发布求助
文献互助 智能选刊 最新文献

Journal of Money Credit and Banking最新文献

筛选
英文 中文
Quantitative Easing, Investment, and Safe Assets: The Corporate Bond–Lending Channel 量化宽松、投资与安全资产：公司债券借贷渠道
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-03-11 Epub Date: 2025-10-06 DOI: 10.1111/jmcb.13272
ERASMO GIAMBONA, RAFAEL MATTA, JOSE-LUIS PEYDRO, YE WANG
{"title":"Quantitative Easing, Investment, and Safe Assets: The Corporate Bond–Lending Channel","authors":"ERASMO GIAMBONA,&nbsp;RAFAEL MATTA,&nbsp;JOSE-LUIS PEYDRO,&nbsp;YE WANG","doi":"10.1111/jmcb.13272","DOIUrl":"https://doi.org/10.1111/jmcb.13272","url":null,"abstract":"<p>We show that Quantitative Easing (QE) stimulates investment via a corporate bond–lending channel. Fed's large-scale purchases of mortgage-backed securities (MBS) and treasuries create a vacuum of safe assets, prompting safer firms to invest by issuing relatively “safe” bonds. Using microdata around different QE rounds, our robust results suggest that QE increases the investment of firms with bond market access. The effect is larger for safer firms. This growth is financed with senior bonds, without higher shareholders' payouts. Results hold excluding the financial crisis period. The findings support a stylized model where lower supply of treasuries reduces “safe” corporate bond yields, stimulating investment.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 2","pages":"329-364"},"PeriodicalIF":1.6,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563628","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
Fiscal Policy, Government Ideology, and Economic Activity: Evidence from OECD Countries 财政政策、政府意识形态与经济活动：经合组织国家的证据
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-03-11 Epub Date: 2024-05-09 DOI: 10.1111/jmcb.13162
RAPHAELLE G. COULOMBE
{"title":"Fiscal Policy, Government Ideology, and Economic Activity: Evidence from OECD Countries","authors":"RAPHAELLE G. COULOMBE","doi":"10.1111/jmcb.13162","DOIUrl":"10.1111/jmcb.13162","url":null,"abstract":"<p>This study explores the role played by a country's political environment in the origin and effect of government spending. Using a rich data set that contains time-varying ideological party positions, I show that both government ideology and the timing of elections are key determinants of government spending shocks and Granger-cause government spending shocks estimated from traditional structural vector autoregressive (SVAR) models that ignore political considerations. I find that the magnitude of the spending multiplier depends on the political context: highly polarized countries have smaller multipliers relative to countries with a low degree of polarization, and established democracies have smaller multipliers than younger democracies.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 2","pages":"591-617"},"PeriodicalIF":1.6,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140997619","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
Expectations for Gasoline Prices and Inflation: Evidence from Households 对汽油价格和通胀的预期：来自家庭的证据
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-03-11 Epub Date: 2025-07-11 DOI: 10.1111/jmcb.13260
CONSTANTIN BÜRGI, PRACHI SRIVASTAVA, KARL WHELAN
{"title":"Expectations for Gasoline Prices and Inflation: Evidence from Households","authors":"CONSTANTIN BÜRGI,&nbsp;PRACHI SRIVASTAVA,&nbsp;KARL WHELAN","doi":"10.1111/jmcb.13260","DOIUrl":"https://doi.org/10.1111/jmcb.13260","url":null,"abstract":"<p>Gasoline prices are highly salient to consumers and, for this reason, they may have an outsized influence on their thinking about inflation. We examine how people's expectations about gasoline prices influence their expectations for overall inflation. We find little evidence from two U.S. household surveys that people overreact to their beliefs about expected gasoline prices when formulating their expectations about overall inflation.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 2","pages":"619-630"},"PeriodicalIF":1.6,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13260","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147564948","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
Exchange Rates and Prices in the Netherlands and Britain over the Past Four Centuries 荷兰和英国过去四个世纪的汇率和价格
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-03-11 Epub Date: 2024-09-07 DOI: 10.1111/jmcb.13213
JAMES R. LOTHIAN, JOHN DEVEREUX
