Alternate Reserve Concepts as Operating Targets in Monetary Policy Implementation: Specification of the Structural Model

1974 ◽  
Author(s):  
Joseph M. Crews ◽  
Glenn C. Picou
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Structural Model

scholarly journals Monetary Policy Implementation with an Ample Supply of Reserves

2020 ◽  
Author(s):  
Gara Afonso ◽  
Kyungmin Kim ◽  
Antoine Martin ◽  
Ed Nosal ◽  
Simon Potter ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Ample Supply

scholarly journals Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks: The Case of the Eurosystem

2021 ◽  
Author(s):  
Pontus Åberg ◽  
Marco Corsi ◽  
Vincent Grossmann-Wirth ◽  
Tom Hudepohl ◽  
Yvo Mudde ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Central Bank ◽  
Bank Reserves

scholarly journals Refinancing, Monetary Policy, and the Credit Cycle

2020 ◽  
Vol 12 (1) ◽  
pp. 67-93 ◽  
Author(s):  
Gene Amromin ◽  
Neil Bhutta ◽  
Benjamin J. Keys
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Lessons Learned ◽  
Mortgage Market ◽  
Transmission Mechanism ◽  
Mortgage Markets ◽  
Policy Transmission ◽  
The Usa ◽  
Credit Cycle

We assess the complicated reality of monetary policy transmission through mortgage markets by synthesizing the existing literature on the role of refinancing in policy implementation. After briefly reviewing mortgage market institutions in the USA and documenting refinance activity over time, we summarize the links between refinancing and consumption and describe the frictions impeding the refinancing channel. The review draws heavily on research emerging from the experience of the financial crisis of 2008–2009, as it highlights a combination of market, institutional, and policy-making factors that dulled the transmission mechanism. We conclude with a discussion of potential mortgage market innovations and the applicability of lessons learned to the ongoing stresses induced by the COVID-19 pandemic.

scholarly journals Monetary Transmission through Shadow Banks

2019 ◽  
Vol 33 (6) ◽  
pp. 2379-2420 ◽  
Author(s):  
Kairong Xiao
Keyword(s):  
Monetary Policy ◽  
Banking Sector ◽  
Structural Model ◽  
Shadow Banking ◽  
Oxford University ◽  
Shadow Banks ◽  
Bank Deposits ◽  
The Difference ◽  
Pass Through ◽  
The Impact

Abstract I find that shadow bank money creation significantly expands during monetary-tightening cycles. This “shadow banking channel” offsets reductions in commercial bank deposits and dampens the impact of monetary policy. Using a structural model of bank competition, I show that the difference in depositor clienteles quantitatively explains banks’ different responses to monetary policy. Facing a more yield-sensitive clientele, shadow banks are more likely to pass through rate hikes to depositors, thereby attracting more deposits when the Federal Reserve raises rates. My results suggest that monetary tightening could unintentionally increase financial fragility by driving deposits into the uninsured shadow banking sector. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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