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Journal of Money Credit and Banking最新文献

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Macroprudential Policy in the Euro Area 欧元区的宏观审慎政策
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-11-12 DOI: 10.1111/jmcb.70014
ÁLVARO FERNÁNDEZ-GALLARDO, IVÁN PAYÁ
{"title":"Macroprudential Policy in the Euro Area","authors":"ÁLVARO FERNÁNDEZ-GALLARDO,&nbsp;IVÁN PAYÁ","doi":"10.1111/jmcb.70014","DOIUrl":"https://doi.org/10.1111/jmcb.70014","url":null,"abstract":"<p>This paper examines the development and impact of macroprudential policies in the euro area. We construct a novel index that captures the stance of macroprudential policy, and we highlight its main stylized facts since the inception of the euro in 1999. We combine a narrative approach and a structural VAR method to show that both unanticipated or surprise shocks and anticipated or news shocks contribute over the medium and long term to safeguard financial stability. We also find significant linkages between monetary and macroprudential policies that enhance the policy mix.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2009-2044"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneity and the Macro-Economic Effects of Changes in Loan-to-Value Limits 贷款价值比限额变化的异质性和宏观经济效应
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-11-22 DOI: 10.1111/jmcb.70021
EMMANUEL DE VEIRMAN, JASPER DE JONG
{"title":"Heterogeneity and the Macro-Economic Effects of Changes in Loan-to-Value Limits","authors":"EMMANUEL DE VEIRMAN,&nbsp;JASPER DE JONG","doi":"10.1111/jmcb.70021","DOIUrl":"https://doi.org/10.1111/jmcb.70021","url":null,"abstract":"<p>A prominent approach to estimating the macro-economic effects of loan-to-value (LTV) limits involves the use of cross-country panel regressions. This approach assumes that the effects of changes in LTV limits are constant across economies and across time. In this paper, we develop and implement an approach that uses the micro-level LTV distribution to compute the effect of changes in the limit in an individual economy. Our approach reflects the intuition that when a limit binds for a larger fraction of households, changes in the limit have larger macro-economic effects.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1955-1984"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective CBDC作为银行存款的不完美替代品：宏观经济视角
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-08-28 DOI: 10.1111/jmcb.13268
PHILIPPE BACCHETTA, ELENA PERAZZI
{"title":"CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective","authors":"PHILIPPE BACCHETTA,&nbsp;ELENA PERAZZI","doi":"10.1111/jmcb.13268","DOIUrl":"https://doi.org/10.1111/jmcb.13268","url":null,"abstract":"<p>The impact of Central Bank Digital Currency (CBDC) is analyzed in a closed-economy model with monopolistic competition in banking and where CBDC is an imperfect substitute with bank deposits. The design of CBDC is characterized by its interest rate, its substitutability with bank deposits, and its relative liquidity. We examine how interest-bearing CBDC would affect the banking sector, public finance, GDP, and welfare. Welfare may improve through three channels: seigniorage; a lower opportunity cost of money; and a redistribution away from bank owners. In our numerical analysis, we find a maximum welfare improvement of almost 50 bps in consumption terms.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2085-2113"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13268","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Asset Exemption in Bankruptcy, Access to and Cost of Credit 破产中的资产豁免，信贷的获取和成本
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2024-11-15 DOI: 10.1111/jmcb.13236
PASQUALINA ARCA, GIANFRANCO ATZENI, LUCA G. DEIDDA
{"title":"Asset Exemption in Bankruptcy, Access to and Cost of Credit","authors":"PASQUALINA ARCA,&nbsp;GIANFRANCO ATZENI,&nbsp;LUCA G. DEIDDA","doi":"10.1111/jmcb.13236","DOIUrl":"https://doi.org/10.1111/jmcb.13236","url":null,"abstract":"<p>Under the U.S. personal bankruptcy law, exempt assets are not liquidated following bankruptcy. Entrepreneurs can undo such a protection by posting collateral. We provide a complete characterization of the interplay between asset exemption from liquidation upon default and adverse selection in a competitive credit market. Severe adverse selection induces separation, with safer entrepreneurs choosing loan contracts characterized by high collateral requirements, lower cost of credit, and credit rationing for wealth-constraints applicants. Irrespective of adverse selection, poor safe entrepreneurs pool as they face too much rationing, otherwise. Higher exemption makes collateral more informative. Evidence from the Survey of Small Business Finances survey supports our theory.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2115-2147"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World 《紧跟潮流：依赖流动性的世界中的货币与财政政策》
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2026-02-24 DOI: 10.1111/jmcb.70032
GUILLERMO A. CALVO, ANDRÉS VELASCO
{"title":"Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World","authors":"GUILLERMO A. CALVO,&nbsp;ANDRÉS VELASCO","doi":"10.1111/jmcb.70032","DOIUrl":"https://doi.org/10.1111/jmcb.70032","url":null,"abstract":"<p>We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services. Because money is the unit of account, the price of money is the inverse of the price level. If prices are sticky, so is the price of money in terms of goods, and this is one important reason why money is liquid and attractive. By contrast, the price of government bonds is free to jump and often does, especially in response to news about changes in fiscal policy and the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand, inflation, and output. Under these conditions, bond-financed fiscal expansions can be contractionary, causing deflation and a temporary recession. To avoid those effects, changes in bond supply must be matched by changes in money supply and in the interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are <i>joined at the hip</i>.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1931-1953"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation 利率挂钩与逆转之谜：论预期的作用
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-06-23 DOI: 10.1111/jmcb.13255
