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Unconventional government debt purchases as a supplement to conventional monetary policy
Ellison, Martin; Tischbirek, Andreas - In: Journal of Economic Dynamics and Control 43 (2014) C, pp. 199-217
In response to the Great Financial Crisis, the Federal Reserve, the Bank of England and many other central banks have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional...
Persistent link: https://www.econbiz.de/10010776905
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Quantitative easing and the loan to collateral value ratio
Damjanovic, Tatiana; Girdėnas, Šarūnas - In: Journal of Economic Dynamics and Control 45 (2014) C, pp. 146-164
either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that … the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the … money multiplier in response to the drop in the loan to collateral value ratio. …
Persistent link: https://www.econbiz.de/10011051939
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Monetary Policy, macroprudential Policy, and Banking Stability: Evidence from the Euro Area
Maddalonia, Angela; Peydro, Jose-Luis - In: International Journal of Central Banking 9 (2013) 1, pp. 121-169
We analyze the impact on lending standards of monetary policy rates and macroprudential policy before the 2008 crisis, and of monetary rates and long-term public liquidity during the crisis. Exploiting the euro-area institutional setting for monetary and prudential policy and using the Bank...
Persistent link: https://www.econbiz.de/10010617354
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Pairwise trade, asset prices, and monetary policy
Nosal, Ed; Rocheteau, Guillaume - In: Journal of Economic Dynamics and Control 37 (2013) 1, pp. 1-17
We construct a search-theoretic model where fiat money coexists with real assets, and all assets can be used as a media … facts: (i) fiat money can be valued despite being dominated in its rate of return; (ii) real assets with identical dividend …
Persistent link: https://www.econbiz.de/10010871014
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Money, random matching and endogenous growth: A quantitative analysis
Chu, Angus C.; Kan, Kamhon; Lai, Ching-Chong; Liao, … - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 173-187
In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which...
Persistent link: https://www.econbiz.de/10010779382
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Investment, matching and persistence in a modified cash-in-advance economy
Auray, Stéphane; de Blas, Beatriz - In: Journal of Economic Dynamics and Control 37 (2013) 3, pp. 591-610
in productivity: hours fall, nominal wages hardly react, and real wages go up with some delay. Regarding money supply …
Persistent link: https://www.econbiz.de/10010608455
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Financial Frictions and Macroprudential Policy
Brzoza-Brzezina, Michal - In: International Journal of Central Banking 10 (2014) 2, pp. 249-261
Incorporating financial intermediaries, with their ability to generate shocks and frictions, into macroeconomic models has recently gained substantial attention of the profession. In this commentary I ask whether the models we generated are ripe to provide valuable, quantitative advice to...
Persistent link: https://www.econbiz.de/10010778575
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Imperfect interbank markets and the lender of last resort
Matsuoka, Tarishi - In: Journal of Economic Dynamics and Control 36 (2012) 11, pp. 1673-1687
only the money growth rate if commitment to interbank contracts is not limited. Otherwise, a proper combination of central …
Persistent link: https://www.econbiz.de/10010594912
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Income distribution, credit and fiscal policies in an agent-based Keynesian model
Dosi, Giovanni; Fagiolo, Giorgio; Napoletano, Mauro; … - In: Journal of Economic Dynamics and Control 37 (2013) 8, pp. 1598-1625
This work studies the relations between income distribution and monetary/fiscal policies using an credit-augmented version of the agent-based Keynesian model in Dosi et al. (2010). We model a banking sector and a monetary authority setting interest rates and credit lending conditions in a...
Persistent link: https://www.econbiz.de/10010679092
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The federal funds market, excess reserves, and unconventional monetary policy
Güntner, Jochen H.F. - In: Journal of Economic Dynamics and Control 53 (2015) C, pp. 225-250
Following the bankruptcy of Lehman Brothers, interbank borrowing and lending dropped, whereas reserve holdings of depository institutions skyrocketed, as the Fed injected liquidity into the U.S. banking sector. This paper introduces bank liquidity risk and limited market participation into a...
Persistent link: https://www.econbiz.de/10011209215