A New Approach to Measure the Transmission Mechanism of Monetary Policy in the Intrinsic Value of Banks
Bibliographic record
Abstract
This paper investigates the transmission channels of monetary policy in the economy. Therefore, an economic and financial simulation model was developed based on the five main valuation models to estimate the intrinsic value of the five largest Brazilian banks as basic interest rates vary. This approach, in short, attempts to complement the traditional analysis of the transmission mechanism through the asset price channel by considering the intrinsic value channel of assets. The results show that the impact of these changes on the banking sector does not tend to affect its intrinsic values negatively. In fact, in most situations, banks increase their intrinsic value with lower base interest rates and lose very little intrinsic value when those rates rise. These findings demystify the notion that the main Brazilian banks prefer a macroeconomic environment with high basic interest rates and are useful to policymakers, investors, and other economic agents.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".