| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27258 |
| 来源ID | Working Paper 27258 |
| Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation | |
| Yifei Wang; Toni M. Whited; Yufeng Wu; Kairong Xiao | |
| 发表日期 | 2020-06-01 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks’ funding costs. Banks optimize the pass-through of these costs to borrowers and depositors, while facing capital and reserve regulation. We find that bank market power explains much of the transmission of monetary policy to borrowers, with an effect comparable to that of bank capital regulation. When the federal funds rate falls below 0.9%, market power interacts with bank capital regulation to produce a reversal of the effect of monetary policy. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w27258 |
| 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/584929 |
| 推荐引用方式 GB/T 7714 | Yifei Wang,Toni M. Whited,Yufeng Wu,et al. Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation. 2020. |
| 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 | ||
| w27258.pdf（1522KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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