| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22141 |
| 来源ID | Working Paper 22141 |
| Financial Dampening | |
| Johannes F. Wieland; Mu-Jeung Yang | |
| 发表日期 | 2016-04-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We propose a novel mechanism, “financial dampening,” whereby loan retrenchment by banks attenuates the effectiveness of monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank holding companies (BHCs). We derive an IV-strategy that separates supply-driven loan retrenchment from local loan demand, by exploiting linkages through BHC-internal capital markets across spatially-separate BHC member-banks. We estimate that retrenching banks increase loan supply substantially less in response to exogenous monetary policy rate reductions. This relative decline has persistent effects on local employment and thus provides a rationale for slow recoveries from financial distress. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w22141 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579814 |
| 推荐引用方式 GB/T 7714 | Johannes F. Wieland,Mu-Jeung Yang. Financial Dampening. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22141.pdf（714KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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