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O +&$*(R Expectations Channel of Monetary Policy**  ) Long rates are prices that matterOvernight rate are important only as a way to influence expectationsExpectations theory of the yield curve holdsLong rates determined by the expectations of future short ratesCommunication shapes expectationsT"F-b" F - b   +)Alan Blinder (1998)     [C]entral banks generally control only the overnight interest rate, an interest rate that is relevant to virtually no economically interesting transactions. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter - like long-term interest rates, stock market values and exchange rates. jj  h ~_ Background   Monetary policy works through financial marketsSeen through lens of IS curveCentral bank controls directly only overnight rateBut can influence long rates through expectations of future path for short ratesAffects consumption, investment...*NN    `Tinbergen-style Separation   _Price/output stabilisationMonetary policyFinancial stabilityPrudential/supervisory policiesT      &  F aTinbergen-style Separation   fPrice/output stabilisationMonetary policyPrice/output stabilisationPrudential/supervisory policiesX   $^  @    ! bUnwinding Financial Excess   Output costs of financial crisesFiscal costs of financial sector restructuringAsymmetry of mechanisms on the way up  on the way down *j"j "   dTwo Recent Papers   Ioannidou, Ongena and Peydro (2009)  Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment paper presented at NBER Summer Institutein a dollarized system (Bolivia) that banks take more credit risk and reduce the loan spreads when rates are lowJimenez, Ongena, Peydr and Saurina (2008) find that lower short-term rates prior to loan origination imply loans with higher hazard rate, whereas higher rates during the life of the loan increase hazard rateWorking paper, Bank of Spain and ECBr%#"""r""%""         k        eMain Findings   Decrease in Fed Funds rateIncreases hazard rate of default for new loansDecreases hazard rate of default for existing loansIncreases in lending to lower-rated borrowersat lower spreadsc* %  $% $   $ $  fMain Findings (continued)   iEffect most pronounced for banks with Lower capitalMore liquid assetsLower funds from foreign lenders<'B' B  i  ,*P Risk-Taking Channel of Monetary Policy))  ( Term coined by Borio and Zhou (2008) Supply of credit Financial market conditions Works through intermediary balance sheets Liquidity Kashyap and Stein (1990), Borio and Lowe (2002), Adrian and Shin (2008)& %gJ%  $` """""  -+Possible Clue   Decrease in Fed Funds rateIncreases hazard rate of default for new loansDecreases hazard rate of default for existing loansJdA  $% $  .,Possible Clue   Decrease in Fed Funds rateIncreases hazard rate of default for new loans Decreases hazard rate of default for existing loans [increases market value of assets]pA$ $%$$"$$  /-Possible Clue   Decrease in Fed Funds rateIncreases hazard rate of default for new loans [greater balance sheet capacity, take on marginal loans]Decreases hazard rate of default for existing loans [increases market value of assets]ZZA$ $8$$&$$#$  0.c"Duration of Assets and Liabilities##"( # Stylized Financial System   Stylized Financial System   Credit Demand    Demand for creditInvestment by households (esp. housing) and non-financial corporatesDurable goods consumption (consumer loans)Demand for financing by central and local governments. 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P>BVG9 h7 ;0KMOqTiXfl 3T9=&ǻ*pT}z ( $Q1Oh+'0 hp    ,4(Money, Liquidity and Monetary PolicyHyun Song Shinѱȸ30Microsoft PowerPoint@ @ZTi@EGl g  `  y--$xx--'@Times New Roman-. a{2 A Lecture 3."Systemf-@Times New Roman-. a{32 '*Prices and Quantities in the 0.-@Times New Roman-. a{@2 /&Monetary Policy Transmission Mechanism.-@Times New Roman-. =2 A2$Hyun Song Shin, Princeton University.-@Times New Roman-.  2 N$i.-@Times New Roman-. 72 N& Global Financial Crisis of 2007 .-@Times New Roman-.  2 Nki.-@Times New Roman-. 2 No2009: .-@Times New Roman-. @2 T&&Theoretical and Empirical Perspectives.-@Times New Roman-.  2 Tyi.-@Times New Roman-. `2 a;Summer Economics at SNU 2009 and Korea Economic Association.-՜.+,00   ȭ ̵  %G +Times New RomanArialCalibri MS PGothicDefault DesignPLecture 3 Prices and Quantities in the Monetary Policy Transmission Mechanism,Expectations Channel of Monetary PolicyAlan Blinder (1998) BackgroundTinbergen-style SeparationTinbergen-style SeparationUnwinding Financial ExcessTwo Recent PapersMain FindingsMain Findings (continued)+Risk-Taking Channel of Monetary PolicyPossible CluePossible CluePossible Clue Lending Capacity Increases#Duration of Assets and LiabilitiesStylized Financial SystemStylized Financial System3US Financial Intermediaries Total Assets (2007Q2)Credit DemandYield Curve (Credit Demand)Credit SupplyHaircut Curve (Credit Supply)1Procyclical Leverage of Five US Investment BanksRepo HaircutsPrimary Dealer Mean LeverageIOvernight repos, Financial CP and M2 (weekly, July 6 1994 as base date)3Repos and Financial CP as Fraction of M2 (weekly)CNew Issuance of Asset Backed Securities in Previous Three Months 3Focusing on bank lending only would be a mistake'Biggest Damage is Done in Contractions+But Seeds of Crises Are Sown in ExpansionsLImpulse Response of Broker-Dealer Asset Growth on Housing Investment Growth!Monetary Policy and Repo Growth Monetary Policy Lessons ̵ 36#Changing Nature of Monetary Policy  ۲ ̵ %$_ 0ѱȸ\mYՌ  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ Root EntrydO)Pictures6Current UserSummaryInformation(PowerPoint Document(=DocumentSummaryInformation8