Ángel Fernández

Specialist in Economic Research

Estudios realizados

Bachiller en Economía

Pontificia Universidad Católica del Perú (Perú)
2009.

Maestría en Economía

Pontificia Universidad Católica del Perú (Perú)
2013.

Doctor en Economía

Boston University
2024.

Areas of interest

Macroeconomics and Monetary Economics
Monetary Policy and Central Banking
CBDC

Keywords

monetary policy

Perfiles académicos:

Ideas

Ángel Fernández Rojas holds a PhD in Economics from Boston University. His research interests includes monetary economics, banking, and macroeconomics.

Main Publications

Monetary Policy, Bank Heterogeneity and the Marginal Propensity to Lend

I study how bank heterogeneity affects the role of deposits in the monetary transmission to aggregate bank lending. I develop a banking model where banks face financial frictions to substitute deposits with wholesale funding, which exposes bank lending to idiosyncratic deposit shocks. When banks are heterogeneous in the degree of financial frictions they face, the aggregate response of bank lending to monetary shocks depends on a deposit heterogeneity channel, which comes from the covariance of marginal propensities to lend (MPLs) and responses of deposits to monetary shocks. I use U.S. bank-level data to calibrate the model and find that heterogeneity in the degree of financial frictions dampens monetary policy by at least 17%.

A Banking model with digital payments

This paper examines the impact of digital payments on the banking sector through a partial equilibrium model. In this model, banks make loans using deposits and wholesale funding, which is subject to financial frictions. We find that digital payments increase the demand for deposits, thereby increasing banks' market power and their loan supply. Furthermore, this financial innovation strengthens the transmission of monetary policy to the firm’s financing costs. However, the benefits of digital payments in terms of increased lending and lower financing costs for firms are limited when the higher liquidity of deposits raises the transaction costs of using cash.