سیاست پولی در مواقع بدهی
ترجمه نشده

سیاست پولی در مواقع بدهی

عنوان فارسی مقاله: انتقال سیاست پولی در مواقع بدهی بالای داخلی
عنوان انگلیسی مقاله: Transmission of monetary policy in times of high household debt
مجله/کنفرانس: مجله اقتصاد کلان – Journal of Macroeconomics
رشته های تحصیلی مرتبط: اقتصاد
گرایش های تحصیلی مرتبط: اقتصاد پولی، اقتصاد مالی
کلمات کلیدی فارسی: بدهی داخلی، سیاست پولی، پنل تعامل VAR، وامهای با نرخ قابل تنظیم، حالت سیاست پولی
کلمات کلیدی انگلیسی: Household debt، Monetary policy، Interacted panel VAR، Adjustable-rate loans، Monetary policy stance
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journals List – JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jmacro.2019.103168
دانشگاه: The Bank of Korea 39, Namdaemun-Ro Jung-Gu, Seoul 04531, Republic of Korea
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2020
ایمپکت فاکتور: 1.075 در سال 2019
شاخص H_index: 40 در سال 2020
شاخص SJR: 0.680 در سال 2019
شناسه ISSN: 0164-0704
شاخص Quartile (چارک): Q2 در سال 2019
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 22
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E14845
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست انگلیسی مطالب

Abstract


JEL classification


۱٫ Introduction


۲٫ Related literature


۳٫ Data and methodology


۴٫ Results


۵٫ Conclusion


Appendix A. Alternative Interaction Term Variable


Appendix B. Substituting GDP for its component


Appendix C. Adding global variables


References

نمونه متن انگلیسی مقاله

Abstract


This paper explores whether the degree of household indebtedness can affect the effectiveness of monetary policy. We take an interacted panel VAR approach, using a panel of 23 countries, thereby obtaining several interesting findings, such as the responses of consumption and investment to monetary shocks are stronger in high levels of household debt. Furthermore, such responses become larger in a contractionary monetary policy stance rather than in an expansionary one, which suggests that monetary policy shocks have asymmetric effects. We have also found that monetary policy has a relatively larger impact in countries with higher share of adjustable-rate loans. Finally, we have found that when a country is in a high-debt state and in a contractionary policy stance, monetary policy is more powerful in countries with a higher share of adjustable-rate loans. We conjecture that these findings support the presence of a cash-flow channel with respect to the transmission of monetary policy in a high household debt state.


Introduction


We investigate whether household indebtedness affects the effectiveness of monetary policy, using a panel of 23 countries and covering the period from 1984:Q1 to 2015:Q4. To this end, we estimate the asymmetric effect of monetary policy dependent on the direction of policy stance, and the level of household indebtedness, thereby departing from the existing related literature, most of which focuses on the average effect of monetary shocks with opposite signs. In addition, we further examine the cash-flow channel in the transmission of monetary policy shocks, analyzing the cross-country differences in the predominant types of interest rate contracts that apply to household debts. If a country is dominated by fixed-rate mortgages (FRMs), one would expect the cash-flow channel to be relatively muted. However, in economies with mostly adjustable-rate mortgages (ARMs), the cash-flow channel may be more important for the transmission of monetary policy. There are some channels through which higher levels of household debt may amplify the effects of monetary policy shocks on overall economic activity. According to the supposed cash-flow channels, monetary policy can have a direct impact on aggregate household spending via the transfer of income between household borrowers and lenders. For example, a decline in interest rates will reduce lenders interest income, while also reducing interest payments on indebted households, resulting in income transfers between the two groups. It has been widely acknowledged that changes in cash flows may affect consumption, particularly for households that are more financially constrained. This implies that the aggregate effects of this transfer may not be muted if borrowing households are financially constrained.

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