scholarly journals How 'Unconventional' are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices

2012 ◽  
Author(s):  
Carlo Rosa
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
Large Scale ◽  
Asset Purchases ◽  
The Impact

scholarly journals Monetary Policy Effects on Energy Sector Bubbles

Energies ◽  
2019 ◽  
Vol 12 (3) ◽  
pp. 472
Author(s):  
Petre Caraiani ◽  
Adrian Călin
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Asset Prices ◽  
The United States ◽  
Energy Sector ◽  
Monetary Policy Shocks ◽  
Policy Shocks ◽  
The Difference ◽  
The Interest Rate ◽  
The Impact

We investigate the effects of monetary policy shocks, including unconventional policy measures, on the bubbles of the energy sector, for the case of the United States. We estimate a time-varying Bayesian VAR model that allows for quantifying the impact of monetary policy shocks on asset prices and bubbles. The energy sector is measured through the S&P Energy Index, while bubbles are measured through the difference between asset prices and the corresponding dividends for the energy sector. We find significant differences in the impact of monetary policy shocks for the aggregate economy and for the energy sector. The findings seem sensitive to the interest rate use, i.e., whether one uses the shadow interest rate or the long-term interest rate.

scholarly journals The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality

2019 ◽  
Vol 31 (2) ◽  
pp. 175-186 ◽  
Author(s):  
Brigitte Young
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
Household Finance ◽  
Wealth Inequality ◽  
Unconventional Monetary Policy ◽  
Distributional Effects ◽  
Monetary Policies ◽  
The Rich ◽  
The Impact ◽  
Central Bankers

Unconventional monetary policy was implemented as a result of the financial crisis and resulted in rising asset prices in the stock markets. While the increase in asset prices is not exclusively triggered by unconventional monetary policy, central bankers accept that unconventional monetary policy has resulted in distributional effects on wealth, and that these are not negligible. What is missing are studies analyzing whether these non-standard monetary policies have different distributional effects on women and men. The intent of the paper is to interrogate whether unconventional monetary policy of central banks has a gender bias that operates in favor of men as gender and against women as gender. Relying on insights from feminist economics, the paper uses the results of the ECB Household Finance and Consumption Survey (HFCS) of 62,000 household across 15 euro-area countries. While the results are tentative, they show an asymmetric distributional gendered impact. Since the rich own more assets than the poor, and since monetary easing works in part by raising asset prices, these unconventional policies may unintentionally benefit the wealthier quintile (on average more male) at the expense of the poorer strata of society (on average more female).

scholarly journals The Impact of Monetary Policy on Asset Prices

2002 ◽  
Vol 2002 (04) ◽  
pp. 1-34
Author(s):  
Roberto Rigobon ◽  
◽  
Brian Sack
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
The Impact

scholarly journals The impact of monetary policy on asset prices

2004 ◽  
Vol 51 (8) ◽  
pp. 1553-1575 ◽  
Author(s):  
Roberto Rigobon ◽  
Brian Sack
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
The Impact

scholarly journals Measuring the impact of monetary policy on asset prices in Turkey

2012 ◽  
Vol 114 (1) ◽  
pp. 29-31 ◽  
Author(s):  
Murat Duran ◽  
Gülserim Özcan ◽  
Pınar Özlü ◽  
Deren Ünalmış
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
The Impact

Negative Interest Rate Policies—Initial Experiences and Assessments

Policy Papers ◽  
2017 ◽  
Vol 2017 (10) ◽  
Author(s):  
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Large Scale ◽  
Central Banks ◽  
Transmission Channel ◽  
Advanced Economies ◽  
Policy Transmission ◽  
Limited Support ◽  
Asset Purchases ◽  
Cross Country

The depth of the crisis and the weakness of the ensuing recovery led to new ways to implement monetary policy. At the onset of the crisis, central banks in several advanced economies quickly moved policy rates to zero and initiated large-scale asset purchases. In more recent years, with inflation still below target and limited support from fiscal policy, several central banks lowered their policy rates below the previous zero lower bound, embarking on so-called negative interest rate policies (NIRPs). This paper explores the implications of NIRPs for monetary policy transmission and banks’ behavior. It considers potential differences between interest rate cuts in positive versus negative territory on deposit and lending rates, as well as banks’ interest rate margins and profitability, and market functioning. The paper focuses on the bank transmission channel, where differences between positive and negative policy rates could arise. Finally, the paper reviews cross-country experiences through case studies.

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