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Journal of Money Credit and Banking最新文献

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Oil Shocks, External Adjustment, and Country Portfolio 石油冲击、外部调整和国家投资组合
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-22 DOI: 10.1111/jmcb.13093
LIUGANG SHENG, HONGYAN ZHAO
{"title":"Oil Shocks, External Adjustment, and Country Portfolio","authors":"LIUGANG SHENG,&nbsp;HONGYAN ZHAO","doi":"10.1111/jmcb.13093","DOIUrl":"10.1111/jmcb.13093","url":null,"abstract":"<p>This study examines the intertemporal nature of countries’ external adjustment by using two oil income shocks with different timings: giant oil discovery news shocks and contemporaneous oil revenue shocks from international oil price changes. Empirical estimates using a large panel of countries support the intertemporal theory. Net foreign assets hike immediately upon oil revenue shocks, but decline for the first 5 years after oil discoveries and rebound subsequently. These adjustments are largely through the current account but partially stabilized by valuation effects for oil revenue shocks. Oil discoveries attract FDI inflows, while oil revenue shocks increase foreign debt assets holdings.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 7","pages":"1705-1736"},"PeriodicalIF":1.2,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13093","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135715767","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
Can Internet Banking Affect Households' Participation in Financial Markets and Financial Awareness? 网上银行能否影响家庭对金融市场的参与和金融意识？
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-22 DOI: 10.1111/jmcb.13098
VALENTINA MICHELANGELI, ELIANA VIVIANO
{"title":"Can Internet Banking Affect Households' Participation in Financial Markets and Financial Awareness?","authors":"VALENTINA MICHELANGELI,&nbsp;ELIANA VIVIANO","doi":"10.1111/jmcb.13098","DOIUrl":"10.1111/jmcb.13098","url":null,"abstract":"<p>We are in a digital era and more and more banks have begun to offer Internet banking. The availability of this new channel can reduce households' cost of acquiring information and the time spent on financial transactions; therefore, it could also impact on households' decisions to start investing in financial markets. Using an instrumental variable approach, we find that the adoption of Internet banking induces households to participate in financial markets and, in particular, to hold short-term assets with a low risk/return profile. Over time, the adoption of Internet banking also drives a better understanding of basic financial concepts.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 4","pages":"705-739"},"PeriodicalIF":1.5,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135621250","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 Asymmetric Effect of Credit Supply on Firm-Level Productivity Growth 信贷供给对企业级生产率增长的非对称效应
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-21 DOI: 10.1111/jmcb.13092
FRANCESCO MANARESI, NICOLA PIERRI
{"title":"The Asymmetric Effect of Credit Supply on Firm-Level Productivity Growth","authors":"FRANCESCO MANARESI,&nbsp;NICOLA PIERRI","doi":"10.1111/jmcb.13092","DOIUrl":"10.1111/jmcb.13092","url":null,"abstract":"<p>We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database, covering all the credit relationships of Italian corporations, to measure idiosyncratic supply-side shocks to credit availability and estimate a production model augmented with financial frictions. We find the effect of credit supply to be asymmetric: contractions harm TFP growth, halting productivity-enhancing activities; positive credit supply shocks have limited effects. This points toward a role of financial stability in preserving productivity growth.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 4","pages":"677-704"},"PeriodicalIF":1.5,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13092","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49458410","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
Monetary and Macroprudential Policy and Welfare in an Estimated Four‐Agent New Keynesian Model 四代理新凯恩斯模型中的货币和宏观审慎政策与福利
3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-21 DOI: 10.1111/jmcb.13095
GEORGE J. BRATSIOTIS, KASUN D. PATHIRAGE
{"title":"Monetary and Macroprudential Policy and Welfare in an Estimated Four‐Agent New Keynesian Model","authors":"GEORGE J. BRATSIOTIS, KASUN D. PATHIRAGE","doi":"10.1111/jmcb.13095","DOIUrl":"https://doi.org/10.1111/jmcb.13095","url":null,"abstract":"Abstract We examine the social and agent‐specific welfare effects of monetary and macroprudential policy in a four‐agent estimated macro‐economic model comprising “ banked simple households ,” “ underbanked simple households ,” “ firm owners ,” and “ bank owners .” Optimal capital requirement and loan loss provisions ratios improve all agent‐specific and social welfare, but imply smaller gains for simple households and firm owners that rely on credit. Countercyclical capital buffers support firm owners and bank owners with smaller gains for the two simple households, while countercyclical loan loss provisions improve social welfare only for specific shocks. Coordination between monetary and macroprudential policies yields higher social welfare than no coordination.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135820547","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
Housing Boom‐Bust Cycles and Asymmetric Macroprudential Policy 房地产繁荣-萧条周期与不对称宏观审慎政策
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-21 DOI: 10.1111/jmcb.13097
William Gatt
{"title":"Housing Boom‐Bust Cycles and Asymmetric Macroprudential Policy","authors":"William Gatt","doi":"10.1111/jmcb.13097","DOIUrl":"https://doi.org/10.1111/jmcb.13097","url":null,"abstract":"In this paper, I argue that occasionally binding borrowing constraints are a source of nonlinearity that warrant an appropriate nonlinear macroprudential policy response. Nonlinear policy responses likely better capture the spirit of macroprudential policy. I show that an asymmetric macroprudential policy rule, which lowers the borrowing limit more aggressively during credit booms, obtains better economic outcomes compared to an optimized symmetric rule that is typically studied in the literature. An asymmetric policy response reduces output and inflation tail risks, generating not only better economic stabilization but also positive externalities to monetary policy.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45276085","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
