{"title":"Monetary Policy, Sectoral Comovement and the Credit Channel","authors":"F. Di Pace, C. Görtz","doi":"10.2139/ssrn.3872381","DOIUrl":"https://doi.org/10.2139/ssrn.3872381","url":null,"abstract":"Using a structural vector autoregression, we document that a contractionary monetary policy shock triggers a decline in durable and non-durable outputs as well as a contraction in bank equity and a rise in the excess bond premium. The latter points to an important transmission channel of monetary policy via financial markets. It has long been recognized that a standard two-sector New Keynesian model, where durable goods prices are flexible and prices of non-durables and services sticky, does not generate the empirically observed sectoral co-movement across expenditure categories in response to a monetary policy shock. We show that introducing frictions in financial markets in a two-sector New Keynesian model can resolve its disconnect with the empirical evidence: a monetary tightening generates not only co-movement, but also a rise in credit spreads and a deterioration in bank equity.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114797219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Understanding the Political Economy behind the Latin American Paradox: Managing Good Economic Performance but Social Discontent (2000–2017)","authors":"Enrique Vásquez","doi":"10.2139/ssrn.3443720","DOIUrl":"https://doi.org/10.2139/ssrn.3443720","url":null,"abstract":"Between 2000 and 2017, Latin America presented a positive economic performance, with an average GDP growth of 2.6%. This helped in the decrease of unemployment, poverty and inequality rates. Nevertheless, improvements prove to be deficient and did not better social discontent and mistrust. Hence, Latin America experienced a paradox of economic growth but simultaneous social unrest and conflicts. The present aims to address the dynamics of the paradox and provide an explanation for its occurrence. This is achieved through an analysis of the policies used by the states regarding social expenditure and macroeconomic stability, as well as their overall performance fulfilling their role as governments. It is argued that the lack of institutional presence of the government in the poorest sectors was the reason they failed in translating the economic growth into welfare.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123725851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact of Islamic Modes of Finance on Monetary Expansion","authors":"M. N. Siddiqi","doi":"10.4197/ISLEC.4-1.2","DOIUrl":"https://doi.org/10.4197/ISLEC.4-1.2","url":null,"abstract":"This paper focuses on the different perceptions about the likely impact of \u0000Islamic banks' operations on money supply. Since investment accounts with the Islamic \u0000banks carry some withdrawal facility, new money is created when the funds in these \u0000accounts go to entrepreneurs on profit sharing or murabaha basis. The paper argues that \u0000as compared to the conventional banks money creation by Islamic banks is more closely \u0000associated with the creation of additional wealth in the real sector. The resulting \u0000expansion in money supply will be smaller compared to that resulting from conventional \u0000banks' lending Out of their time and saving deposits. The Islamic banks should, \u0000therefore, be subjected to a reserve ratio smaller than that applied by the central bank to \u0000the conventional banks*.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121575791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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