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...
متن کاملThe Monetary Transmission Mechanism: An Empirical Framework
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...
متن کاملThe Canadian Monetary Transmission Mechanism and Inflation Projections
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...
متن کاملIdentifying the Monetary Transmission Mechanism using Structural Breaks1
We estimate the dynamics of a three equation model of the monetary transmission mechanism using data from 1970:Q1 to 1999:Q4. We find a significant break in the parameters of an estimated VAR in 1979:Q3 when Volcker took over as chairman of the Fed. We estimate a quasi-reduced form in which we allow for expectations to enter the private sector equations. We identify the private sector using the...
متن کاملCapital-market Imperfections, Investment, and the Monetary Transmission Mechanism
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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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2000
ISSN: 1094-2025
DOI: 10.1006/redy.2000.0100