Macroprudential regulation and the monetary transmission mechanism
نویسندگان
چکیده
منابع مشابه
Corporate Finance and the Monetary Transmission Mechanism
We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operat...
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he purpose of this paper is to present a simple framework for analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into changes in real GDP and inflation. There are, of course, many different views of the monetary transmission mechanism. These views differ in the emphasis they place on money, credit, interest rates, exchange rates, a...
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The monetary policy transmission mechanism is complex and our understanding of it imperfect. The Bank of Canada’s mainstream paradigm is quite explicit and well known and consists of three major sets of linkages. The first is from the instrument, the target band for the overnight (or oneday) interest rate,2 to other financial variables: the term structure of market interest rates, rates on depo...
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Understanding the channels through which monetary policy affects investment and other economic variables has long been a key research topic in macroeconomics. At an operational level, a “tightening” of monetary policy by a central bank implies a sale of bonds by the central bank and an accompanying reduction in bank reserves. One question for debate in academic and public policy circles is whet...
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It is believed that a common monetary policy in a monetary union will have identical effects on different countries as long as these countries have identical fundamentals. We show that, when there is specialization in production, the terms of trade react to the shock. The transmission mechanism of a monetary shock has in this case an additional channel, the terms of trade. This is the case even...
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ژورنال
عنوان ژورنال: Journal of Financial Stability
سال: 2014
ISSN: 1572-3089
DOI: 10.1016/j.jfs.2014.02.002