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X-WR-CALNAME:Department of Economics at Columbia University
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X-WR-CALDESC:Events for Department of Economics at Columbia University
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DTSTART;TZID=America/New_York:20250225T100000
DTEND;TZID=America/New_York:20250225T120000
DTSTAMP:20260404T024605
CREATED:20250207T193949Z
LAST-MODIFIED:20250211T181250Z
UID:39411-1740477600-1740484800@econ.columbia.edu
SUMMARY:"The Deposits Channel of Monetary Policy: A Critical Review" with Professor Rafael Repullo
DESCRIPTION:\n“The Deposits Channel of Monetary Policy: A Critical Review” with Professor Rafael Repullo\n(Part 1 of a two-part Mini Course series\, sponsored by the Program for Economic Research)\n \nPER Mini Course Instructor\, Professor Rafael Repullo\nProfessor of Economics at Center For Monetary And Financial Studies \nRafael Repullo\, Professor of Economics at the Center for Monetary and Financial Studies (CEMFI)\, will be visiting Columbia to host a two-part mini course series on the topic of “The Transmission of Monetary Policy when Banks have Market Power.” Please see the detailed information below for further course information and to RSVP. \nMini Course Series\, Part 1: “The Deposits Channel of Monetary Policy: A Critical Review“ \nDate: Tuesday\, February 25\, 2025\nTime: 10:00am – 12:00pm\nLocation: IAB 1027\n\n\nAbstract:\nDrechsler\, Savov\, and Schnabl (2017) claim that increases in the monetary policy rate lead to reductions in bank deposits\, which account for the subsequent contraction in lending. This paper reviews their theoretical analysis\, based on a model of imperfect competition with differentiated deposits\, showing that the relationship between the policy rate and the equilibrium amount of deposits is either flat or upward sloping in the relevant range. Moreover\, this is consistent with their panel regression results showing that an increase in the policy rate leads to smaller changes in deposits at branches with high market power. These results question the theoretical underpinnings of the “deposits channel” of monetary policy transmission.\n  \nPlease note that an RSVP is required to attend this event. Please click here to RSVP.\n\nLight refreshments will be served.\n\nInformation for the second lecture in the course series (on 2/27/25) can be found here. \n
URL:https://econ.columbia.edu/event/per-mini-course-professor-rafael-repullo/
LOCATION:International Affairs Building\, 10th Floor
CATEGORIES:PER,PER Events
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