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Another look at yield spreads: Monetary policy and the term structure of interest rates

Kim, Dong-heon - 1998

Liquidity plays an important role in explaining how banks determine their allocation of funds. This paper analyses whether this fact can explain the term structure of interest rates and yield spreads. The paper models banks' demand for liquidity in a manner similar to that used to study...

Persistent link: https://www.econbiz.de/10010301772

Devaluation (levels versus rates) and balance of payments in a cash-in-advance economy

Petrucci, Alberto - 2002

This paper investigates the consequences of the currency devaluation, both in levels and rates, on the balance of payments in a cash-in-advance economy with finite horizons, endogenous capital accumulation and international capital immobility. In this context, a once and for all currency...

Persistent link: https://www.econbiz.de/10011335687

Firm entry, inflation and the monetary transmission mechanism

Lewis, Vivien; Poilly, Céline - 2011

policy shock in US data. Our VAR includes net business formation, profits and markups. We evaluate two channels through which …

Persistent link: https://www.econbiz.de/10011506731

(S,s) pricing: Does the heterogeneity wipe out the asymmetry on micro level?

Babutsidze, Zakaria - 2010

This paper presents a model of asymmetric (S,s) pricing. We investigate whether the asymmetry on micro level is carried over on macro level and what is the role of agent heterogeneity in the process. We look at two kinds of asymmetries: (i) asymmetric output responses monetary shocks and (ii)...

Persistent link: https://www.econbiz.de/10010300701

US Monetary Policy in a Globalized World

Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016

find that a contractionary US monetary policy shock leads to a persistent fall in international output, a drop in global … negative shock to foreign real GDP growth. …

Persistent link: https://www.econbiz.de/10013370122

Geldpolitik und Vermögensmärkte

Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65

. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …

Persistent link: https://www.econbiz.de/10010377866

Monetary policy, asset prices and macroeconomic conditions: a panel-VAR study

Assenmacher-Wesche, Katrin; Gerlach, Stefan - 2008

significant responses to a monetary policy shock. Shocks to asset prices have a positive, significant effect on GDP and credit …

Persistent link: https://www.econbiz.de/10011506670

Characteristics of unemployment dynamics: The chain reaction approach

Karanassou, Marika; Snower, Dennis J. - 2000

labor resources generated in the aftermath of a shock). Furthermore, we estimate the contributions of individual lagged …

Persistent link: https://www.econbiz.de/10010273099

Monetary policy through production networks: Evidence from the stock market

Ozdagli, Ali; Weber, Michael - 2017

Monetary policy shocks have a large impact on stock prices during narrow time windows centered around press releases by the FOMC. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct effect and a network effect. We attribute 50 to 85 percent of...

Persistent link: https://www.econbiz.de/10012059589

When did unsystematic monetary policy have an effect on inflation?

Mojon, Benoît - 2005

An important stylized fact to emerge from the VAR estimates is that exogenous monetary policy shocks (also labelled unsystematic monetary policy) have a delayed, persistent, hump shaped effect on inflation. I argue that this empirical pattern is fragile. In particular it disappears when one...

Persistent link: https://www.econbiz.de/10011604605