Unconventional monetary policies and the credit market
نویسندگان
چکیده
منابع مشابه
Unconventional monetary policies and the credit market
We propose a theoretical model based on the bank lending channel to assess the ability of lending facilities and swap programmes to a¤ect the credit interest rate. The model predicts the success of both unconventional monetary measures in reducing the credit interest rate under very general conditions. The comparison between measures reveals the outperformance of lending facilities over swap pr...
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Despite massive large-scale asset purchases (LSAPs) by central banks around the world since the global financial crisis, there is a lack of empirical evidence on whether and how the composition of purchased assets matters for the pass through of unconventional monetary policy. Using rich mortgage-market data, we document that there is a “flypaper effect” of LSAPs, where the transmission of unco...
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ژورنال
عنوان ژورنال: International Journal of Monetary Economics and Finance
سال: 2018
ISSN: 1752-0479,1752-0487
DOI: 10.1504/ijmef.2018.095777