shakill Hassan and published by . This book was released on 2006 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper revisits the currency crises model of Aghion, Bacchetta and Banerjeee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction \2014 even with foreign-currency debt in firms\2019 balance sheets. The effect of lower interest rates on output can help restore the value of the currency due to increased money demand"--Publisher's website.
Author : Pedro Gomis-Porqueras (Economiste)
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (693 download)
Download or read book Optimal Monetary Policy in a Model of Money and Credit written by Pedro Gomis-Porqueras (Economiste) and published by . This book was released on 2010 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors investigate the extent to which monetary policy can enhance the functioning of the private credit system. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit: It allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self-insure against the risk of not being able to use credit in some transactions. The authors consider a (nonlinear) monetary mechanism that is designed to enhance the credit system. An active monetary policy is sufficient for relaxing credit constraints. Finally, they characterize the optimal monetary policy and show that it necessarily entails a positive inflation rate, which is required to induce cooperation in the credit system.
Author : Sangyup Choi
Publisher : International Monetary Fund
ISBN 13 : 1475526377
Total Pages : 43 pages
Book Rating : 4.4/5 (755 download)
Download or read book Aggregate Uncertainty and Sectoral Productivity Growth written by Sangyup Choi and published by International Monetary Fund. This book was released on 2016-08-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth for 25 industries for 18 advanced economies over the period 1985-2010—mitigates concerns with omitted variable bias and reverse causality. The results are robust to the inclusion of other sources of interaction effects, such as financial development (Rajan and Zingales, 1998) and counter-cyclical fiscal policy (Aghion et al., 2014). The results also hold if economic policy uncertainty (Baker et al., 2015) is used instead of stock market volatility as the measure of aggregate uncertainty.
Author : Mr.Cyril Pouvelle
Publisher : International Monetary Fund
ISBN 13 : 1475502931
Total Pages : 40 pages
Book Rating : 4.4/5 (755 download)
Download or read book Bank Credit, Asset Prices and Financial Stability written by Mr.Cyril Pouvelle and published by International Monetary Fund. This book was released on 2012-04-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the effect of asset prices on credit growth in France and tries to disentangle credit demand and supply factors, both for the whole 1993-2010 period and during periods of financial instability. Using bank-level panel data at a quarterly frequency, stock price growth is shown to have a significant effect on lending growth over the whole period, but without credit supply factors being singled out. By contrast, housing price growth has a significant effect during periods of financial instability only, even after controlling for credit demand effects. These results show that credit demand factors do play a large role but also provide evidence of tighter credit constraints on households in financial instability periods.
Author : Fernando Barrán Cabrera
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (971 download)
Download or read book Monetary Policy and Credit Constraints written by Fernando Barrán Cabrera and published by . This book was released on 1996 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782542827
Total Pages : 304 pages
Book Rating : 4.5/5 (428 download)
Download or read book Credit, Interest Rates and the Open Economy written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Author : Hongren Wang
Publisher :
ISBN 13 :
Total Pages : 188 pages
Book Rating : 4.F/5 ( download)
Download or read book The Credit View of Investment and Monetary Policy written by Hongren Wang and published by . This book was released on 1998 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jarkko Jääskelä
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (255 download)
Download or read book More Potent Monetary Policy? written by Jarkko Jääskelä and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been argued that the effect of a change in the monetary policy interest rate on aggregate demand may be larger at higher levels of indebtedness through its impact on cash flows. However, the extent of credit constraints may be at least as important, if not more so. In particular, monetary policy could have a larger impact on aggregate demand when credit constraints are pervasive (which could be the case at low or high levels of indebtedness, or both). This paper examines the extent to which the strength of credit growth, which can be seen as a proxy for credit constraints, may affect the transmission of monetary policy in a way that cannot be captured in linear models. The results reveal that GDP growth is more responsive to interest rate shocks when credit growth is low. Separate models for household and business credit growth confirm this finding: consumption and business investment are more responsive to interest rate shocks when credit is growing slowly for the household and business sectors, respectively.
Author : Philippe Aghion
Publisher : OUP Oxford
ISBN 13 : 0191530239
Total Pages : 160 pages
Book Rating : 4.1/5 (915 download)
Download or read book Volatility and Growth written by Philippe Aghion and published by OUP Oxford. This book was released on 2005-07-28 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises.
Author : U. Michael Bergman
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (873 download)
Download or read book EPRU Working Papers written by U. Michael Bergman and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alan S. Blinder
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (11 download)
Download or read book Money, Credit Constraints, and Economic Activity written by Alan S. Blinder and published by . This book was released on 1983 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: When government expenditures exceed current tax revenues, the resulting deficit must be financed either by issuing bonds, which imply obligations to levy future taxes, or by creating high-powered money. The choice between money and bonds is often thought to be of great moment for both real and nominal variables; that is, monetary policy matters.There is by now a wide empirical consensus that monetary policy has effects on real variables like output and employment. But there is far less agreement about why this is so. The purpose of this paper is to take issue with some currently fashionable views of why money has real effects, and to suggest a new theory, or rather resurrect an old one--the loanable funds theory--and give it new, improved microfoundations
Author : Francesco Manaresi
Publisher : International Monetary Fund
ISBN 13 : 1498315917
Total Pages : 75 pages
Book Rating : 4.4/5 (983 download)
Download or read book Credit Supply and Productivity Growth written by Francesco Manaresi and published by International Monetary Fund. This book was released on 2019-05-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Author : Mark Gertler
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.0/5 ( download)
Download or read book Interest Rate Spreads, Credit Constraints, and Investment Fluctuations written by Mark Gertler and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a simple framework that incorporates a role for "interest rate spreads" in models of investment fluctuations. Formally, we develop a simple model of investment and financial contracting under asymmetric information that can he used to generate an Euler equation describing firms' intertemporal decisions about investment. The Euler equation is than estimated using data on U.S. producers' durable equipment investment. We find that during certain periods -- owing to agency-cost problems -- the basic Euler equation is violated, and shifts in interest rate differentials help predict investment. Thus, the empirical results lend support to models emphasizing how: (i) movements in agency costs of external finance can amplify investment fluctuation, and (ii) changes in the interest rate spread may signal movements in these agency costs
