Similar Search Results

Analyzing the effects of financial and housing wealth on consumption using micro data

Caceres, Carlos - 2019

This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets …-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of … wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from …

Persistent link: https://www.econbiz.de/10012022025

More gray, more volatile? : aging and (optimal) monetary policy

Baksa, Daniel; Munkacsi, Zsuzsa - 2019

wealth among generations and the labor force becomes more scarce, our model suggests that aging makes monetary policy less …

Persistent link: https://www.econbiz.de/10012103744

Has higher household indebtedness weakened monetary policy transmission?

Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019

Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares the responsiveness of household consumption to monetary...

Persistent link: https://www.econbiz.de/10012001512

Crossing the credit channel : credit spreads and firm heterogeneity

Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2020

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced...

Persistent link: https://www.econbiz.de/10012485947

Leaning Against the Wind and the Timing of Monetary Policy

Agur, Itai - 2013

If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but...

Persistent link: https://www.econbiz.de/10014395272

The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia

Jain Chandra, Sonali - 2012

The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging...

Persistent link: https://www.econbiz.de/10014395602

Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy

Kourelis, Angeliki - 1994

The stickiness of bank lending rates with respect to money market rates is often regarded as an obstacle to the smooth transmission of monetary policy impulses. Yet, no systematic measure of the different degree of lending rate stickiness across countries has been attempted. This paper provides...

Persistent link: https://www.econbiz.de/10014396171

Financial Globalization and Monetary Policy

Devereux, Michael B. - 2007

What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and...

Persistent link: https://www.econbiz.de/10014399256

The monetary policy credibility channel and the amplification effects in a semi-structural model

Chansriniyom, Thitipat; Epstein, Natan; Nalban, Valeriu - 2020

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the announced inflation target, with positive deviations...

Persistent link: https://www.econbiz.de/10012391944

Monetary policy is not always systematic and data-driven : evidence from the yield curve

Bulíř, Aleš; Vlček, Jan - 2020

Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve movements, do react to macroeconomic innovations and these reactions reflect the...

Persistent link: https://www.econbiz.de/10012170089