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Ebook Optimal Monetary Policy with an Uncertain Cost Channel

Submitted by puput on Fri, 04/29/2011 - 04:55

Monetary policymakers typically face uncertainty about key relationships describing the economy. Uncertainty potentially disguises the true economic model that governs the economy, disturbs parameters, and introduces noise into the data series available to the policymaker.

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Ebook Long-Horizon Consumption Risk and the Cross-Section of Returns: New Tests and International Evidence

Submitted by puput on Fri, 02/04/2011 - 04:42

Understanding the behavior of asset prices and their relation to macroeconomic risks can be considered as one of the most fundamental issues in finance. As is well known, however, the traditional workhorse for studying the link between financial markets and the real economy the consumption-based asset pricing model (CCAPM) has failed to explain a number of stylized facts in finance such as the equity premium (Mehra and Prescott, 1985), asset return volatility (Grossman and Shiller, 1982) or value and size premia in the cross-section of expected returns (Cochrane, 1996; Lettau and Ludvigson, 2001). After a long series of poor empirical results starting with Hansen and Singleton (1982, 1983), more recent studies exploring the basic insights of the consumption-based asset pricing paradigm report encouraging advances (Cochrane, 2007, p.267).

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Ebook The Bank Lending Channel of Monetary Policy and Its Effect on Mortgage Lending

Submitted by puput on Sat, 07/03/2010 - 06:32

The bank lending channel suggests that banks play a special role in the transmission of monetary policy. In this theory, monetary policy has an effect on banks’ cost of funds in addition to the change in the risk-free rate, leading to an additional response in bank lending. The supply of intermediated credit therefore has a unique response to monetary policy. To analyze the bank lending channel, we study the response of banks to monetary policy in the context of mortgage funding and mortgage lending. We focus on lending in subprime communities, because it is a form of information-intensive lending which affects banks’ choices in funding sources and their response to changes in funding costs. Our paper helps explain how mortgage loan supply responds to monetary policy by addressing the role of banks in the transmission of monetary policy.

We consider how two functions of banks – deposit-taking and mortgage lending are interrelated. In our analysis, banks’ business strategies are characterized by how they fund mortgages and which types of mortgages they originate. “Traditional banks” use insured retail deposits, which we refer to as core deposits, to fund information-intensive loans. Consistent with this view, we find that traditional banks tend to extensively lend in communities with high proportions of subprime households, where public information about borrowers is limited. Alternatively, “market-based banks” use market debt such as brokered deposits, which we refer to as managed liabilities, to fund loans that are easier to evaluate. These banks tend to originate mortgages in communities of mostly prime borrowers, where more borrower information is publicly available. We define a bank’s core lending capacity as its ability to fund loans with core deposits; therefore, traditional banks have a large core lending capacity whereas market-based banks have already exhausted their core lending capacity. “Transition banks” are banks that operate between these two business strategies, where extensive lending is done in subprime communities but core lending capacity is sometimes exhausted.

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