Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
نویسندگان
چکیده
We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. estimate a dynamic banking model in which affects imperfectly competitive banks' funding costs. Banks optimize pass-through these costs borrowers and depositors, while facing capital reserve regulation. find that explains much borrowers, with an effect comparable When federal funds rate falls below 0.9%, interacts regulation produce reversal policy. This article is protected by copyright. All rights reserved
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ژورنال
عنوان ژورنال: Journal of Finance
سال: 2022
ISSN: ['0022-1082', '1540-6261']
DOI: https://doi.org/10.1111/jofi.13159