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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

Unrealistic optimism: still a neglected trait

Coelho, Marta - London School of Economics (LSE) - 2010

trend of extending lending to business start-ups, on the grounds that it may create a real road to ruin. Originality …

Persistent link: https://www.econbiz.de/10011128050

The European rescue of the Washington Consensus? EU and IMF lending to Central and Eastern European countries

Lütz, Susanne; Kranke, Matthias - London School of Economics (LSE) - 2010

preference for austerity in recent crisis lending. Though widely welcomed as overdue, the IMF’s shift away from what John …)learning that have shaped the EU’s relations vis-à-vis CEE borrowing countries in comparison to the IMF’s: (1) a disadvantageous …

Persistent link: https://www.econbiz.de/10011071093

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

Do Euro area countries respond asymmetrically to the common monetary policy?

Barigozzi, Matteo; Conti, Antonio; Luciani, Matteo - London School of Economics (LSE) - 2012

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of quarterly variables including data on the aggregate Euro Area, as well...

Persistent link: https://www.econbiz.de/10010745032

The optimal consumption function in a Brownian model of accumulation part b: existence of solutions of boundary value problems

Foldes, Lucien - London School of Economics (LSE) - 2014

In Part A of the present study, subtitled 'The Consumption Function as Solution of a Boundary Value Problem' Discussion Paper No. TE/96/297, STICERD, London School of Economics, we formulated a Brownian model of accumulation and derived sufficient conditions for optimality of a plan generated by...

Persistent link: https://www.econbiz.de/10011170087

Global capital markets, housing prices, and partisan fiscal policies

Ansell, Ben; Broz, Lawrence - London School of Economics (LSE) - 2015

their impact on housing prices. Where capital inflows are large and housing prices are rising, we expect voters to respond … insurance spending tend to fall (rise) where the right (left) is in power and capital inflows are driving up housing prices. In …

Persistent link: https://www.econbiz.de/10011167209

Do homeowners benefit urban neighborhoods? evidence from housing prices

Kortelainen, Mika; Saarimaa, Tuukka - London School of Economics (LSE) - 2012

treatment of owner-occupied housing on economic efficiency and growth are large and well documented in the economics literature …. The main argument in favor of subsidizing owner-occupied housing is that it creates positive externalities that offset … that capitalize into housing prices in multi-storey buildings. Using semiparametric hedonic regressions with and without …

Persistent link: https://www.econbiz.de/10011125920

The economics implications of house price capitalization a survey of an emerging literature

Hilber, Christian A. L. - London School of Economics (LSE) - 2011

House price capitalization – the adjustment of house prices to changes in local public service and tax levels – has long been thought to be a means of testing for efficiency in the local public sector. In this article I argue that the extent of house price capitalization itself may have...

Persistent link: https://www.econbiz.de/10011126064

Valuing school quality using boundary discontinuities

Gibbons, Stephen; Machin, Stephen; Silva, Olmo - London School of Economics (LSE) - 2012

Existing research shows that house prices respond to local school quality as measured by average test scores. However, higher test scores could signal better quality teaching and academic value-added, or higher ability, sought-after intakes. In our research, we show decisively that value-added...

Persistent link: https://www.econbiz.de/10011126121