Showing 1 - 10 of 1,047
-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro …
Persistent link: https://www.econbiz.de/10012142104
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/10012422094
-section of individual bank portfolio decisions. For this purpose, an augmented version of the DSGE model of Gertler and Karadi … liquidity constraints as well as different credit and market risk characteristics. The deep parameters of the DSGE model which …
Persistent link: https://www.econbiz.de/10011605961
We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the …
Persistent link: https://www.econbiz.de/10011606018
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014374684
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers’ bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10011605053
Flexibility has progressively become a distinctive feature of the implementation of the Eurosystem's asset purchases. In its many manifestations, flexibility has also been used by asset managers in the daily selection of sovereign bonds to limit the impact of asset purchases on repo market...
Persistent link: https://www.econbiz.de/10015199443
Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US monetary policy shocks on macro-financial outcomes in emerging market economies (EMEs). We shed...
Persistent link: https://www.econbiz.de/10015199446
We study how monetary policy shapes the aggregate and distributional effects of an energy price shock. Based on the observed heterogeneity in consumption exposures to energy and household wealth, we build a quantitative small open-economy HANK model that matches salient features of the Euro Area...
Persistent link: https://www.econbiz.de/10015199468
Using a novel dataset linking firm level data from the Survey on Access to Finance of Enterprises (SAFE) and bank level data from the Bank Lending Survey (BLS), we explore how changes in credit standards pass through to firms at a granular level. We find that tighter credit standards decrease...
Persistent link: https://www.econbiz.de/10015199485