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The Changing Nature of Monetary Policy in the US
Michael Richard Jonas
其他書名
A Micro-level Dynamic Panel Investigation
出版University of California, Davis, 2013
ISBN13034429149781303442919
URLhttp://books.google.com.hk/books?id=GzSQoAEACAAJ&hl=&source=gbs_api
註釋The purpose of this dissertation is to examine three specific forces that have altered the nature and efficacy of traditional monetary policy transmission, and are currently leading to a significant heterogeneity in policy responses across banks in the US. These three forces are (1) Banks' continuous adoption of evolving information technology which alters the production process and increases the efficiency of providing lending services; (2) The changing regulatory environment and market forces that have vastly increased the ability and willingness of banks to engage in the sale and securitization of loans from their balance sheets; and (3) Cross-border lending which exposes banks' balance sheets to exchange rate risk, even when these loans are denominated in dollars. The impacts of production efficiency and loan sales are examined with a micro-level theoretical model of bank behavior which provides intuitive equilibrium predictions. These predictions are then tested using a panel of bank level Call Report balance sheet data for all US banks.