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Journal of Money Credit and Banking最新文献

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The Effects of Regulatory Office Closures on Bank Behavior 关闭监管办公室对银行行为的影响
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-02-11 DOI: 10.1111/jmcb.13126
IVAN LIM, JENS HAGENDORFF, SETH ARMITAGE
{"title":"The Effects of Regulatory Office Closures on Bank Behavior","authors":"IVAN LIM, JENS HAGENDORFF, SETH ARMITAGE","doi":"10.1111/jmcb.13126","DOIUrl":"https://doi.org/10.1111/jmcb.13126","url":null,"abstract":"We investigate if the decentralized structure of regulatory office networks influences supervisory outcomes and bank behavior. Following the closure of an office, banks previously supervised by that office increase their lending and risk-taking. As a result, affected banks have larger loan losses and higher failure rates during the 2008–09 financial crisis. Analysis of the channels suggests that proximate supervisors enforce timelier provisioning practices, restrict large cash payouts, and provide advice that increases a bank's risk-adjusted returns. Overall, our findings imply that geographical proximity reduces informational frictions in supervisory monitoring and leads to more stable banks.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"77 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139764215","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
The Effect of Job Loss on Bank Account Ownership 失业对银行账户所有权的影响
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-02-03 DOI: 10.1111/jmcb.13127
RYAN M. GOODSTEIN, MARK J. KUTZBACH
{"title":"The Effect of Job Loss on Bank Account Ownership","authors":"RYAN M. GOODSTEIN,&nbsp;MARK J. KUTZBACH","doi":"10.1111/jmcb.13127","DOIUrl":"https://doi.org/10.1111/jmcb.13127","url":null,"abstract":"<p>We estimate the effect of job loss on households’ bank account ownership using novel data: Federal Deposit Insurance Corporation (FDIC)-sponsored biennial supplements to the Current Population Survey (CPS), linked to respondents’ work history in surrounding months constructed from the Basic Monthly CPS. Leveraging differences in the timing of unemployment spells across households, we show that job loss leads to a large decrease in the likelihood of having an account among the lower-income, renter households we study. Job loss also leads to increased use of other products and services that might substitute for a bank account, including prepaid cards, check cashing, and money orders.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 8","pages":"1963-2000"},"PeriodicalIF":1.2,"publicationDate":"2024-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142860028","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
Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database 深入挖掘--来自新数据库的宏观审慎政策效果证据
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-01-22 DOI: 10.1111/jmcb.13130
ZOHAIR ALAM, ADRIAN ALTER, JESSE EISEMAN, GASTON GELOS, HEEDON KANG, MACHIKO NARITA, ERLEND NIER, NAIXI WANG
{"title":"Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database","authors":"ZOHAIR ALAM, ADRIAN ALTER, JESSE EISEMAN, GASTON GELOS, HEEDON KANG, MACHIKO NARITA, ERLEND NIER, NAIXI WANG","doi":"10.1111/jmcb.13130","DOIUrl":"https://doi.org/10.1111/jmcb.13130","url":null,"abstract":"This paper introduces a comprehensive database of macroprudential policies, which covers 134 countries from January 1990. Using a novel numerical indicator of the tightness of loan-to-value (LTV) regulations, we estimate the policy effects of incremental tightening in LTV limits, employing a propensity score–based method to address endogeneity concerns. The results point to economically significant and nonlinear effects on household credit, with a declining per-unit impact for larger tightening measures. The analysis indicates that policy leakage effects could be a factor behind the nonlinear effects. We finally find that the side effects of macroprudential policies on consumption and output are relatively small.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"213 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518706","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
Trade-Off Theory for Dual Holders 双重持有者的权衡理论
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-01-22 DOI: 10.1111/jmcb.13128
SNORRE LINDSET, GUTTORM NYGÅRD, SVEIN-ARNE PERSSON
{"title":"Trade-Off Theory for Dual Holders","authors":"SNORRE LINDSET,&nbsp;GUTTORM NYGÅRD,&nbsp;SVEIN-ARNE PERSSON","doi":"10.1111/jmcb.13128","DOIUrl":"10.1111/jmcb.13128","url":null,"abstract":"<p>A dual holder simultaneously owns (private) debt and equity in the same firm. Private debt has a tax advantage, a positive cashflow, which incentivizes its use. This cashflow leads to a lower net cost of debt, which again reduces default risk as well as the cost of external debt. The usual trade-off between tax benefits and bankruptcy costs is altered. Debt priority affects both financing and default decisions. We find that an enterprise-value maximizing firm should issue senior, external debt and junior, private debt, rather than debt with <i>pari-passu</i> priority. Our analysis further highlights that tax authorities can effectively curtail the tax-motivated use of private debt through straightforward measures.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 7","pages":"1611-1643"},"PeriodicalIF":1.2,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13128","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518454","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
Precautionary Money Demand in a Cash-in-Advance Model 预付现金模式中的预防性货币需求
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-01-21 DOI: 10.1111/jmcb.13131
SERGIO SALAS
{"title":"Precautionary Money Demand in a Cash-in-Advance Model","authors":"SERGIO SALAS","doi":"10.1111/jmcb.13131","DOIUrl":"10.1111/jmcb.13131","url":null,"abstract":"<p>While numerous studies in monetary economics explore inflation, interest rates, stock returns, and money velocity, a model seamlessly linking these interactions remains elusive. One crucial omission in this literature is idiosyncratic precautionary money demand, a prominent feature in the data. This paper addresses this gap by presenting a simple model where precautionary money demand arises from heterogeneous household liquidity needs. Despite its intricate heterogeneity, the model allows straightforward aggregation, enabling analysis of its implications for household portfolios composed of cash, government bonds, and equities. The empirical analysis spans the period 1959.I–2022.I. Notably, the model captures crucial time-series properties that models without the idiosyncratic element fail to achieve.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"57 2-3","pages":"663-676"},"PeriodicalIF":1.2,"publicationDate":"2024-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518548","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
Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound 零下限利率规则的确定性和电子稳定性
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-01-21 DOI: 10.1111/jmcb.13129
YUNJONG EO, NIGEL MCCLUNG
{"title":"Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound","authors":"YUNJONG EO, NIGEL MCCLUNG","doi":"10.1111/jmcb.13129","DOIUrl":"https://doi.org/10.1111/jmcb.13129","url":null,"abstract":"We evaluate and compare alternative interest rate rules, namely, average inflation targeting (AIT), price-level targeting (PLT), and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, transient zero lower bound regimes. We use determinacy and expectational stability (E-stability) of equilibrium as the criteria for stabilization policy. We find that PLT policy, including nominal GDP targeting as a special case, most effectively promotes determinacy and E-stability among the policy frameworks, whereas standard inflation targeting rules are prone to indeterminacy. AIT can induce determinacy and E-stability effectively, provided the averaging window is sufficiently long.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"83 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518457","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
A Test of the Permanent Income Hypothesis When Households are Less Constrained 家庭受限程度较低时的永久收入假说检验
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2024-01-07 DOI: 10.1111/jmcb.13124
EMMA AISBETT, MARKUS BRUECKNER, RALF STEINHAUSER, RHETT WILCOX
{"title":"A Test of the Permanent Income Hypothesis When Households are Less Constrained","authors":"EMMA AISBETT, MARKUS BRUECKNER, RALF STEINHAUSER, RHETT WILCOX","doi":"10.1111/jmcb.13124","DOIUrl":"https://doi.org/10.1111/jmcb.13124","url":null,"abstract":"In 2009, the Australian Government delivered approximately $8 billion in direct payments to households. These payments were randomly allocated over a 5-week period. Panel model estimates show that for the average household, there was no significant disbursement effect on nondurable consumption. Only for relatively young and low-income households, for example, at the bottom 10th percentile of each, was there a significant positive effect of the tax bonus payment on nondurable consumption. We argue the null findings on average could be due to macroeconomic and institutional differences leaving Australian households less constrained than their U.S. counterparts.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"12 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139411099","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
Capturing Macro-Economic Tail Risks with Bayesian Vector Autoregressions 用贝叶斯向量自回归捕捉宏观经济尾部风险
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-12-27 DOI: 10.1111/jmcb.13121
ANDREA CARRIERO, TODD E. CLARK, MASSIMILIANO MARCELLINO
{"title":"Capturing Macro-Economic Tail Risks with Bayesian Vector Autoregressions","authors":"ANDREA CARRIERO,&nbsp;TODD E. CLARK,&nbsp;MASSIMILIANO MARCELLINO","doi":"10.1111/jmcb.13121","DOIUrl":"10.1111/jmcb.13121","url":null,"abstract":"<p>Many studies using quantile regressions (QRs) have found that downside risk to output growth varies more than upside risk. We show that Bayesian vector autoregressions (BVARs) with stochastic volatility are able to capture tail risks in forecast distributions. Even though the one-step-ahead conditional predictive distributions from the conventional stochastic volatility specification are symmetric, forecasts of downside risks to output growth are more variable than upside risks, and the reverse applies in the case of inflation and unemployment. Overall, BVAR models perform comparably to QR for estimating and forecasting tail risks, complementing BVARs' established performance for forecasting and structural analysis.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 5","pages":"1099-1127"},"PeriodicalIF":1.2,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139064571","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
Unconventional Monetary Policy and Long-Term Interest Rates 非常规货币政策与长期利率
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-12-22 DOI: 10.1111/jmcb.13111
TAO WU
{"title":"Unconventional Monetary Policy and Long-Term Interest Rates","authors":"TAO WU","doi":"10.1111/jmcb.13111","DOIUrl":"10.1111/jmcb.13111","url":null,"abstract":"<p>This paper constructs a survey-based measure capturing the evolution of market's expectations of the Federal Reserve's Large-Scale Asset Purchases (LSAP) program during 2008–18, and examines the transmission mechanism of unconventional monetary policy. Estimation results suggest that both signaling and portfolio balance channels of the LSAP were important in lowering long-term interest rates; Moreover, the Federal Reserve's forward guidance policy had led to a gradual extension of market's projections of the duration of the LSAP, making its effects more persistent. Model estimation also explains the 2013 taper tantrum well, and suggests that the LSAP's effects might have declined during QE III.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 8","pages":"2061-2104"},"PeriodicalIF":1.2,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139034998","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 Development and Innovation: The Role of Market Structure* 金融发展与创新：市场结构的作用*
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-12-20 DOI: 10.1111/jmcb.13125
XIAOYANG ZHU, JAEBEOM KIM
{"title":"Financial Development and Innovation: The Role of Market Structure*","authors":"XIAOYANG ZHU, JAEBEOM KIM","doi":"10.1111/jmcb.13125","DOIUrl":"https://doi.org/10.1111/jmcb.13125","url":null,"abstract":"We assess how financial development affects innovation. For this purpose, we employ a unique Research Quotient data set from 1980 to 2018, and observe significant inverted-U effects of financial development on innovation for equity and credit markets. Specifically, the effects of the markets are sector-specific, implying that the inverted-U effect of the equity market on innovation is mainly driven by its diminishing effect on innovation in high-technology industries, while credit markets mostly affect innovation in non-high-technology industries. Regarding the mechanism, we posit that the inverted-U shape between finance and innovation may be explained by the disproportionate funds allocation-induced market concentration.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"486 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138823692","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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