Monetary policy transmission through shadow and traditional banks / by Amina Enkhbold.: FB3-5/2024-8E-PDF
"I investigate how monetary policy transmits to mortgage rates via the mortgage market concentration channel for both traditional and shadow banks in the United States from 2009 to 2019. On average, shadow and traditional banks exhibit only a slight disparity in transmitting monetary shocks to mortgage rates. Nonetheless, in highly concentrated mortgage markets, shadow banks transmit marginally 35 basis points (bps) more, whereas traditional banks transmit marginally 25 bps less in response to a monetary policy surprise of more than 100 bps. Lastly, banks serve different parts of the mortgage rate distribution: (i) fintech lenders compete with traditional banks for the highest rates, (ii) traditional banks target primarily the middle of the mortgage rate distribution, and (iii) non-fintech lenders specialize in the lowest rates by transmitting monetary policy the least"--Abstract, page ii.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.935798&sl=0
| Department/Agency | Bank of Canada, issuing body. |
|---|---|
| Title | Monetary policy transmission through shadow and traditional banks / by Amina Enkhbold. |
| Series title | Staff working paper = Document de travail du personnel,1701-9397 ; 2024-8 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | ISSN assigned to different series. "Last updated: March 21, 2024." Includes bibliographical references (pages 23-24). Includes abstracts in English and French. |
| Publishing information | [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 |
| Author / Contributor | Enkhbold, Amina, author. |
| Description | 1 online resource (ii, 24 pages) : charts. |
| Catalogue number |
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| Subject terms | Monetary policy -- United States. Mortgages -- Rates -- United States. Nonbank financial institutions -- United States. Politique monétaire -- États-Unis. Hypothèques -- Tarifs -- États-Unis. Institutions financières non bancaires -- États-Unis. |
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