R&D, Market Power, and the Cyclicality of Employment 研发、市场力量与就业的周期性
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-21 DOI: 10.1111/jmcb.13091
U. Aysun, Melanie Guldi, Adam Honig, Zeynep Yom
{"title":"R&D, Market Power, and the Cyclicality of Employment","authors":"U. Aysun, Melanie Guldi, Adam Honig, Zeynep Yom","doi":"10.1111/jmcb.13091","DOIUrl":"https://doi.org/10.1111/jmcb.13091","url":null,"abstract":"This paper provides a first look into the joint effects of research and development (R&D) and market power on the cyclicality of employment. It presents a theoretical model with R&D and monopolistically competitive firms which shows that firms smooth their R&D activities when they face large R&D adjustment costs. This smoothing behavior comes at the expense of higher labor volatility, and it is stronger for firms with high R&D intensity and low market power. Firm‐level data support these predictions. Dynamic panel estimations reveal that employment at competitive firms engaging in a high level of R&D is more procyclical.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42053798","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
Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)? 抑制全球金融冲击：宏观审慎监管是否比资本管制更有帮助？
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-08-03 DOI: 10.1111/jmcb.13089
KATHARINA BERGANT, FRANCESCO GRIGOLI, NIELS-JAKOB HANSEN, DAMIANO SANDRI
{"title":"Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?","authors":"KATHARINA BERGANT,&nbsp;FRANCESCO GRIGOLI,&nbsp;NIELS-JAKOB HANSEN,&nbsp;DAMIANO SANDRI","doi":"10.1111/jmcb.13089","DOIUrl":"10.1111/jmcb.13089","url":null,"abstract":"<p>We show that macroprudential regulation significantly dampens the impact of global financial shocks on emerging markets. Specifically, a tighter level of regulation reduces the sensitivity of GDP growth to capital flow shocks and movements in the Chicago Board Options Exchange's VIX. A broad set of macroprudential tools contributes to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macro-economic stability. We do not find evidence that capital controls provide similar benefits.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 6","pages":"1405-1438"},"PeriodicalIF":1.2,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136228968","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
Does the Government Spending Multiplier Depend on the Business Cycle? 政府支出乘数是否取决于经济周期？
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-07-31 DOI: 10.1111/jmcb.13086
SEBASTIAN LAUMER, COLLIN PHILIPPS
{"title":"Does the Government Spending Multiplier Depend on the Business Cycle?","authors":"SEBASTIAN LAUMER,&nbsp;COLLIN PHILIPPS","doi":"10.1111/jmcb.13086","DOIUrl":"10.1111/jmcb.13086","url":null,"abstract":"<p>We investigate the state dependency of the government spending multiplier across the business cycle using a nonlinear two-regime VAR model. We find little evidence that multipliers vary between expansionary and recessionary periods. This is because the state of the business cycle itself changes after government spending shocks and converges toward a similar state. This result holds true regardless of how we model the business cycle. Our analysis shows that assumptions about the economic state built into linear impulse response functions are the key driver of the state dependency reported elsewhere in the literature.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 8","pages":"2001-2022"},"PeriodicalIF":1.2,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135155480","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 Credit-Card-Services Augmented Divisia Monetary Aggregates* 信用卡服务增量迪维亚货币总量*
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-07-28 DOI: 10.1111/jmcb.13088
WILLIAM A. BARNETT, MARCELLE CHAUVET, DANILO LEIVA-LEON, LITING SU
{"title":"The Credit-Card-Services Augmented Divisia Monetary Aggregates*","authors":"WILLIAM A. BARNETT,&nbsp;MARCELLE CHAUVET,&nbsp;DANILO LEIVA-LEON,&nbsp;LITING SU","doi":"10.1111/jmcb.13088","DOIUrl":"10.1111/jmcb.13088","url":null,"abstract":"<p>While credit cards provide transaction services, they have never been included in measures of money supply. We derive the theory to measure the joint services of credit cards and money and propose two measures of their joint services: one based on microeconomic structural aggregation theory, providing an aggregated variable within the macroeconomy; the other a credit-card-extended aggregate, optimized as an indicator to capture the contributions of monetary and credit card as nowcasting indicator of nominal GDP. The inclusion of the new aggregates yields substantially more accurate nowcasts of nominal GDP, illustrating the usefulness of the information contained in credit cards.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 5","pages":"1163-1202"},"PeriodicalIF":1.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13088","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"63788922","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
Expectations Formation, Sticky Prices, and the ZLB 预期形成，粘性价格和ZLB
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-07-20 DOI: 10.1111/jmcb.13065
ELIZABETH BERSSON, PATRICK HÜRTGEN, MATTHIAS PAUSTIAN
{"title":"Expectations Formation, Sticky Prices, and the ZLB","authors":"ELIZABETH BERSSON,&nbsp;PATRICK HÜRTGEN,&nbsp;MATTHIAS PAUSTIAN","doi":"10.1111/jmcb.13065","DOIUrl":"10.1111/jmcb.13065","url":null,"abstract":"<p>At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-<math>\u0000 <semantics>\u0000 <mi>k</mi>\u0000 <annotation>$k$</annotation>\u0000 </semantics></math> thinking, a form of bounded rationality formalized by García-Schmidt and Woodford (2019) and Farhi and Werning (2019), consistent with experimental evidence. This process does not lead to a number of puzzling features from rational expectations models, such as the reversal puzzle, or implausible large fiscal multipliers. Optimal monetary policy at the ZLB under level-<math>\u0000 <semantics>\u0000 <mi>k</mi>\u0000 <annotation>$k$</annotation>\u0000 </semantics></math> thinking prescribes keeping the nominal rate lower for longer, but short-run macro-economic stabilization is less powerful compared to rational expectations.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 2-3","pages":"365-393"},"PeriodicalIF":1.5,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517141","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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