Essays on unconventional monetary policy

This dissertation is comprised of three essays in which we provide a theoretical framework to study the transmission mechanism of unconventional monetary policy on real activity and credit markets under differing degrees of banking sector concentration. In particular, the three chapters in this dissertation focus on expansionary balance ­sheet policies consisting of long­-term asset purchases by a central bank. The overall results indicate that such expansionary policies stimulate economic activity in the form of capital formation, increased credit volume and financial easing under low short-­term interest rate economies when the financial sector is perfectly competitive. However, when the banking sector is fully concentrated, the transmission mechanism of monetary policy can be distorted and thus the impact of a long-term security purchase program is hampered. Our results also suggest that the fiscal authority as well as the industrial organization of the banking sector play fundamental roles in the transmission mechanism of unconventional monetary policy.

Grantor dc:publisher

University of Alabama Libraries

Year dc:date.issued

2015

Author dc:creator

• Medina, Juan

Advisor dc:contributor.advisor

• Reed, Robert R.

Contributors dc:contributor

• Hoover, Gary Allen
• Enders, Walter
• Mobbs, Houston Shawn
• Jackson, William E.

• Economics
• Economic theory

Statement dc:rights

• All rights reserved by the author unless otherwise indicated.

Language dc:language.iso

en_US, English

Dc Identifier Other

u0015_0000001_0001927
Medina_alatus_0004D_12436

OAI identifier oai:identifier

oai:ir.ua.edu:123456789/2350