The Effect of Monetary Policy on Bank Wholesale Funding
Published Online:20 May 2020https://doi.org/10.1287/mnsc.2019.3463
References
- (2015) A crisis of banks as liquidity providers. J. Finance 70(1):1–43.Crossref, Google Scholar
- (2008) Financial intermediaries, financial stability, and monetary policy. Staff Report 346, Federal Reserve Bank of New York, New York.Google Scholar
- (2009) Money, liquidity, and monetary policy. Amer. Econom. Rev. 99(2):600–605.Google Scholar
- (2010) Financial intermediaries and monetary economics. Friedman BM, Woodford M, eds. Handbook of Monetary Economics (Elsevier, Amsterdam), 601–650.Crossref, Google Scholar
- (2004) Asset price bubbles and monetary policy. Desai M, Said Y, eds. Global Governance and Financial Crises (Routledge, Abingdon, UK), 19–42.Google Scholar
- (2009) Securitisation and the bank lending channel. Eur. Econom. Rev. 53(8):996–1009.Crossref, Google Scholar
- (1999) Establishing banking market definitions through estimation of residual deposit supply equations. J. Banking Finance 23(11):1667–1690.Crossref, Google Scholar
- Bank for International Settlements (2013) Basel III: The liquidity coverage ratio and liquidity risk monitoring tools. Report, Bank for International Settlements, Basel, Switzerland.Google Scholar
- (2018) Countercyclical bank equity issuance. Working paper, Cornell University, Ithaca, NY.Google Scholar
- (1952) The transactions demand for cash: An inventory theoretic approach. Quart. J. Econom. 66(4):545–556.Crossref, Google Scholar
- (2007) Geographical segmentation of US capital markets. J. Financial Econom. 85(1):151–178.Crossref, Google Scholar
- (1999) Deposits and relationship lending. Rev. Financial Stud. 12(3):579–607.Crossref, Google Scholar
- (1988) Credit, money, and aggregate demand. Amer. Econom. Rev. 78(2):435–439.Google Scholar
- (1992) The federal funds rate and the channels of monetary transmission. Amer. Econom. Rev. 82(4):901–921.Google Scholar
- (2014) Banks, liquidity management and monetary policy. Working paper, Federal Reserve Bank of Minneapolis, Minneapolis.Google Scholar
- (2010) Rethinking macroeconomic policy. J. Money Credit Banking 42(1):199–215.Crossref, Google Scholar
- (2012) Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism? J. Financial Stability 8(4):236–251.Crossref, Google Scholar
- (2002) Internal capital markets in financial conglomerates: Evidence from small bank responses to monetary policy. J. Finance 57(6):2773–2805.Crossref, Google Scholar
- (2016) Hidden cost of better bank services: carefree depositors in riskier banks? Working paper, Dong Beom Choi, Seoul National University, Seoul, Korea.Google Scholar
- (2014) Repo runs: Evidence from the tri‐party repo market. J. Finance 69(6):2343–2380.Crossref, Google Scholar
- (2011) Liquidity risk management and credit supply in the financial crisis. J. Financial Econom. 101(2):297–312.Crossref, Google Scholar
- (2015) Banks’ liability structure and mortgage lending during the financial crisis. J. Financial Econom. 116(3):565–582.Crossref, Google Scholar
- (2014) Multinational banks and the global financial crisis: Weathering the perfect storm? J. Money Credit Banking 46(S1):333–364.Crossref, Google Scholar
- (2014) Real interest rates, leverage and bank risk-taking. J. Econom. Theory 149(January):65–99.Crossref, Google Scholar
- (2017) Bank leverage and monetary policy’s risk-taking channel: Evidence from the United States. J. Finance 72(2):613–654.Crossref, Google Scholar
- (2010) Monetary policy and bank risk-taking. Working paper, Johns Hopkins University, Baltimore.Google Scholar
