Title of article
Deposit rateceilingsandmonetarytransmissionintheUS
Author/Authors
Karel Mertens، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
13
From page
1290
To page
1302
Abstract
Establishingtheexistenceandnatureofchangesintheconductandtransmissionof
monetarypolicyiskeyinunderstandingtheremarkablemacroeconomicperformance
of theUSsincethemid-1980s.Thispaperpresentsevidenceonaphenomenonof
disintermediationoccurringduringthemajorrecessionsinthe1960sand1970s,but
absenteversince,andshowsthatdisintermediationiscloselylinkedtotheexistenceof
depositrateceilingsunderregulationQ.InamonetaryDSGEmodelthatincorporates
depositrateceilingsasoccasionallybindingconstraints,theregulationaltersthe
behaviorofmoneyaggregatesandexacerbatesthedropineconomicactivityfollowinga
monetarytightening.TheresultsofathresholdVARlendsupporttothemain
theoreticalpredictionsofthemodel
Keywords
Monetary policyMonetary transmissionBankingFinancial regulation
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846249
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