Showing 1 - 10 of 418
We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with...
Persistent link: https://www.econbiz.de/10012154690
This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover...
Persistent link: https://www.econbiz.de/10011408247
This paper studies the transmission of bank capital shocks to loan supply in Indonesia. A series of theoretically founded dynamic panel data models are estimated and find nonlinear effects of capital on loan growth: the response of weaker banks to changes in their capital positions is larger...
Persistent link: https://www.econbiz.de/10011763618
This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty. This structural macroeconometric model features extensive linkages between the real and...
Persistent link: https://www.econbiz.de/10014402675
This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into its fifteen largest national economies. This structural macroeconometric model features extensive linkages between the real and financial sectors, both within...
Persistent link: https://www.econbiz.de/10014403179
vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation …
Persistent link: https://www.econbiz.de/10012170156
How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the … transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance … perspective. Using a rich bank-firm matched data of Japanese firms with information on corporate debt and investment, we study how …
Persistent link: https://www.econbiz.de/10012518322
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
In this paper we examine the channels through which innovations to policy variables- policy rates or monetary aggregates-affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy...
Persistent link: https://www.econbiz.de/10014411684
This paper estimates a small open economy model for Egypt to analyze inflation, output dynamics and monetary policy during 2005-2010. The interest rate channel is found to be relatively weak in Egypt, complicating the use of interest rates as the immediate target of monetary policy. However, the...
Persistent link: https://www.econbiz.de/10014412187