Search Results - subject_exact:"Monetary transmission"

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Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015616707

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Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

Book / Working Paper

Understanding the inflation-output relationship across business cycle phases

Cardamone, Dario; De Santis, Roberto A. - 2026

We examine the state dependence of monetary policy transmission and the parameters of the Phillips curve, dynamic IS equation, and Taylor rule across four regimes defined by joint deviations of inflation from the Federal Reserve's target and output from potential. The analysis uncovers important...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592690

New models for South African consumption, house prices, and mortgage and non-mortgage debt : insights for financial stability and monetary transmission

Aron, Janine; Muellbauer, John - 2025

Aggregate consumption typically exceeds 60 per cent of GDP and should be pivotal in central bank policy models. Most use semi-structural macro-models, yet consumption is usually inadequately specified. We use a systems approach to estimate new equations for South African consumption, house...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015273030

Monetary policy transmission, central bank digital currency, and bank market power

Chen, Hanfeng; Hänsel, Matthias; Nguyen, Hiep - 2025

Interest rates on new central bank digital currencies (CBDCs) can be expected to enter the monetary policy toolkit soon. Using an extended Sidrauski (1967) model featuring an oligopsonistic banking sector, we study the complex transmission of interest rates on CBDC, which generally involve both...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015432077

Not all inflation is the same: state-dependent transmission of monetary policy

Najjar, Rami; Shapiro, Adam Hale - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015555749

Inflation disagreement and monetary transmission in Korea

Kwak, Boreum; Shim, Seri; Tillmann, Peter - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014633020

Endogenous production networks and non-linear monetary transmission

Ghassibe, Mishel - 2024 - Current draft: December 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014547220

Limited (energy) supply, monetary policy, and sunspots

Gornemann, Nils; Hildebrand, Sebastian; Küster, Keith - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076511

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Limited (energy) supply, monetary policy, and sunspots

Gornemann, Nils; Hildebrand, Sebastian; Küster, Keith - 2024

Book / Working Paper

Bank capital and monetary policy transmission : analyzing the central bank's dilemma in the indian context

Sengupta, Rajeswari; Vardhan, Harsh; Verma, Akhilesh - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015078026

Monetary policy shock and impact asymmetry in bank lending channel : evidence from the UK housing sector

Chowdhury, Rosen Azad; Jahan, Dilshad; Mishra, Tapas; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014469029

Green stocks and monetary policy shocks : evidence from Europe

Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015582059

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Green stocks and monetary policy shocks : evidence from Europe

Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D. - 2024

Book / Working Paper

Green stocks and monetary policy shocks : evidence from Europe

Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D. - 2024

Book / Working Paper

Green stocks and monetary policy shocks : evidence from Europe

Bauer, Michael D.; Offner, Eric; Rudebusch, Glenn D. - 2024

Book / Working Paper

Green stocks and monetary policy shocks : evidence from Europe

Bauer, Michael D.; Offner, Eric; Rudebusch, Glenn D. - 2024

Book / Working Paper

Housing wealth and monetary policy transmission : cross-country evidence

Di Casola, Paola; Grothe, Magdalena - 2026

This paper quantifies the role of housing wealth in the transmission of monetary policy to consumption in 20 advanced economies. Using Bayesian VAR models we identify structural shocks with a novel combination of sign and maximum forecast error variance restrictions, isolating the housing wealth...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618097

Digital banking and the evolving monetary policy transmission

Budnik, Katarzyna - 2026

This paper maps the euro-area digital-banking segment and assesses how digital banks transmit monetary policy relative to brick-and-mortar peers. I compile a hand-checked universe of over 170 digital banks (2016-2025) from supervisory data, classifying institutions by business model (e-retail,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618109

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015562447

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Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantı̄ns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine european credit registers

De Jonghe, Olivier; Benkovskis, Konstantins; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2026

Book / Working Paper

Endogenous bank risks and the lending channel of monetary policy

Araujo, Gabriela; Rivero, David; Rodríguez, Hugo - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655489

Pricing risk or rationing credit? : bank behaviour in a tightening monetary cycle

Volk, Matjaž - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015608987

Informal labor market, inflation and monetary policy

Piscopo, Aniello - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609214

Bond funds' risk taking and monetary policy

Anyphantakē, Sophia; Giannakidis, Haris; … - 2026

Using granular security-level data from bond funds domiciled in the US and the euro area, we identify a market-based risk-taking channel of monetary policy transmission via the credit-risk and the maturity structure of bond funds' portfolios. We measure credit risk at the fund level as the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610151

Still Packing a Punch : Monetary Policy Transmission in a New Cross-Country High-Frequency Dataset

Emeksiz, Ece Ozge - 2026

This paper assesses the transmission of monetary policy using a new state-of-the-art intra-day dataset of monetary policy shocks for 16 advanced economies and emerging markets, the most comprehensive cross-country coverage to date. Using 30-minute windows around policy announcements, we...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612654

