Narrow search
Showing 1 - 10 of 234
Cover Image
Financial Frictions and Optimal Monetary Policy in an Open Economy
Kolasa, Marcin - 2011
A growing number of papers have studied positive and normative implications of financial frictions in DSGE models. We contribute to this literature by studying the welfare-based monetary policy in a two-country model characterized by financial frictions, alongside a number of key features, like...
Persistent link: https://www.econbiz.de/10013125365
Cover Image
Financial Cycles, Credit Bubbles and Stabilization Policies
Schuler, Tobias - 2019
requirement reduces the impact of a financial bubble significantly while central bank intervention (“leaning against the wind …
Persistent link: https://www.econbiz.de/10012858317
Cover Image
Optimal Monetary Policy with Uncertainty About Financial Frictions
Moessner, Richhild - 2021
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10013317582
Cover Image
Banks, Shadow Banking, and Fragility
Luck, Stephan - 2014
This paper studies a banking model of maturity transformation in which regulatory arbitrage induces the coexistence of regulated commercial banks and unregulated shadow banks. We derive three main results: First, the relative size of the shadow banking sector determines the stability of the...
Persistent link: https://www.econbiz.de/10013049188
Cover Image
Bank Contagion in General Equilibrium
Ferrari, Massimo Minesso - 2020
In this paper, I incorporate a complex network model into a state of the art stochastic general equilibrium framework with an active interbank market. Banks exchange funds one another generating a complex web of interbanking relations. With the tools of network analysis it is possible to study...
Persistent link: https://www.econbiz.de/10012829647
Cover Image
Optimal monetary policy with uncertainty about financial frictions
Moessner, Richhild - 2006
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10011604685
Cover Image
Monetary policy and capital regulation in the US and Europe
Cohen-Cole, Ethan; Morse, Jonathan - 2010
From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered … has partial control over bank regulation it can exercise regulatory lenience. Two, the Fed’s stronger output orientation …
Persistent link: https://www.econbiz.de/10011605268
Cover Image
Optimal Monetary Policy, Asset Purchases, and Credit Market Frictions
Schabert, Andreas - 2014
This paper examines how credit market frictions affect optimal monetary policy and if there is a role for central bank … asset purchases. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents … that the central bank cannot implement the first best allocation and that optimal monetary policy mainly aims at …
Persistent link: https://www.econbiz.de/10013045600
Cover Image
Credit and the Natural Rate of Interest
De Fiore, Fiorella; Tristani, Oreste - 2021
We analyze the properties of the natural rate of interest in an economy where nominal debt contracts generate a spread between loan rates and the policy interest rate. In our model, monetary policy has real effect in the flexible-price equilibrium, because it affects the credit spread. Relying...
Persistent link: https://www.econbiz.de/10013316546
Cover Image
Bank Heterogeneity and Monetary Policy Transmission
Brissimis, Sophocles N. - 2010
this policy through banks. This paper examines the role of bank liquidity, capitalization and market power as internal … monetary policy change on bank performance is also considered. The empirical analysis, using large panel datasets for the … rates by disaggregating down to the individual bank level. This is achieved by the use of a Local GMM technique that also …
Persistent link: https://www.econbiz.de/10013139446