Three essays in monetary economics : central bank transparency and macroeconomic Implications of financial frictions.

Summary In this thesis, the objective of my research, in line with the literature that gives a prominent role to financial intermediaries in macroeconomic models, is to understand the mechanisms that allowed imperfect and perfect financial intermediation to affect the dynamics of the economy and the transmission of monetary policy, and to provide a new theoretical formulation for the evaluation of unconventional monetary policy. To do so, I first considered the impact of financial intermediation on the analysis of the effects of central bank transparency (chapter 2). In chapter 3, I focus on the role played by imperfect financial intermediation and financial frictions in the transmission of shocks: by what mechanisms does the presence of balance sheet-constrained financial intermediaries affect the impact of shocks on the macroeconomy? Finally, in the fourth chapter, I construct a theoretical model to analyze an important issue: the transmission mechanism of the effects of large-scale central bank purchases of leveraged securities, which has not been done in the existing literature.