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A Macroeconomic View on Banks’ Deposits after Monetary Interventions

Gianluca Cafiso & Giulia Rivolta

CESifo Economic Studies2024https://doi.org/10.1093/cesifo/ifae010article
AJG 2ABDC C
Weight
0.41

What the paper says

Abstract We study the evolution of bank deposits in response to monetary policy shocks. The objective is to assess whether a significant deposit channel, that is, an outflow of deposits when monetary conditions tighten (Drechsler et al. 2017), emerges at the macro level. The analysis relies on the estimation of a large Bayesian structural VAR for the USA, and monetary policy shocks are identified with Arias et al. (2019)’s method. We find some elements of the deposit channel, but our results suggest that its relevance for the transmission of monetary policy at the macro level is limited.

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https://doi.org/https://doi.org/10.1093/cesifo/ifae010

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@article{gianluca2024,
  title        = {{A Macroeconomic View on Banks’ Deposits after Monetary Interventions}},
  author       = {Gianluca Cafiso & Giulia Rivolta},
  journal      = {CESifo Economic Studies},
  year         = {2024},
  doi          = {https://doi.org/https://doi.org/10.1093/cesifo/ifae010},
}

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A Macroeconomic View on Banks’ Deposits after Monetary Interventions

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Evidence weight

0.41

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.26 × 0.4 = 0.10
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.