A Reexamination of the Role of Stocks in the Consumption Function and the Transmission Mechanism: Note

1981 ◽  
Vol 13 (2) ◽  
pp. 215 ◽  
Author(s):  
Geoffrey Woglom
Keyword(s):  
Transmission Mechanism ◽  
Consumption Function

scholarly journals Women’s Vulnerability to the Economic Crisis through the Lens of Part-time Work in Spain

2021 ◽  
pp. 095001702110012
Author(s):  
Valeria Insarauto
Keyword(s):  
Economic Crisis ◽  
Labour Supply ◽  
Labour Force ◽  
Gender Norms ◽  
Transmission Mechanism ◽  
Female Employment ◽  
Time Work ◽  
Part Time ◽  
Part Time Work

This article studies women’s vulnerability to the economic crisis of 2008 through the lens of part-time work in Spain. It posits that part-time work made the female employment position more fragile by acting as a transmission mechanism of traditional gender norms that establish women as secondary workers. This argument is tested through an analysis of Labour Force Survey data from 2007 to 2014 that examines the influence of the employment situation of the household on women’s part-time employment patterns. The results expose the limited take-up of part-time work but also persistent patterns of involuntariness and underemployment corresponding to negative household employment situations, highlighting the constraining role of gender norms borne by the relative position of part-time work in the configuration of employment structures. The article concludes that, during the crisis, part-time work participated in the re-establishment of women as a family dependent and flexible labour supply, increasing their vulnerability.

Sukuk and monetary policy transmission in Indonesia: the role of asset price and exchange rate channels

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Suriani Suriani ◽  
M. Shabri Abd. Majid ◽  
Raja Masbar ◽  
Nazaruddin A. Wahid ◽  
Abdul Ghafar Ismail
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Asset Price ◽  
Transmission Mechanism ◽  
Monetary Policy Transmission ◽  
Content Type ◽  
Policy Transmission ◽  
Monetary Policy Transmission Mechanism

Purpose The purpose of this study is to empirically analyze the role of sukuk in the monetary policy transmission mechanism through the asset price and exchange rate channels in the Indonesian economy. Design/methodology/approach Using the monthly data from January 2003 to November 2017, this study uses a multivariate vector error correction model causality framework. To examine the role of sukuk in the monetary policy transmission mechanism through the asset price channel, this study uses the variables of consumption, inflation, interest rates, economic growth and the composite stock price index. Meanwhile, to examine the role of sukuk in the monetary policy transmission mechanism through the exchange rate channel, this study used variables of inflation, interest rates, economic growth, foreign investment and exchange rate. Findings This study documented that sukuk has no causal relationship with inflation through asset price and exchange rate channels. Nevertheless, sukuk has a bidirectional causal relationship with economic growth through asset price and exchange rate channels. Sukuk is also documented to have a causal relationship with monetary policy variables of interest rate and stock prices through asset price and exchange rate channels. Finally, a unidirectional causality is recorded running from the exchange rate to sukuk in the exchange rate channel. Research limitations/implications The finding of independence of the sukuk market from interest rates provides evidence that the trading of the sukuk in Indonesia has been in harmony with the Islamic tenets. Practical implications The relevant Indonesian authorities need to enhance both domestic and global sukuk markets as part of efforts to promote the sustainability of Islamic capital market development in Indonesia. Originality/value To the best of the authors’ knowledge, this study is among the first attempts to empirically investigate the role of sukuk in monetary policy transmission through asset price and exchange rate channels in the context of the Indonesian economy.

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.

Role of membrane phase in the transmission mechanism of colicin E1

Biochemistry ◽  
1973 ◽  
Vol 12 (6) ◽  
pp. 1177-1181 ◽  
Author(s):  
W. A. Cramer ◽  
S. K. Phillips ◽  
T. W. Keenan
Keyword(s):  
Transmission Mechanism ◽  
Membrane Phase ◽  
Colicin E1

scholarly journals Evolution of the Monetary Transmission Mechanism in the US: the Role of Asset Returns

2015 ◽  
Vol 52 (3) ◽  
pp. 226-243 ◽  
Author(s):  
Beatrice D. Simo-Kengne ◽  
Stephen M. Miller ◽  
Rangan Gupta ◽  
Mehmet Balcilar
Keyword(s):  
Asset Returns ◽  
Transmission Mechanism ◽  
Monetary Transmission ◽  
Monetary Transmission Mechanism ◽  
The Us

scholarly journals MONETARY TRANSMISSION MECHANISM UNDER DUAL FINANCIAL SYSTEM IN INDONESIA: CREDIT-FINANCING CHANNEL

2019 ◽  
Vol 4 (2) ◽  
pp. 251-278
Author(s):  
Reza Jamilah Fikri
Keyword(s):  
Monetary Policy ◽  
Error Correction ◽  
Financial System ◽  
Error Correction Model ◽  
Transmission Mechanism ◽  
Monetary Transmission ◽  
Correction Model ◽  
Monetary Transmission Mechanism ◽  
Financing Channel

The presence of Islamic and conventional banking in the dual financial system of Indonesia equally hold the role as financial intermediator which theoretically banks collect fund from the debitors to be distributed to creditors. However, along with the changing of time there has been a development in the financial industry, when financial deregulation occurs, where the role of providing credit is not only owned by the banks but also other financial institutions. As the result, banks are no longer considered as the center of financial intermediation but could be replaced by other financial instruments. This study aims to reconsider the role of banking as financial intermediation in the monetary transmission mechanism using three methodoligal approaches which  are Vector Autoregression and Vector Error Correction Model (VAR-VECM), Error Correction Model (ECM), and Autoregressive Distributed Lag (ARDL). The long-term results of ECM and VECM estimations both show that credit and finacing channel are still relevant to be employed in the monetary transmission mechanism after the development of financial sector and the change of monetary policy, yet only have an impact to economy and do not give effect to inflation. While the result of ARDL estimation indicates that none of the variables affect the  monetary policy objectives which means that credit and financing channel are considered to be getting weaker in the monetary transmission mechanism.   Keywords : Monetary Transmission Mechanism, Credit Channel, Dual Financial System JEL Classification: E51, E52, E58

Sign in / Sign up

Export Citation Format

Share Document