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Monetary Policy Implementation : Misconceptions and Their Consequences
Disyatat, Piti - 2013
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects...
Persistent link: https://www.econbiz.de/10012710838
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The Bank Lending Channel Revisited
Disyatat, Piti - 2013
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10013095074
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Banks' balance-sheet costs, monetary policy, and the ON RRP
Afonso, Gara; Cipriani, Marco; La Spada, Gabriele - 2022
investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …
Persistent link: https://www.econbiz.de/10013465412
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Friedman's Monetary Economics in Practice
Nelson, Edward - 2011
to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …
Persistent link: https://www.econbiz.de/10013124914
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2013
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013095177
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
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Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?
Borio, Claudio E. V.; Zhu, Haibin - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and waning of conceptual frameworks and the changing characteristics of the financial system. In this paper,...
Persistent link: https://www.econbiz.de/10009248818
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Banks’ Business Model and Credit Supply in Chile : The Role of a State-Owned Bank
Biron, Miguel - 2019
During the Global Financial Crisis, banks suffered losses on a scale not witnessed since the Great Depression, partly due to two major structural developments in the banking industry; deregulation combined with financial innovation. In the aftermath of the financial crisis, the regulatory...
Persistent link: https://www.econbiz.de/10012864778
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Payments, Credit and Asset Prices
Piazzesi, Monika - 2018
This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by … intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the … if it helps back inside money, and lower if more inside money is used to trade it. Inflation can be low in security …
Persistent link: https://www.econbiz.de/10012914919