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Journal Article
The securitization of housing finance
Since 1970, housing finance has undergone a radical transformation due to the securitization of mortgage loans. As the market for mortgage securities continues to grow and develop, this transformation raises a number of important public policy issues.
Journal Article
The instruments of monetary policy
Journal Article
Developments in the secondary mortgage market
Journal Article
Monetary targets and inflation: the Canadian experience
Journal Article
Market value accounting for banks: pros and cons
Journal Article
Bank lending and monetary policy: evidence on a credit channel
While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the willingness and ability of banks to extend credit may have implications for the economy. Moreover, ongoing changes in the role of banks in financial markets may affect the credit channel and so alter the monetary transmission mechanism.> Recent research on a bank credit channel has focused on two questions. ...
Journal Article
The changing U.S. financial system : some implications for the monetary transmission mechanism
An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United States may have altered the interest rate channel. Key developments include the deregulation of the ...
Journal Article
Monetary policy without reserve requirements: analytical issues
Reserve requirements have traditionally been viewed as a key instrument of monetary policy. Indeed, textbook discussions of monetary policy typically center on the role of reserve requirements in determining the size of the money multiplier and the magnitude of bank credit expansion. In recent years, however, there has been a significant decline in the use of reserve requirements in the United States and in other industrialized countries. Many countries have made substantial cuts in the level of reserve requirements, and some countries have eliminated reserve requirements altogether.> The ...