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Money supply determination process for Japan

Ongan, Serdar; Gocer, Ismet - In: Journal of Central Banking Theory and Practice 12 (2023) 1, pp. 249-261

This study re-investigates the money supply determination process for Japan. The methodology of this study, which … of the Bank of Japan (BOJ) separately in a nonlinear manner. The main findings of the study indicate that the money … supply determination process is endogenous with an unstable money multiplier for Japan for M1. However, this endogeneity in …

Persistent link: https://www.econbiz.de/10014558518

A macro-model to monetary transmission analysis in Tunisia$

Makni, Aymen - 2019

In this paper, we develop a gap model based on a reduced form of the New Keynesian Model. The model offers various scenario structure tools which analyze the dynamics of key macro economic variables under diverse shocks and depicts their properties and historical decompositions. This framework...

Persistent link: https://www.econbiz.de/10012049300

On the mechanics of New-Keynesian models

Rupert, Peter; Šustek, Roman - 2016

We scrutinize the monetary transmission mechanism in New-Keynesian models, focusing on the role of capital, the key ingredient in the transition from the basic framework to DSGE models. The widely held view that monetary policy affects output and inflation in these models through a real interest...

Persistent link: https://www.econbiz.de/10011796508

Asymmetric Information, Financial Intermediation and the Monetary Transmission Mechanism: A Critical Review

Claus, Iris; Grimes, Arthur - 2003

Macroeconomic models currently used by policy makers generally assume that the workings of financial markets can be fully summarised by financial prices, because the Modigliani and Miller (1958) theorem holds. This paper argues that these models are too limited in describing how monetary policy...

Persistent link: https://www.econbiz.de/10012115536

Rethinking credit risk under the malinvestment concept: The case of Germany, Spain and Italy

Ekinci, Aykut - In: European Financial and Accounting Journal 11 (2016) 1, pp. 39-63

This study argues that increasing malinvestment in an economy raises the actual credit risk but not the calculated credit risk until the onset of a recession. To this end, I analyse the relationship between credit risk and malinvestment in Germany, Spain, and Italy using a credit risk indicator...

Persistent link: https://www.econbiz.de/10011937443

What Have We Learned from Empirical Tests of the Monetary Transmission Effect

Norrbin, Stefan - 2001

The transmission effect of money has been a frequently debated issue. This paper discusses the empirical literature examining the effect of money on real output. In contrast to the commonly held belief that money has a powerful effect on output, most empirical tests of money shows relatively...

Persistent link: https://www.econbiz.de/10010321245

Agency Costs, Net Worth, and the Transmission Mechanism of Monetary Policy

Fachat, Christian - 2000

A variety of empirical and theoretical evidence published in recent years suggests that frictions in credit markets are crucial to understand the monetary transmission mechanism. The objective of this paper is to provide a quantitative evaluation of the credit view interpretation of this...

Persistent link: https://www.econbiz.de/10010317683

Agency Costs, Net Worth, and the Credit Channel of Monetary Transmission

Fachat, Christian - 2000

This paper presents a full model of the Credit Channel of the monetary transmission mechanism. In particular, the special role of the banking sector is derived endogenously and special attention is paid to the role of borrowers' net worth. A debt contracting problem with asymmetric information...

Persistent link: https://www.econbiz.de/10010317689

Money and the transmission of monetary policy

Carpenter, Seth; Demiralp, Selva - 2009

The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to...

Persistent link: https://www.econbiz.de/10010273662

Monetary policy effects on financial intermediation via the regulated and the shadow banking systems

Mazelis, Falk - 2014

We extend the monetary DSGE model by Gertler and Karadi (2011) with a non-bank financial intermediary to investigate the impact of monetary policy shocks on aggregate loan supply. We distinguish between bank and non-bank intermediaries based on the liquidity of their credit claims. While banks...

Persistent link: https://www.econbiz.de/10010427048