Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

Between 1996 and 2013, India’s central bank injected or drained liquidity from banks through changes in cash reserve requirements. We analyze the lending responses to these quantitative tools of monetary policy using branch level lending data. We focus on the withinbank variation across different ...
Keywords: monetary policy, Banks, India
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

We investigate the role of intermediary ownership form in providing reliable financial services to consumers. Exploiting a novel dataset of the universe of consumer complaints to state regulators, we find significant differences between stock and mutual insurers in the number of complaints made abou...
Keywords: Intermediary Transparency, Insurance, Consumer Financial Protection
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

The focus of this paper is on news-driven business cycles in small open economies. We make two significant contributions. First, we develop a small open economy model where the presence of financial frictions permits the replication of business cycle co-movements in response to news shocks. Second, ...
Keywords: Business Cycles, open economy, macroeconomics, Financial Frictions, VAR
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy relaxed housing equity constraints by extending government...
Keywords: financial crisis, HARP, Debt, Refinancing, Consumption, Spending, Household Finance, Mortgages, Policy Intervention
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper tackles this question by studying the dynamics of bond yields encompassing 31 advanced and emerging market economies. To gauge the extent to which external financial conditions complica...
Keywords: monetary policy, financial spillovers, contagion, interest rates, trilemma, bond risk premium, capital flows
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