- (2004) Noninterest income and financial performance at US commercial banks. Financial Rev. 39(1):101–127.Crossref, Google Scholar
- (2017) Interest rate pass-through: Mortgage rates, household consumption, and voluntary deleveraging. Amer. Econom. Rev. 107(11):3550–3588.Crossref, Google Scholar
- (1984) Financial intermediation and delegated monitoring. Rev. Econom. Stud. 51(3):393–414.Crossref, Google Scholar
- (2017) The deposits channel of monetary policy. Quart. J. Econom. 132(4):1819–1876.Crossref, Google Scholar
- (2017) Deposit competition and financial fragility: Evidence from the US banking sector. Amer. Econom. Rev. 107(1):169–216.Google Scholar
- Federal Financial Institutions Examination Council (2019) Commercial banks in the U.S. [USNUM]. Accessed September 11, 2019, https://fred.stlouisfed.org/series/USNUM.Google Scholar
- (1984) The effect of interest rate changes on the common stock returns of financial institutions. J. Finance 39(4):1141–1153.Crossref, Google Scholar
- (2015) Systemic Risk, Crises and Macroprudential Policy (MIT Press, Cambridge, MA).Crossref, Google Scholar
- (2006) Banks’ advantage in hedging liquidity risk: Theory and evidence from the commercial paper market. J. Finance 61(2):867–892.Crossref, Google Scholar
- (2012) Securitised banking and the run on repo. J. Financial Econom. 104(3):425–451.Crossref, Google Scholar
- (2013) Noncore bank liabilities and financial vulnerability. J. Money Credit Banking 45(S1):3–36.Crossref, Google Scholar
- (2015) Corporate taxes and securitization. J. Finance 70(3):1287–1321.Crossref, Google Scholar
- (1991) The rigidity of prices: evidence from the banking industry. Amer. Econom. Rev. 81(4):938–945.Google Scholar
- (1996) Measuring rents and interest rate risk in imperfect financial markets: The case of retail bank deposits. J. Financial Quant. Anal. 31(3):399–417.Crossref, Google Scholar
- Investment Company Institute (2006) Investment company fact book. Accessed September 11, 2019, https://www.ici.org/pdf/2006_factbook.pdf.Google Scholar
- Investment Company Institute (2010) Investment company fact book. Accessed September 11, 2019, https://www.ici.org/pdf/2010_factbook.pdf.Google Scholar
- Investment Company Institute (2018) Investment company fact book. Accessed September 11, 2019, http://www.icifactbook.org/ch7/18_fb_ch7.Google Scholar
- (2009) Monetary policy, risk-taking and pricing: Evidence from a quasi-natural experiment. Rev. Finance 19(1):95–144.Google Scholar
- (2017) Loan sales and bank liquidity risk management: evidence from a U.S. credit register. Rev. Financial Stud. 30(10):3455–3501.Google Scholar
- (2010) Bank lending during the financial crisis of 2008. J. Financial Econom. 97(3):319–338.Crossref, Google Scholar
- (2014) Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking? Econometrica 82(2):463–505.Crossref, Google Scholar
- (1995) The impact of monetary policy on bank balance sheets. Carnegie-Rochester Conf. Ser. Public Policy 42(June):151–195.Crossref, Google Scholar
- (2000) What do a million observations on banks say about the transmission of monetary policy? Amer. Econom. Rev. 90(3):407–428.Crossref, Google Scholar
- (2002) Banks as liquidity providers: An explanation for the coexistence of lending and deposit-taking. J. Finance 57(1):33–73.Crossref, Google Scholar
- (2014) How does macroprudential regulation change bank credit supply? NBER Working Paper No. 20165, National Bureau of Economic Research, Cambridge, MA.Google Scholar
- (2012) On the liquidity coverage ratio and monetary policy implementation. BIS Quart. Rev. 2012(December):49–61.Google Scholar
- (2002a) Household switching behavior at depository institutions: Evidence from survey data. Antitrust Bull. 47(4):619–640.Crossref, Google Scholar
