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The impact of wealth on consumption and retirement behaviour in the UK

Blake, David - London School of Economics (LSE) - 2002

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement … behaviour in the UK. Housing and state pension wealth have a positive effect on consumption, while private pension wealth … promotes greater savings. Greater private defined benefit pension wealth encourages earlier retirement, while greater de …

Persistent link: https://www.econbiz.de/10011071212

Debt and incomplete financial markets: a case for nominal GDP targeting

Sheedy, Kevin D. - London School of Economics (LSE) - 2013

Financial markets are incomplete, thus for many agents borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper argues that a monetary...

Persistent link: https://www.econbiz.de/10010746283

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326

Insiders versus outsiders in monetary policymaking

Besley, Timothy; Meads, Neil; Surico, Paolo - London School of Economics (LSE) - 2008

Persistent link: https://www.econbiz.de/10010744911

Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution

Buiter, Willem H. - London School of Economics (LSE) - 2003

An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...

Persistent link: https://www.econbiz.de/10010745321

Central banks and financial crises

Buiter, Willem H. - London School of Economics (LSE) - 2008

The paper draws lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Macroeconomic stability is defined as either price stability or as price stability and sustainable output or employment growth. Financial...

Persistent link: https://www.econbiz.de/10010745389

Monetary policy and welfare in a small open economy

De Paoli, Bianca - London School of Economics (LSE) - 2004

This paper characterizes welfare in a small open economy and derives the corresponding optimal monetary policy rule. It shows that the utility-based loss function for a small open economy is a quadratic expression in domestic inflation, output gap and real exchange rate. In contrast to previous...

Persistent link: https://www.econbiz.de/10010745516

The importance of the wording of the ECB

Rosa, Carlo; Verga, Giovanni - London School of Economics (LSE) - 2005

This paper analyses the ECB communication, focusing in particular on its transparency dimension. We posit that if the ECB is transparent about its future policy decisions, then we should be able to forecast fairly well its future interest rate setting behaviour. We find that the predicting...

Persistent link: https://www.econbiz.de/10010745720

The impact of central bank announcements on asset prices in real time: testing the efficiency of the Euribor futures market

Rosa, Carlo; Verga, Giovanni - London School of Economics (LSE) - 2006

This paper examines the effect of European Central Bank communication on the price discovery process in the Euribor futures market using a new tick-by-tick dataset. First, we show that two pieces of news systematically hit financial markets on Governing Council meeting days: the ECB policy rate...

Persistent link: https://www.econbiz.de/10010745786

Central bank's two-way communication with the public and inflation dynamics

Aoki, Kosuke; Kimura, Takeshi - London School of Economics (LSE) - 2008

Using a model of island economy where financial markets aggregate dispersed information of the public, we analyze how two-way communication between the central bank and the public affects inflation dynamics. When inflation target is observable and credible to the public, markets provide the bank...

Persistent link: https://www.econbiz.de/10010746305

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