The Nuanced Role of Government Credit in Monetary Policy Transmission

Chen, Sophia - 2026

We investigate the role of government credit in monetary policy transmission, using detailed credit registry data from Brazil. We find that government direct credit can effectively support small and medium-sized enterprises (SMEs) in a tight monetary policy environment, aligning with...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612709

Regional effects on the interaction between financial inclusion and monetary policy : a high frequency approach for China

Aktar, Mahbuba; El-Shagi, Makram; Gerth, Florian - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613465

Monetary policy, deposit funding shocks, and bank credit supply : bank-level IV evidence

Xu, Chenning - 2026

This paper examines how monetary tightening transmits to bank credit supply through deposit funding conditions during the 2022-23 cycle. Using a quarterly panel of more than 3,800 US commercial banks, it constructs predetermined exposure indices measuring depositor sophistication, branch...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614173

Monetary policy transmission to consumption : inequalities by gender and race

Puig, Aina - 2026

This paper estimates the causal effects of monetary policy shocks on household consumption, with additional analysis of labor market and income responses, disaggregated by gender and race. I find that contractionary monetary policy reduces consumption more for black than white households, with...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614177

Dollar dominance and the transmission of monetary policy

McLeay, Michael; Tenreyro, Silvana - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614188

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Dollar dominance and the transmission of monetary policy

McLeay, Michael; Tenreyro, Silvana - 2026

Book / Working Paper

Firm level heterogeneity and the impact of monetary policy on labour demand

Bijnens, Gert; Hutchinson, John; Saint-Guilhem, Arthur - 2026

Monetary policy asymmetrically affects the response of firms' employment to an output shock and plays a role in cushioning employment adjustment over the business cycle. Combining annual firmlevel data until 2020 with quarterly firm-level data until 2023 and highfrequency monetary policy...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614829

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Firm level heterogeneity and the impact of monetary policy on labour demand

Bijnens, Gert; Hutchinson, John; Saint-Guilhem, Arthur - 2026

Book / Working Paper

Heterogeneous effects of monetary policy surprises on bond fund flows

Blanco, Sébastien; Koomen, Miriam; Yeşin, Pınar - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615519

Are there asymmetries in euro area monetary policy?

Pfarrhofer, Michael; Stelzer, Anna - 2026

We assess asymmetries, nonlinearities and state dependencies in dynamic responses of the euro area to monetary policy shocks. The dataset includes macroeconomic, financial, and survey-based variables measuring credit conditions and bank lending transmission channels. These data are observed at...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615809

Synchronous but dissimilar: heterogeneity in the bank lending channel across the euro area

Ferstl, Robert; Graf, Bernhard - 2026

The following study analyzes the transmission of monetary policy to bank lending in the euro area. It focuses particularly on the heterogeneity in the speed and strength of propagation of monetary policy shocks across euro area countries. We employ instrumental variables, based on common euro...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615822

The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592007

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The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

Book / Working Paper

A monetary policy perspective on the euro area fiscal reaction function

Wolswijk, Guido Franciscus Theodorus - 2026

This paper examines how fiscal policy in the euro area reacts to monetary policy, by estimating fiscal policy reaction functions for the period 1999-2019. Inclusion of the monetary policy stance in the fiscal reaction function, approximated by a shadow interest rate, is a relatively novel aspect...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592601

Private money and public debt. U.S. Stablecoins and the global safe asset channel

Ferrari, Massimo Minesso; Siena, Daniele - 2026

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592687

Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593005

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Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2025

Book / Working Paper

When the spare tyre goes flat : monetary policy transmission through non-banks

Goncharenko, Roman; Lukmanova, Elizaveta - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604781

U.S .- Korea yield synchronization and its implications for monetary policy transmission

Kim, Jihyun; Kim, Somin; Kwak, Boreum - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605080

Monetary policy exposure of banks and loan contracting

Degerli, Ahmet; Wang, Jing - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605580

Homeowners insurance and the transmission of monetary policy

Damast, Dominik; Kubitza, Christian; Sørensen, Jakob Ahm - 2026

We document a novel transmission channel of monetary policy through the homeowners insurance market. On average, contractionary monetary policy shocks result in higher homeowners insurance prices. Using granular data on insurers' balance sheets, we show that this effect is driven by the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015606835

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Homeowners insurance and the transmission of monetary policy

Damast, Dominik; Kubitza, Christian; Sørensen, Jakob Ahm - 2025

Book / Working Paper

International spillovers from Euro Area monetary policy to advanced small open economies: investment behavior of Czech firms

Audzei, Volha; Franta, Michal - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625661

Households' inflation expectations and consumption in macroeconomic models : a negative real income channel

