Deposit rate ceilings and monetary transmission in the US

• 成果类型: Article
• 署名作者: Mertens, Karel
• 署名单位: Cornell University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.08.007
• 发表日期: 2008
• 页码: 1290-1302
• 关键词: Monetary policy; Monetary transmission; banking; Financial regulation

摘要

Establishing the existence and nature of changes in the conduct and transmission of monetary policy is key in understanding the remarkable macroeconomic performance of the US since the mid-1980s. This paper presents evidence on a phenomenon of disintermediation occurring during the major recessions in the 1960s and 1970s, but absent ever since, and shows that disintermediation is closely linked to the existence of deposit rate ceilings under regulation Q. In a monetary DSGE model that incorporates deposit rate ceilings as occasionally binding constraints, the regulation alters the behavior of money aggregates and exacerbates the drop in economic activity following a monetary tightening. The results of a threshold VAR lend support to the main theoretical predictions of the model. (C) 2008 Elsevier B.V. All rights reserved.