00000nam 2200000zi 4500 9.935798 CaOODSP 20240322114554 m o d f cr |n||||||||| 240322t20242024oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-us--- FB3-5/2024-8E-PDF Enkhbold, Amina, author. Monetary policy transmission through shadow and traditional banks / by Amina Enkhbold. [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 1 online resource (ii, 24 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-8 ISSN assigned to different series. "Last updated: March 21, 2024." Includes bibliographical references (pages 23-24). "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. Includes abstracts in English and French. 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. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2024-8. (CaOODSP)9.806221 PDF 669 KB https://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-8-eng.pdf