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The effects of monetary policy : a meta-analysis : presented at CESifo Area Conference on Macro, Money and International Finance, February 2004

De Grauwe, Paul; Costa, Cláudia - 2004

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

Persistent link: https://www.econbiz.de/10011449687

The signaling role of municipal currencies in local development

Jayaraman, Rajshri; Oak, Mandar - 2003

The last decade has seen the burgeoning of several hundred local community currency institutions in cities across the world. Although residents of these communities claim that local currency promotes local development, how if at all it does so has hitherto been unexplored. This paper argues that...

Persistent link: https://www.econbiz.de/10011507689

The dynamics of deposit insurance and the consumption trap

Gersbach, Hans; Wenzelburger, Jan - 2001

We investigate a banking system subject to repeated macroeconomic shocks and show that without deposit rate control, the banking system collapses with certainty. Any initial level of reserves will delay the collapse but not avoid it. Even without a banking collapse, the economy still converges...

Persistent link: https://www.econbiz.de/10011399268

Financial intermediation and the creation of macroeconomic risks

Gersbach, Hans - 2002

We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient if there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a...

Persistent link: https://www.econbiz.de/10011409445

The price of liquidity : bank characteristics and market conditions

Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - 2009

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks' reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...

Persistent link: https://www.econbiz.de/10003817884

Endogenous systemic liquidity risk

Cao, Jin; Illing, Gerhard - 2009

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...

Persistent link: https://www.econbiz.de/10003833348

How do bank capital and capital adequacy regulation affect the monetary transmission mechanism?

Tanaka, Misa - 2002

This paper analyzes the effect of bank capital adequacy regulation on the monetary transmission mechanism. Using a general equilibrium framework and a representative bank, the model demonstrates that the monetary transmission mechanism is weakened if banks are poorly capitalized, or if the...

Persistent link: https://www.econbiz.de/10011538929

The new international architecture

Dornbusch, Rudiger - 2002

In 1998 Rüdiger Dornbusch gave the Munich Lectures in Economics entitled International Financial Crises . The CES Academic Council awarded him the prize and title Distinguished CES Fellow for his outstanding work on the monetary theory of foreign trade.Rüdiger Dornbusch passed away on July 25,...

Persistent link: https://www.econbiz.de/10011541194

International Financial Crises

Dornbusch, Rudiger; Fischer, Stanley - 2003

Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...

Persistent link: https://www.econbiz.de/10011507825

Unemployment in Britain : a European success story

Pissaridēs, Christophoros A. - 2003

reasons are the reform of monetary policy, in 1993 with the adoption of inflation targeting and in 1997 with the establishment … of trade union power contributed to the control of wage inflation. The major continental economies failed to match UK … performance because of institutional rigidities, despite low inflation expectations. …

Persistent link: https://www.econbiz.de/10011508067