Interest Rates And The Channels Of Monetary Transmission
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Interest Rates And The Channels Of Monetary Transmission
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Author : Spencer Dale
language : en
Publisher:
Release Date : 1993
Interest Rates And The Channels Of Monetary Transmission written by Spencer Dale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Interest rates categories.
Interest Rates And The Channels Of Monetary Transmission
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Author : Spencer Dale
language : en
Publisher:
Release Date : 2003
Interest Rates And The Channels Of Monetary Transmission written by Spencer Dale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
The monetary transmission mechanism describes the channels through which changes in monetary policy affect the policy target, price inflation. Understanding the transmission mechanism is thus central to the successful conduct of monetary policy. This paper uses a Vector AutoRegressive (VAR) methodology to uncover a number of stylised features of the monetary transmission process in the UK. In particular, close attention is paid to the role played by money and credit as intermediate channels. The possibility that the transmission mechanism may differ across sectors is allowed for by estimating separate VARs for the personal and corporate sectors. Three policy conclusions emerge. First, as suggested by Classical theory, monetary policy is output neutral over the longer term. Second, the lags between changes in monetary policy and its effect upon prices are lengthy (at least 18 months). And third, that aggregate measures of money and credit may provide blurred signals of the impact of monetary policy in final variables. Sectoral measures of bank deposits (for companies) and bank credit (for persons) provide the more timely intermediate indicators.
Interest Rates And The Channels Of Monetary Transmission
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Author : Bank of England
language : en
Publisher:
Release Date : 1993-01-01
Interest Rates And The Channels Of Monetary Transmission written by Bank of England and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-01-01 with categories.
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting
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Author : Mr.Ioannis Halikias
language : en
Publisher: International Monetary Fund
Release Date : 1997-04-01
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting written by Mr.Ioannis Halikias and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-04-01 with Business & Economics categories.
This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France.
The Transmission Of Monetary Policy In Israel
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Author : Fiorella De Fiore
language : en
Publisher: International Monetary Fund
Release Date : 1998-08-01
The Transmission Of Monetary Policy In Israel written by Fiorella De Fiore and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-08-01 with Business & Economics categories.
This paper investigates the transmission of Israeli monetary policy since 1990. Two issues are addressed: the extent to which monetary policy exerts real effects, and the relative importance of different transmission channels. The impact of monetary restraints on aggregate industrial production is found to be small, although industrial sectors open to trade appear to suffer to a larger extent than closed sectors. Three transmission channels are analyzed by comparing the empirical evidence to that predicted by theory. While the credit and exchange rate channels may be important mechanisms of transmission, the interest rate channel finds weak support in the data.
Monetary Policy In India
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Author : Mr. Sonali Das
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-23
Monetary Policy In India written by Mr. Sonali Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-23 with Business & Economics categories.
This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-through of policy rate changes to bank interest rates in India. There is evidence of asymmetric adjustment to monetary policy: the lending rate adjusts more quickly to monetary tightening than to loosening. In addition, the speed of adjustment of deposit and lending rates to changes in the policy rate has increased in recent years.
The Stock Market Channel Of Monetary Policy
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Author : Mr.Ralph Chami
language : en
Publisher: International Monetary Fund
Release Date : 1999-02-01
The Stock Market Channel Of Monetary Policy written by Mr.Ralph Chami and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-01 with Business & Economics categories.
This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
The Monetary Transmission Mechanism In The Tropics
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Author : Mr.Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-20
The Monetary Transmission Mechanism In The Tropics written by Mr.Andrew Berg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-20 with Business & Economics categories.
Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.
The Channels Of Monetary Transmission
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Author : Frederic S. Mishkin
language : en
Publisher:
Release Date : 1996
The Channels Of Monetary Transmission written by Frederic S. Mishkin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Interest rates categories.
This paper provides an overview of the transmission mechanisms of monetary policy, starting with traditional interest rate channels, going on to channels operating through other asset prices, and then on to the so-called credit channels. The paper then discusses the implications from this literature for how central banks might best conduct monetary policy
Monetary Policy After The Great Recession
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Author : Arkadiusz Sieroń
language : en
Publisher: Routledge
Release Date : 2020-11-09
Monetary Policy After The Great Recession written by Arkadiusz Sieroń and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-09 with Business & Economics categories.
Walter Bagehot noticed once that “John Bull can stand many things, but he cannot stand two per cent.” Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book’s aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions—such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption—and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.