Download the fantastic book titled The Heterogeneous Effects of U S Monetary Policy on Non Bank Finance written by Andrew Hodge, available in its entirety in both PDF and EPUB formats for online reading. This page includes a concise summary, a preview of the book cover, and detailed information about "The Heterogeneous Effects of U S Monetary Policy on Non Bank Finance", which was released on 10 March 2023. We suggest perusing the summary before initiating your download. This book is a top selection for enthusiasts of the Business & Economics genre.
Summary of The Heterogeneous Effects of U S Monetary Policy on Non Bank Finance by Andrew Hodge PDF
Using flow of funds and high frequency data from the Investment Company Institute, we study the effects of monetary policy shocks on the size of non-bank assets as well as on flows into long-term mutual funds and returns on their assets. Consolidating chains of non-bank intermediation to avoid double counting, we find that contractionary monetary policy shocks shrink the assets of non-banks reliant on long-term funding, while increasing those of nonbanks reliant on short-term funding. Contractionary shocks also cause sustained outflows from long-term mutual funds and reduce their returns. Using a Markov-Switching VAR, we find these effects to be more prevalent after the Global Financial Crisis, and show that monetary policy shocks had the opposite effects in some earlier periods. Policymakers will thus have to contend with a complex and heterogeneous transmission of monetary policy to financial and macroeconomic outcomes through the non-banks.
Detail About The Heterogeneous Effects of U S Monetary Policy on Non Bank Finance PDF
- Author : Andrew Hodge
- Publisher : International Monetary Fund
- Genre : Business & Economics
- Total Pages : 43 pages
- ISBN :
- Release Date : 10 March 2023
- PDF File Size : 20,6 Mb
- Language : English
- Rating : 4/5 from 21 reviews
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