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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:
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 : Won-Kyu Kim
Publisher :
ISBN 13 :
Total Pages : 364 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on Monetary Business Cycle written by Won-Kyu Kim and published by . This book was released on 1993 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wei Chen
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.:/5 (71 download)
Download or read book Three Essays on Incomplete Exchange Rate Pass-through, Monetary Policy and Province Border Effects written by Wei Chen and published by . This book was released on 2004 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Fahlino Fauzi Sjuib
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on the Monetary Policy of Indonesia written by Fahlino Fauzi Sjuib and published by . This book was released on 2003 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan Yang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (69 download)
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.
Author : David B. Gordon
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (328 download)
Download or read book Three Essays on Monetary Policy written by David B. Gordon and published by . This book was released on 1994 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Download or read book Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism written by and published by . This book was released on 1999 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:
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 : Martha Cecilia Cruz Zuniga
Publisher :
ISBN 13 : 9780542985683
Total Pages : 156 pages
Book Rating : 4.9/5 (856 download)
Download or read book Three Essays on International Transmission and Monetary Policy in Emerging Countries written by Martha Cecilia Cruz Zuniga and published by . This book was released on 2006 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical analysis in Chapters 2 and 3 is conducted using a sample of countries from Asia and Latin America. Results are extracted from impulse responses derived from vector error correction (VEC) models. The estimation in Chapter 4 relies on panel data and three-stage least squares regressions for a sample of Latin American countries with strong remittance presence.
Author : Rodrigo Ernesto Caputo Galarce
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on Monetary Policy and the Exchange Rate written by Rodrigo Ernesto Caputo Galarce and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kevin Blaine Grier
Publisher :
ISBN 13 :
Total Pages : 99 pages
Book Rating : 4.:/5 (248 download)
Download or read book The Political Economy of Monetary Policy written by Kevin Blaine Grier and published by . This book was released on 1986 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
![Download Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism [microform] PDF Online Free](https://books.google.com/books/content/images/frontcover/zwImQwAACAAJ?fife=w200-h370)
Author : Gregoire Tkacz
Publisher : National Library of Canada = Bibliothèque nationale du Canada
ISBN 13 :
Total Pages : 378 pages
Book Rating : 4.:/5 (428 download)
Download or read book Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism [microform] written by Gregoire Tkacz and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1999 with total page 378 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.
