Mauricio Salgado-Moreno

I am a Research Economist at the Bank of England.

I obtained my Ph.D. at the Humboldt-Universität zu Berlin under the Ph.D. program at the Berlin School of Economics (BSE, formerly known as BDPEMS). Until August 2022 I was a research associate at the Institute of Economic Policy (under Lutz Weinke) at the Humboldt-Universität zu Berlin.

My research interests are Monetary Economics and Macro-Finance using theoretical and empirical methods. My teaching experience ranges from undergraduate to graduate level classes, and is centered on the fields of macroeconomics and monetary economics.

Job Market Paper:

Abstract: The operational framework in the U.S. changed from a corridor to a floor system in 2008 as a consequence of unconventional policies implemented to mitigate the Great Financial Crisis. In this paper I examine the effects of this switch on the transmission mechanism of conventional monetary policy. Concretely, I analyze if the bank-lending channel changed due to the alterations in the operational system. To this end, I first estimate a Hybrid-VAR model using U.S. data for both the pre-switch and post-switch sample. In the sample prior to the operational framework switch the bank-lending channel is shown to be active. However, in the post-switch sample, bank loans increase after a policy tightening shock. Additionally, I develop a regime-switching two-agent New Keynesian (TANK) model with an interbank market to compare the transmission mechanism of conventional policy across both systems. In line with the estimates, I find that under the old-style corridor system real activity declines after a monetary contraction. However, I show that under a new-style floor system, monetary tightening stimulates credit supply, due to the presence of a friction introduced by banks’ liquidity management costs.

Keywords: TANK; Monetary Transmission Mechanism; Interbank Market; Liquidity Management

JEL Classification: E42, E44, E51, E52

Introduction and link to full paper.

References:

Professor of Economics

Humboldt-Universität zu Berlin

School of Business and Economics

Economic Theory II (Macro)

Spandauer Str. 1

10178 Berlin, Germany

burda@wiwi.hu-berlin.de

Professor of Economics &

Head of Department

Department of Economics

BI Norwegian Business School

Nydalsveien 37

0484 Oslo, Norwegia

tommy.sveen@bi.no

Professor of Economics

Humboldt-Universität zu Berlin

School of Business and Economics

Institute of Economic Policy

Spandauer Str. 1

10178 Berlin, Germany

lutz.weinke@wiwi.hu-berlin.de

Contact:

Monetary Analysis, Monetary and Financial Conditions DivisionBank of EnglandThreadneedle Street, London EC2R 8AHTel: +44 20 3461 2457
E-mail: Mauricio.SalgadoMoreno@bankofengland.co.ukLinkedIn: Mauricio Salgado MorenoTwitter: @MacroMau

Upcoming presentations/seminars:

October 2022 - PhD Workshop on Quantitative Dynamic Economics (Konstanz, Germany)

October 2022 - Non-traditional Data, Machine Learning, and Natural Language Processing in Macroeconomics at Riksbank (Stockholm, Sweden)

September 2022 - 4th ICEA Money-Macro-Finance Conference (Warsaw, Poland)

September 2022 - IFABS 2022 (Naples, Italy) [co-author presentation]

Recent presentations/seminars:

August 2022 - EEA-ESEM (Milano, Italy) [co-author presentation]

July 2022 - Dynare Conference 2022 (Lancaster, UK) [co-author presentation]

June 2022 - 8th Annual Conference of the International Association for Applied Econometrics (IAAE) (London, England)

May 2022 - Columbia University/Bank Policy Institute 2022 Bank Regulation Research Conference (New York, USA)

May 2022 - 26th Spring Meeting for Young Economists (Orleans, France)

April 2022 - Royal Economic Society Annual Meeting (Online)

January 2022 - AEA/ASSA Annual Meeting 2022 (Online) [Poster]

November 2021 - Bank of England's One Bank Seminar (Online)

November 2021 - 2nd Climate Macro Workshop Berlin & Potsdam

October 2021 - Latin American Meeting of the Econometric Society (LAMES) Annual Meeting (Online)