BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Bank Market Power and Monetary Policy Transmission:  Evidence from
  a Structural Estimation
DTSTART:20190607T103000
DTEND:20190607T120000
DTSTAMP:20260916T201415Z
UID:d5f6388fc6fa8b48a6712d5a7b60eea2e6b54136ae4461b004e02a9b
CATEGORIES:Conferences - Seminars
DESCRIPTION:Yufeng WU\, University of Illinois\nWe quantify the impact of 
 bank market power on the pass-through of monetary policy to borrowers. To 
 this end\, we estimate a dynamic banking model in which monetary tightenin
 g increases banks' funding costs. Given their market power\, banks optimal
 ly choose how much of a rate increase to pass on to borrowers. In the mode
 l\, banks are subject to capital and reserve regulations\, which also infl
 uence the degree of pass-through. Compared with the conventional regulatio
 n-based channels\, we find that in the two most recent decades\, bank mark
 et power explains a significant portion of monetary transmission. The quan
 titative effect is comparable in magnitude to the bank capital channel. In
  addition\, the market power channel interacts with the bank capital chann
 el\, and this interaction can reverse the effect of monetary policy when t
 he Federal Funds rate is low.\n 
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR