scholarly journals Monetary Policy in an Equilibrium Portfolio Balance Model

2007 ◽  
Author(s):  
Michael Kumhof ◽  
Stijn Van Nieuwerburgh
Keyword(s):  
Monetary Policy ◽  
Balance Model ◽  
Portfolio Balance

scholarly journals Monetary Policy in an Equilibrium Portfolio Balance Model

2007 ◽  
Vol 07 (72) ◽  
pp. 1 ◽  
Author(s):  
Michael Kumhof ◽  
Stijn van Nieuwerburgh ◽  
◽  
Keyword(s):  
Monetary Policy ◽  
Balance Model ◽  
Portfolio Balance

scholarly journals Effect of Money Supply on the Stock Market

2017 ◽  
Vol 65 (2) ◽  
pp. 465-472 ◽  
Author(s):  
Vladimír Pícha
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Money Supply ◽  
Policy Framework ◽  
Vector Error Correction ◽  
Flow Of Funds ◽  
Portfolio Balance ◽  
Vector Error ◽  
Long Run ◽  
The Impact

This paper observes effect of money supply on the stock market through the portfolio balance channel as a transmission mechanism of monetary policy. National flow of funds accounts, specifically assets from US households’ portfolios, represent a key data source. Johansen’s cointegration methodology is employed in the empirical part of the paper to analyze both short term and long term relationships among researched variables. Estimates of vector error correction model help to reliably quantify intensity of the effect. Results show money supply excercises influence on valuation of S&P 500 index with 6 months lag. The impact is also distinguishable in the long run, whereas all observed asset classes can positively influence price of S&P 500. Findings are then contextualized in the concluding part of the paper using a monetary policy framework.

scholarly journals Oil Price Shocks in a Portfolio-Balance Model

1981 ◽  
Vol 1981 (181) ◽  
pp. 1-25 ◽  
Author(s):  
Gerard Caprio ◽  
◽  
Peter B. Clark
Keyword(s):  
Oil Price ◽  
Balance Model ◽  
Oil Price Shocks ◽  
Price Shocks ◽  
Portfolio Balance

The nexus between stock price and foreign exchange rate: validating the portfolio-balance model in Nigeria

2017 ◽  
Vol 7 (4) ◽  
pp. 363
Author(s):  
Patrick Olufemi Adeyeye ◽  
Olufemi Adewale Aluko ◽  
Stephen Oseko Migiro
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Stock Price ◽  
Foreign Exchange Rate ◽  
Balance Model ◽  
Portfolio Balance

An Expanded Graphical Representation of the Portfolio Balance Model of Exchange Rate Determination

1994 ◽  
Vol 38 (2) ◽  
pp. 52-57 ◽  
Author(s):  
Joachim Zietz
Keyword(s):  
Exchange Rate ◽  
Graphical Representation ◽  
Balance Model ◽  
Exchange Rate Determination ◽  
Portfolio Balance ◽  
Foreign Bonds ◽  
Diagram Representation

The traditional one-diagram representation of the portfolio balance model gets high marks for conciseness and efficiency but falls short in providing an intuitive understanding of the forces that drive the model. This paper offers an expanded graphical representation of the model. It features a diagram for each of the three assets considered by the portfolio balance model, domestic bonds, foreign bonds, and domestic money. The purpose is to make the economic adjustments that are taking place in the model's markets more intuitively obvious.

scholarly journals Une analyse économétrique de la demande et de l’offre de dépôts des sociétés de crédit populaire : le cas des Caisses populaires

2009 ◽  
Vol 55 (2) ◽  
pp. 207-229 ◽  
Author(s):  
Jean-Pierre D. Chateau
Keyword(s):  
Demand Function ◽  
Balance Model ◽  
Reduced Form ◽  
Supply Side ◽  
Flow Variable ◽  
Deposit Rate ◽  
Risk Return ◽  
Portfolio Balance ◽  
Public Views ◽  
The Impact

The aim of the study is to explain Quebec major credit union's deposit market by way of integrating its public demand function with the institution's rate-setting operation. The demand for Caisses' deposits is specified as a dynamic stock adjustment model. On the other hand, the intermediary's rate-setting reduced form is derived from a risk-return portfolio balance model in which the managers maximize the expected utility of reserves. The two models are integrated by means of a liability composite rate. Econometric estimates of the integrated model provide us with interesting policy insights. For instance, the Quebecois public views chartered banks' deposits as a weak substitute for Caisses' deposits; it is also more responsive to nonrate arguments, such as loan eligibility or the institution's ethnic appeal. On the supply side, competitive liability rates are more important than returns on assets when the Caisses set its deposit rate. Finally, the impact growth imbalance between loans and deposits is well captured by a flow variable, without infringing on the steady determination based on rates.

The Portfolio-Balance Model of Exchange Rates: Short-Run Behavior and Forecasting (The Korean Won/U.S. Dollar Case)

1993 ◽  
Vol 7 (4) ◽  
pp. 75-87 ◽  
Author(s):  
Hong-Ghi Min ◽  
Judy McDonald
Keyword(s):  
Exchange Rates ◽  
Balance Model ◽  
Portfolio Balance ◽  
Short Run
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