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BEGIN:VEVENT
DTSTAMP:20260503T043647Z
DTSTART;VALUE=DATE-TIME:20240307T140000
DTEND;VALUE=DATE-TIME:20240307T153000
SUMMARY:Macro/International Seminar - Tommaso Monacelli (Bocconi)
TZID:Europe/London
UID:20240307-8a17841b8d797068018d843aef17601e@warwick.ac.uk
CREATED:20240301T120348Z
DESCRIPTION:Title: HBANK: Monetary Policy with Heterogeneous Banks Abstra
 ct: We study monetary\, liquidity\, and macroprudential policy transmiss
 ion in a Heterogeneous Bank New Keynesian (HBANK) model that is solved i
 n sequence space. Using a sufficient-statistic approach\, we show that t
 he combination of incomplete markets and costly bank insolvency breaks t
 he “as-if” result\, generating substantial amplification of policy shock
 s relative to the representative-bank benchmark. There is a trade-off be
 tween macroeconomic and financial stabilization: contractionary monetary
  policy worsens financial stability by raising the likelihood of bank in
 solvency in the lower tail of the bank size distribution. We enrich our 
 baseline framework with departures from perfect deposit and credit marke
 t competition and apply it to the study of monetary\, forward guidance\,
  macroprudential\, and reserve requirement policies. We validate our mod
 el empirically with novel cross-sectional and time-series facts on U.S. 
 commercial banks.
LOCATION:S2.79
CATEGORIES:Macro/International Seminar
LAST-MODIFIED:20240301T120348Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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