{"title":"Exchange Rates and Prices in the Netherlands and Britain over the Past Four Centuries","authors":"JAMES R. LOTHIAN,&nbsp;JOHN DEVEREUX","doi":"10.1111/jmcb.13213","DOIUrl":"10.1111/jmcb.13213","url":null,"abstract":"<p>The paper studies the long-term stability of the purchasing-power-parity (PPP) relation using data for the Netherlands and Great Britain (earlier the Dutch Republic and England) from 1590 until 2020. We begin by investigating the behavior of the real exchange rate in rate-of-growth form finding strong evidence supporting long-run relative PPP. Turning to price levels, we find evidence of mean-reverting behavior over the whole period with one long-lived shift in mean between 1788 and 1931. The myriad other factors that varied over this long period that might have affected the stability of the PPP relation do not appear to have mattered.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 2","pages":"449-469"},"PeriodicalIF":1.6,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207893","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
Measuring the Impact of Unconventional Monetary Policies on the U.S. Banking and Bond Markets at the Lower Bound 在下限衡量非常规货币政策对美国银行和债券市场的影响
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-03-11 Epub Date: 2024-09-11 DOI: 10.1111/jmcb.13201
PETER SPENCER
{"title":"Measuring the Impact of Unconventional Monetary Policies on the U.S. Banking and Bond Markets at the Lower Bound","authors":"PETER SPENCER","doi":"10.1111/jmcb.13201","DOIUrl":"10.1111/jmcb.13201","url":null,"abstract":"<p>The effects of credit and monetary policy shocks are analyzed using a shadow rate model of the Eurodollar (ED) and Treasury bond markets. This model uses three factors common to both markets and two spread factors that capture the term structure of the rate differential. The results show that the policy initiatives that followed the Lehman default in 2008 were much more effective in restraining risk premiums in banking markets than in the Treasury market and that, besides the shadow policy rate, the shadow ED rate is a useful indicator of the effect of default risk on the economy.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 2","pages":"533-562"},"PeriodicalIF":1.6,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207891","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 Effects of an Aging Population on the Structure of Bank Assets and Liabilities 人口老龄化对银行资产负债结构的影响
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2025-11-26 DOI: 10.1111/jmcb.70020
PANAGIOTIS AVRAMIDIS, GEORGE G. PENNACCHI
{"title":"The Effects of an Aging Population on the Structure of Bank Assets and Liabilities","authors":"PANAGIOTIS AVRAMIDIS,&nbsp;GEORGE G. PENNACCHI","doi":"10.1111/jmcb.70020","DOIUrl":"https://doi.org/10.1111/jmcb.70020","url":null,"abstract":"<p>Consistent with a lifecycle model and localized deposit issuance and lending, this paper finds that banks operating in local areas with older populations issue less wholesale funding and more retail deposits that are paid relatively low interest rates, particularly at longer maturities. Despite these banks’ deposit rates being lower and slower to adjust, their deposits are less likely to be withdrawn when market interest rates rise. Moreover, these banks’ assets are composed of more securities and fewer loans, particularly business and residential loans. They also choose securities and loans with relatively long maturities, significantly raising their asset–liability maturity gap.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"57 8","pages":"2211-2251"},"PeriodicalIF":1.6,"publicationDate":"2025-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145779466","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
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2025-10-25
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 4","pages":"1233-1249"},"PeriodicalIF":1.6,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148091631","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
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2025-10-25
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 4","pages":"1233-1249"},"PeriodicalIF":1.6,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148094405","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
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2025-09-18
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 4","pages":"937-967"},"PeriodicalIF":1.6,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148083376","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
IF 1.6 3区 经济学
Journal of Money Credit and Banking Pub Date : 2025-09-18
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 4","pages":"937-967"},"PeriodicalIF":1.6,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148083377","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书