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The Bank Lending Channel Revisited
Disyatat, Piti - 2011
A central proposition in research on the role of banks in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits act as the driving force of bank lending. This paper argues that the emphasis on policy-induced changes in deposits is misplaced. A...
Persistent link: https://www.econbiz.de/10013122491
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The Bank Lending Channel Revisited
Disyatat, Piti - 2013
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10013095074
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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
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The Purchasing Power of Money in an Exchange Economy
Radwanski, Juliusz F. - 2021
Fiat money requires no backing to be accepted at a uniquely determined positive value. I show this using an equilibrium … adding a no-arbitrage condition by which the value of money cannot fall to zero if agents know that it can be positive. The … running a non-Ricardian policy or providing implicit backing. Models that remain silent on the nature of money can be misused …
Persistent link: https://www.econbiz.de/10013239778
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Banks' balance-sheet costs, monetary policy, and the ON RRP
Afonso, Gara; Cipriani, Marco; La Spada, Gabriele - 2022
investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …
Persistent link: https://www.econbiz.de/10013465412
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How Does Monetary Transmission Mechanism Impact Output, Inflation and Money Market Funds in Argentine?
Ledesma Padilla, Juan - 2010
responses of output, inflation, and money market mutual funds (MMMF) to a positive monetary shock. The idea of incorporating …
Persistent link: https://www.econbiz.de/10013147766
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Unconventional Government Debt Purchases as a Supplement to Conventional Monetary Policy
Ellison, Martin - 2013
In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy...
Persistent link: https://www.econbiz.de/10013086286
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Monetary policy disconnect
Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020
Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...
Persistent link: https://www.econbiz.de/10012387237
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Central bank misperceptions and the role of money in interest rate rules
Beck, Günter W.; Wieland, Volker - 2008
modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …
Persistent link: https://www.econbiz.de/10011599217
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The Role of Money in Monetary Policymaking
Masuch, Klaus; Nicoletti Altimari, Sergio; Rostagno, Massimo - 2004
reviewed. It is argued that money can act as a useful information variable in a world in which a number of indicators are … imperfectly observed. In this context, the paper discusses the role of a reference value or benchmark for money growth in episodes … of heightened financial uncertainty. A reference value for money growth can also act as an anchor for expectations and …
Persistent link: https://www.econbiz.de/10014072696