Mašek, Frantisek - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625682

Euroisation and the bank lending channel of monetary policy : evidence from Czechia

Gric, Zuzana; Janků, Jan; Malovaná, Simona - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625688

External shocks, fiscal transmission mechanisms, and macroeconomic volatility : evidence from Ecuador

Diaz-Kovalenko, Igor Ernesto - 2026

This paper investigates how external shocks propagate through fiscal transmission mechanisms in a commodity-dependent economy within a dynamic macroeconomic framework. The study contributes to the literature on macroeconomic fluctuations by examining the interaction between external revenue...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626038

Securities losses and the bank collateral channel of monetary transmission

Giannetti, Mariassunta; Jasova, Martina; Mendicino, Caterina - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015616754

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Securities losses and the bank collateral channel of monetary transmission

Giannetti, Mariassunta; Jasova, Martina; Mendicino, Caterina - 2026

Book / Working Paper

Monetary policy under multiple financing constraints

Pérez, Ander; Timmer, Yannick; Van der Ghote, Alejandro - 2026

We revisit the credit channel of monetary policy when firms face multiple financing constraints, a common feature of corporate financing we document empirically. Our theory shows that the multiplicity of constraints dampens the transmission of expansionary policy to firm borrowing and investment...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015627078

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Monetary policy under multiple financing constraints

Pérez, Ander; Timmer, Yannick; Van der Ghote, Alejandro - 2026

Book / Working Paper

Monetary policy, mortgage structure, and household sentiment: evidence from the euro area

Reigl, Nicolas - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637511

Channels of transmission : how mortgage rates affect house prices and rents in Canada

Rao, Nishaad; Wang, Tao - 2026 - Last updated: February 18, 2026

We use Canadian data to examine how monetary policy affects house prices and the consumer price index for rent (CPI-rent) through exogenous changes in the mortgage interest rates. Nationwide, tighter monetary policy lowers house prices but raises CPI-rent, likely due to higher user costs for...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638038

AI paradox: promise vs. reality : what it means for monetary policy

Brault, Joshua; Haghighi, Maryam; Yang, Jing - 2026 - Last updated: March 3, 2026

Recent advances in artificial intelligence (AI) have revived expectations of transformative productivity gains and large‑scale labour‑market disruption. Yet despite rapid improvements in AI capabilities, aggregate productivity growth in advanced economies remains subdued, and widespread job...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638047

Monetary policy according to households : perceptions, reactions, and channels

Grigoli, Francesco; Sandri, Damiano; Gorodnichenko, Yuriy; … - 2026

This paper studies how households perceive the transmission of monetary policy and how these perceptions affect their decisions. Using a large-scale survey of over 25,000 U.S. households combined with randomized information treatments, we measure how households expect changes in the federal...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638512

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Monetary policy according to households : perceptions, reactions, and channels

Grigoli, Francesco; Sandri, Damiano; Gorodnichenko, Yuriy; … - 2026 - This draft: April 21, 2026

Edition: This draft: April 21, 2026

Book / Working Paper

Monetary policy according to households : perceptions, reactions, and channels

Grigoli, Francesco; Sandri, Damiano; Gorodnichenko, Yuriy; … - 2026

Book / Working Paper

The impact of mortgage interest costs on rental inflation amid population growth

Enkhbold, Amina; Kabaca, Serdar - 2026 - Last updated: April 10, 2026

This note finds evidence of a positive and nonlinear relationship between mortgage interest costs (MIC) and rental inflation: the impact of MIC on rents is small when population growth is near its historical norm, but significantly stronger during periods of rapid population growth. This pattern...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638856

At cross-purposes : how prudential and monetary rate policies create asymmetric frictions in the banking sector

Widiyanti, Shandra; Siregar, Hermanto; Ratnawati, Anny; … - 2026

Indonesia's financial system is bank-centric, with banks managing approximately 78% of the nation's financial assets; therefore, the effectiveness of monetary policy transmission depends on banks' responsiveness to the central bank's interest rate policy (the BI Rate). However, a policy-relevant...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639037

Reassessing proxy-based identification of multiple monetary policy shocks for the euro area, the US, and the UK

Bruns, Martin; Lütkepohl, Helmut; McNeil, James - 2026 - This version: April 28, 2026

Several recent studies consider a set of proxies to identify different monetary policy shocks for different regions in the world. We show that the way the proxies are used to identify the monetary policy shocks may lead to correlated shocks and dubious structural analysis and we demonstrate how...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639125

Monetary policy transmission mechanism in post-communist economies : evidence from Uzbekistan

Davlatov, Elyor; Sági, Judit - 2026

This study aims to evaluate the transmission mechanisms of monetary policy in a post-communist economy using structural vector autoregression (SVAR) model. We constructed two SVAR models employing both recursive and non-recursive approaches to identify monetary policy shocks and analyze how...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639750