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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/10014316628

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/10011433135

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/10012025818

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/10011539935

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/10011540066

New evidence on the lending channel

Ashcraft, Adam B. - 2001

Do banks play a special role in the transmission mechanism of monetary policy? I use the presence of internal capital markets in bank holding companies to isolate plausibly exogenous variation in the financial constraints faced by subsidiary banks. In particular, I demonstrate that affiliated...

Persistent link: https://www.econbiz.de/10010283441

Bond Markets and Unconventional Monetary Policy

Buraschi, Andrea - 2015

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

Persistent link: https://www.econbiz.de/10013020631

Interest Rates 7 : An Optimal Rate of Interest (the Natural Rate)

Faure, Alexander Pierre - 2014

This is the seventh in a series of seven papers on interest rates and it covers the Wicksell hypothesis, the general interpretation of it, an alternative interpretation, how the alternative interpretation is reconciled with the general interpretation, and its fit with the Taylor rule. A...

Persistent link: https://www.econbiz.de/10013039791

Interest Rates 5 : Bank Liquidity & Interest Rate Discovery

Faure, Alexander Pierre - 2014

This is the fifth in a series of seven papers on interest rates and it covers the monetary policy models, a bank liquidity analysis, the concept of quantitative easing in terms of a bank liquidity analysis, and how a QE policy affects interest rates. The seven papers cover: (1) what are interest...

Persistent link: https://www.econbiz.de/10013039792

Proper Valuation of a Currency Keeps a Currency’s Price in Sync with Economic Fundamentals and Prevents Asset Bubbles and Inflation

Ng, Wenfa - 2021

The foreign exchange market seeks to use a market-based mechanism to discover a price for a currency. But, this price discovery mechanism is hampered by a variety of externalities, chief of which is the different intermediaries involved in the trading and clearing of a currency. Such...

Persistent link: https://www.econbiz.de/10013238090