Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Bank Risk-Taking and Monetary Policy Transmission: Evidence from China

Xiaoming LI, Zheng LIU, Yuchao PENG, Zhiwei XU
We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a difference-in-difference identification, exploiting cross-sectional differences i...
Keywords: Bank risk taking, bank capital regulations, portfolio choices, Macroprudential Policy, monetary policy, capital reallocation, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Inflation Targeting in India An Interim Assessment

Barry EICHENGREEN, Rishabh CHOUDHARY, Poonam GUPTA
This paper provides an assessment of India’s inflation-targeting regime. It shows that the Reserve Bank of India is best characterized as a flexible inflation targeter: contrary to criticism, it does not neglect changes in the output gap when setting policy rates. The paper does not find that the ...
Keywords: Inflation targeting, monetary policy, India
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Digital Money as a Unit of Account and Monetary Policy in Open Economies

Daisuke IKEDA
Further progress in digital money, electronically stored monetary value, may enable pricing in units of any currency in any country. This paper studies monetary policy in such a world, using a two- country open economy model with nominal rigidities. The findings are three-fold. First, domestic monet...
Keywords: Digital money, monetary policy, dollarization
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Appraisal Inflation and Private Mortgage Securitization

Abdullah YAVAS, Shuang ZHU, Moussa DIOP
Lenders' access to soft information on appraisal inflation could lead to adverse selection in private mortgage securitization. Combining a nationwide mortgage data with a real estate transaction data and using a difference-in-differences empirical design, we document that securitized refinance loans...
Keywords: Appraisal Inflation, adverse selection, Mortgage Securitization
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Real Effects of the ECB's Quantitative Easing: A Housing Portfolio Channel

Alessandro REBUCCI, Daniel Marcel TE KAAT, Chang MA
We propose a new housing portfolio channel of quantitative easing (QE) transmission. QE induces regional households to rebalance portfolios from bonds to houses, lowering bond and housing expected future returns, possibly stimulating consumption and output. We study this channel in a panel of all Ge...
Keywords: unconventional monetary policy, EONIA, Quantitative Easing, regional business cycles, Germany, Real estate
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