Konferenzbeitrag
Competition among banks and the pass-through of monetary policy
This paper introduces monopolistically competitive banks into the New Keynesian DSGE setting. I find that this contributes to explaining three empirical facts: (i) The short-run transmission of changes in monetary policy to bank retail rates is far from complete and heterogeneous. Stiffer competition among commercial banks implies that (ii) retail interest rates correlate more tightly with market rates, and (iii) loan rates exceed the policy rate less. My model predicts that augmented competition in the banking sector reduces the spread between the steady-state policy rate and the loan rate and amplifies the pass-through of monetary policy to the real economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Banking and Monetary Policy ; No. D12-V1
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Interest Rates: Determination, Term Structure, and Effects
Money Supply; Credit; Money Multipliers
- Thema
-
Monopolistically competitive banks
Collateral
External finance premium
Inside money premium
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Güntner, Jochen
- Ereignis
-
Veröffentlichung
- (wer)
-
Verein für Socialpolitik
- (wo)
-
Frankfurt a. M.
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Güntner, Jochen
- Verein für Socialpolitik
Entstanden
- 2010
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