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Central-banking challenges for the Riksbank: Monetary policy, financial-stability policy and asset management

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2012

The Riksbank faces challenges with regard to each of its three core functions, conducting monetary policy with the objective of stabilising inflation around the inflation target and resource utilisation around a sustainable level, promoting a safe and efficient payment system and thereby...

Persistent link: https://www.econbiz.de/10011083263

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

Bubbles and Central Banks: Historical Perspectives

Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015

This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...

Persistent link: https://www.econbiz.de/10011249380

U.S. Monetary Shocks and Global Stock Prices

Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010

This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...

Persistent link: https://www.econbiz.de/10008692313

One Money, One Market: Estimating the Effect of Common Currencies on Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 1999

A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries … exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate …

Persistent link: https://www.econbiz.de/10005666776

Does the WTO Make Trade More Stable?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2004

dampening effect on trade volatility. …

Persistent link: https://www.econbiz.de/10005789132

Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates

Mishra, Prachi; Montiel, Peter J; Pedroni, Peter; … - C.E.P.R. Discussion Papers - 2014

. Long-run restrictions are used to identify such shocks. Using a heterogeneous structural panel VAR approach, we find that …

Persistent link: https://www.econbiz.de/10011083597

Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy

Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014

We show that banks' cash flow exposure to interest rate risk, or income gap, plays a crucial role in their lending behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates increases significantly with their income gap, even when...

Persistent link: https://www.econbiz.de/10011145414

Household Debt and Social Interactions

Georgarakos, Dimitris; Haliassos, Michalis; Pasini, Giacomo - C.E.P.R. Discussion Papers - 2012

Debt-induced crises, including the subprime crisis, are usually attributed exclusively to supply-side factors. We examine the role of social influences on debt culture, emanating from perceived average income of peers. Utilizing unique information from a household survey, representative of the...

Persistent link: https://www.econbiz.de/10011084156

Consumption Smoothing and Income Redistribution

Bertola, Giuseppe; Koeniger, Winfried - C.E.P.R. Discussion Papers - 2007

We show theoretically that income redistribution benefits borrowing-constrained individuals more than is implied by standard relative-income and uninsurable-risk considerations. Empirically, we find in international opinion-survey data that younger and lower-income individuals express stronger...

Persistent link: https://www.econbiz.de/10005666473