- (2002b) Predicting household switching behavior and switching costs at depository institutions. Rev. Indust. Organ. 20(4):349–365.Crossref, Google Scholar
- (2000) Bank size, bank capital, and the bank lending channel. J. Money Credit Banking 32(1):121–141.Crossref, Google Scholar
- (2014) Sizing up repo. J. Finance 69(6):2381–2417.Crossref, Google Scholar
- (2001) Monetary policy surprises and interest rates: Evidence from the Fed funds future market. J. Monetary Econom. 47(3):523–544.Crossref, Google Scholar
- (2015) The risk-shifting hypothesis: Evidence from subprime originations. Working paper, HEC Paris, Paris.Google Scholar
- (2008) Inefficient credit booms. Rev. Econom. Stud. 75(3):809–833.Crossref, Google Scholar
- (2011) The role of securitization in bank liquidity and funding management. J. Financial Econom. 100(3):663–684.Crossref, Google Scholar
- (2009) Securitization and the declining impact of bank finance on loan supply: Evidence from mortgage originations. J. Finance 64(2):861–889.Crossref, Google Scholar
- (2011) Bank risk-taking, securitization, supervision, and low interest rates: Evidence from the Euro area and U.S. lending standards. Rev. Financial Stud. 24(6):2121–2165.Crossref, Google Scholar
- (2013) Monetary policy, macroprudential policy and banking stability: evidence from the euro area. Internat J. Central Banking 9(1):121–169.Google Scholar
- (2011) Monetary policy strategy: Lessons from the crisis. Working paper, Columbia University, New York.Google Scholar
- (1984) Corporate financing and investment decisions when firms have information that investors do not have. J. Financial Econom. 13(2):187–221.Crossref, Google Scholar
- (2016) The liquidity premium of near-money assets. Quart. J. Econom. 131(4):1927–1971.Google Scholar
- (2008) Harming depositors and helping borrowers: The disparate impact of bank consolidation. Rev. Financial Stud. 22(1):1–40.Crossref, Google Scholar
- (1995) Bank lending and the transmission of monetary policy. Proc. Federal Reserve Bank Boston Conf. Ser., vol. 39 (Federal Reserve Bank of Boston, Boston), 47–68.Google Scholar
- (2006) Deposit insurance, bank regulation, and financial system risks. J. Monetary Econom. 53(1):1–30.Crossref, Google Scholar
- (2019) Banks, taxes, and nonbank competition. J. Financial Services Res. 55(1):1–30.Google Scholar
- (2018) Wholesale funding dry-ups. J. Finance 73(2):575–617.Google Scholar
- (1990) New evidence on the monetary transmission mechanism. Brookings Papers Econom. Activity 1990(1):149–198.Crossref, Google Scholar
- (2009) Reflections on Northern Rock: The bank run that heralded the global financial crisis. J. Econom. Perspect. 23(1):101–120.Crossref, Google Scholar
- (2012) Monetary policy as financial-stability regulation. Quart. J. Econom. 127(1):57–95.Crossref, Google Scholar
- (1998) An adverse-selection model of bank asset and liability management with implications for the transmission of monetary policy. RAND J. Econom. 29(3):466–486.Crossref, Google Scholar
- (1992) Generations: The History of America’s Future, 1584 to 2069 (HarperCollins, New York).Google Scholar
- (1956) The interest-elasticity of transactions demand for cash. Rev. Econom. Statist. 38(3):241–247.Crossref, Google Scholar
- (2009) Should monetary policy “lean or clean”? Working Paper 34, Federal Reserve Bank of Dallas, Dallas.Google Scholar
- (2016) Monetary policy and funding structure of banks. Working paper, Harvard Business School, Boston.Google Scholar
- (2017) Shadow banks, deposit competition, and monetary policy. Working paper, Columbia University, New York.Google Scholar

