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Essays on Business Cycles, Banks, and Money.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Business Cycles, Banks, and Money./
Author:	Langlais, Cory Emile.
Description:	1 online resource (175 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-10, Section: A.
Contained By:	Dissertations Abstracts International85-10A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382192598

Essays on Business Cycles, Banks, and Money.
Langlais, Cory Emile.

Essays on Business Cycles, Banks, and Money. - 1 online resource (175 pages)

Source: Dissertations Abstracts International, Volume: 85-10, Section: A.

Thesis (Ph.D.)--University of Toronto (Canada), 2024.

Includes bibliographical references

This thesis studies the relationship between business cycles, banks, and money. The first chapter focuses on the relationship between bank credit supply and economic volatility. I build a DSGE model with nominal and financial frictions. The novel aspect of the model is the banking sector which finances its lending activity with both pre-accumulated household savings and deposits that are created-ex nihilo-by the banking sector. I contribute to the literature by studying the relative importance of bank credit supply shocks in driving economic volatility. The model is estimated using US data. There are three main results of this chapter. First, I find that an unexpected contraction in the supply of bank credit leads to an economic recession. Second, bank credit supply shocks account for 55% of the volatility in investment and GDP. Third, the model can replicate two stylized facts previous models failed to capture: bank net worth is sticky and bank leverage is procyclical.In the second chapter I focus on the Canadian banking sector. The first half of the chapter provides a brief historical account of the development of the banking system in Canada and makes comparisons with the development of the US banking system. The second half of the chapter uses detailed bank-level balance sheet data of the Big Five Canadian banks to tease out six stylized facts of the Canadian banking sector. They are: first, it is dominated by five large banks; second, credit is deepening; third, net worth is 'sticky'; fourth, leverage is procyclical; fifth, balance sheet risk is falling; and sixth, rising bank output is driven by liquid liabilities.In the third chapter I estimate a bank credit supply shock using both firm and bank qualitative survey data regarding lending/borrowing conditions in the Canadian economy. The survey data is purged of factors which also affect loan demand. Using a monetary VAR model, I find that an unexpected one-standard-deviation contraction of bank credit supply leads to a mild economic recession. Moreover, I find that the results are robust to a variety of specifications and a different identification strategy.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382192598Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Bank credit supply shockIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Business Cycles, Banks, and Money.
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504 $a Includes bibliographical references
520 $a This thesis studies the relationship between business cycles, banks, and money. The first chapter focuses on the relationship between bank credit supply and economic volatility. I build a DSGE model with nominal and financial frictions. The novel aspect of the model is the banking sector which finances its lending activity with both pre-accumulated household savings and deposits that are created-ex nihilo-by the banking sector. I contribute to the literature by studying the relative importance of bank credit supply shocks in driving economic volatility. The model is estimated using US data. There are three main results of this chapter. First, I find that an unexpected contraction in the supply of bank credit leads to an economic recession. Second, bank credit supply shocks account for 55% of the volatility in investment and GDP. Third, the model can replicate two stylized facts previous models failed to capture: bank net worth is sticky and bank leverage is procyclical.In the second chapter I focus on the Canadian banking sector. The first half of the chapter provides a brief historical account of the development of the banking system in Canada and makes comparisons with the development of the US banking system. The second half of the chapter uses detailed bank-level balance sheet data of the Big Five Canadian banks to tease out six stylized facts of the Canadian banking sector. They are: first, it is dominated by five large banks; second, credit is deepening; third, net worth is 'sticky'; fourth, leverage is procyclical; fifth, balance sheet risk is falling; and sixth, rising bank output is driven by liquid liabilities.In the third chapter I estimate a bank credit supply shock using both firm and bank qualitative survey data regarding lending/borrowing conditions in the Canadian economy. The survey data is purged of factors which also affect loan demand. Using a monetary VAR model, I find that an unexpected one-standard-deviation contraction of bank credit supply leads to a mild economic recession. Moreover, I find that the results are robust to a variety of specifications and a different identification strategy.
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653 $a Business cycles
653 $a Money creation
653 $a Financial frictions
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