Essays on unconventional monetary policy

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dc.contributor Hoover, Gary Allen
dc.contributor Enders, Walter
dc.contributor Mobbs, Houston Shawn
dc.contributor Jackson, William E.
dc.contributor.advisor Reed, Robert R. Medina, Juan 2017-03-01T17:23:55Z 2017-03-01T17:23:55Z 2015
dc.identifier.other u0015_0000001_0001927
dc.identifier.other Medina_alatus_0004D_12436
dc.description Electronic Thesis or Dissertation
dc.description.abstract This dissertation is comprised of three essays in which we provide a theoretical framework to study the transmission mechanism of unconventional monetary policy on real activity and credit markets under differing degrees of banking sector concentration. In particular, the three chapters in this dissertation focus on expansionary balance ­sheet policies consisting of long­-term asset purchases by a central bank. The overall results indicate that such expansionary policies stimulate economic activity in the form of capital formation, increased credit volume and financial easing under low short-­term interest rate economies when the financial sector is perfectly competitive. However, when the banking sector is fully concentrated, the transmission mechanism of monetary policy can be distorted and thus the impact of a long-term security purchase program is hampered. Our results also suggest that the fiscal authority as well as the industrial organization of the banking sector play fundamental roles in the transmission mechanism of unconventional monetary policy.
dc.format.extent 100 p.
dc.format.medium electronic
dc.format.mimetype application/pdf
dc.language English
dc.language.iso en_US
dc.publisher University of Alabama Libraries
dc.relation.ispartof The University of Alabama Electronic Theses and Dissertations
dc.relation.ispartof The University of Alabama Libraries Digital Collections
dc.relation.hasversion born digital
dc.rights All rights reserved by the author unless otherwise indicated.
dc.subject.other Economics
dc.subject.other Economic theory
dc.title Essays on unconventional monetary policy
dc.type thesis
dc.type text University of Alabama. Dept. of Economics, Finance, and Legal Studies Economics (Business) The University of Alabama doctoral Ph.D.

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