RAFAEL GERKE, SEBASTIAN GIESEN, DANIEL KIENZLER
{"title":"Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation","authors":"RAFAEL GERKE,&nbsp;SEBASTIAN GIESEN,&nbsp;DANIEL KIENZLER","doi":"10.1111/jmcb.13255","DOIUrl":"https://doi.org/10.1111/jmcb.13255","url":null,"abstract":"<p>We revisit the reversal puzzle: a counterintuitive contraction of inflation in response to an interest rate peg. We show that its occurrence is intimately related to the degree of agents' anticipation. If agents perfectly anticipate the peg, reversals occur depending on the duration of the peg. If they do not anticipate the peg, reversals are absent. In the case of imperfect anticipation, implemented by a Markov-switching framework, we measure the degree of anticipation by the frequency of the peg regime. Even if the frequency of the peg takes on a value much larger than empirically plausible, the reversal puzzle is absent.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2149-2170"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13255","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroprudential Policy Interlinkages 宏观审慎政策的相互联系
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-06-24 DOI: 10.1111/jmcb.13258
JOHANNES MATSCHKE
{"title":"Macroprudential Policy Interlinkages","authors":"JOHANNES MATSCHKE","doi":"10.1111/jmcb.13258","DOIUrl":"https://doi.org/10.1111/jmcb.13258","url":null,"abstract":"<p>The IMF recently updated its institutional view on capital flow management and macroprudential policies for emerging markets (EMs). The framework advocates a variety of prudential tools to deal with generally complex and heterogeneous financial flows. This paper provides a normative justification for this integrated approach when investors have access to multiple assets. As is well-known, the EM overborrows in international markets, which justifies to actively manage international capital flows. However, as a novel result, this paper also advocates complementary domestic macroprudential policies: reallocating domestic resources toward internationally constrained borrowers improves welfare because it shifts funds to households with a higher marginal propensity to consume. This result emerges independent of any domestic externality. A numerical exercise further shows that partial regulation can increase the severity of a recession relative to no regulation.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1985-2007"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Taxation and Bank Liquidity Creation 税收和银行流动性创造
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-11-26 DOI: 10.1111/jmcb.70023
ALLEN N. BERGER, DIMITRIS K. CHRONOPOULOS, ANNA L. SOBIECH, JOHN O.S. WILSON
{"title":"Taxation and Bank Liquidity Creation","authors":"ALLEN N. BERGER,&nbsp;DIMITRIS K. CHRONOPOULOS,&nbsp;ANNA L. SOBIECH,&nbsp;JOHN O.S. WILSON","doi":"10.1111/jmcb.70023","DOIUrl":"https://doi.org/10.1111/jmcb.70023","url":null,"abstract":"<p>We investigate the impact of taxes on bank liquidity creation using the Tokyo bank tax as a quasi-natural experiment. Drawing on data for Japanese banks, we find that the tax reduces retained earnings and capital, leading to a significant reduction in liquidity creation. The decline in liquidity creation is concentrated on the asset-side of bank balance sheets. Banks reduce the supply of long-term loans and shift toward short-term government securities. The results suggest that tax-induced erosion of capital constraints banks’ ability to provide liquidity through productive lending, and highlight the role of capital as a risk-absorbing buffer.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1897-1930"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Fragility and the Fiscal Multiplier 金融脆弱性与财政乘数
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-06-23 DOI: 10.1111/jmcb.13249
CHRISTIAAN VAN DER KWAAK, SWEDER VAN WIJNBERGEN
{"title":"Financial Fragility and the Fiscal Multiplier","authors":"CHRISTIAAN VAN DER KWAAK,&nbsp;SWEDER VAN WIJNBERGEN","doi":"10.1111/jmcb.13249","DOIUrl":"https://doi.org/10.1111/jmcb.13249","url":null,"abstract":"<p>We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding-out channel: deficit-financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers. Crowding out increases for longer maturity bonds and higher sovereign default risk. We estimate a dynamic stochastic general equilibrium (DSGE) model with financial frictions for Spain and find strong support for these results. The cumulative multiplier decreases substantially with the size of the stimulus, and with the amount of time between the announcement and implementation of the stimulus.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2045-2083"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13249","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson 1953 年和 1969 年灵活汇率的案例：弗里德曼与约翰逊
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2024-04-15 DOI: 10.1111/jmcb.13151
George S. Tavlas
{"title":"The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson","authors":"George S. Tavlas","doi":"10.1111/jmcb.13151","DOIUrl":"10.1111/jmcb.13151","url":null,"abstract":"<p>During the years of the Bretton Woods system, Milton Friedman and Harry Johnson, respectively, authored two of the most influential articles on exchange-rate systems. Friedman's article, “The Case for Flexible Exchange Rates,” was published in 1953. Johnson's article, published 16 years later, carried the almost identical title—“The Case for Flexible Exchange Rates, 1969.” While both articles achieved classic status in the 1970s and the 1980s, Johnson's essay appears to have surpassed Friedman's essay in stature in the view of some economists. This paper provides a comparison of the arguments in favor of flexible rates and against fixed rates presented by Friedman and Johnson. I conclude that Friedman's essay presaged all of the major arguments made in Johnson's essay while excluding several major misses made by Johnson. Nevertheless, there were pragmatic reasons why Johnson's essay became more influential.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2171-2198"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140598850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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