Securitization and the Efficacy of Monetary Policy

[...]This paper investigates whether the cyclical effects ofmonetary policy have been influenced by the secular growth insecuritization in recent decades. In particular, when the centralbank makes a specific monetary policy move—such asincreasing the overnight interbank rate by 50 basis points—isthe ultimate effect on GDP different from what it would havebeen in the 1960s, when securitization was virtuallynonexistent?[...]

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Authors:	Estrella, Arturo
Institutions:	Federal Reserve Bank <New York, NY>
Published in:	London School of Economics and Political Science - Publications FRBNY Economic Policy Review / Forthcoming, pp 1-13
Subject:	Bank \| Kreditmarkt \| Geldpolitik \| Bruttoinlandsprodukt \| Substitution

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Extent:	568320 bytes 13 p. application/pdf
Type of publication:	Article
Language:	English
Classification:	Financial theory ; Terms and pricing policy ; Individual Articles ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005869389