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Bonds transaction services and the term structure of interest rates : implications for equilibrium determinacy

Marzo, Massimiliano; Zagaglia, Paolo - 2012 - This version: March 23, 2012

determinacy of rational expectations equilibria. We use a strongly-separable utility function to model short-term bonds providing … model. In this way, we study equilibrium determinacy properties within a context embedding the full information derived from … of monetary policy rule. Achieving solution determinacy requires to constraint policy coefficients to lie within bounds …

Persistent link: https://www.econbiz.de/10011731614

Optimal deficit-spending in a liquidity trap with long-term government debt

De Beauffort, Charles - 2022

When the government issues long-term bonds, the optimal time-consistent fiscal and monetary policy is to consolidate debt in a liquidity trap by increasing taxes and by taming public spending. This prescription is at odds with large deficit-spending undertaken in the US during previous liquidity...

Persistent link: https://www.econbiz.de/10013278929

Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

Persistent link: https://www.econbiz.de/10011710723

Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program

Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014

This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10010246072

Shall we twist?

Altermatt, Sophie; Beyeler, Simon - 2018

In recent monetary history, central banks around the world have started to introduce unconventional monetary policy measures, such as extending or restructuring the asset side of their balance sheet. The origin of these monetary policy tools goes back to an intervention by the U.S. Federal...

Persistent link: https://www.econbiz.de/10011961353

An equilibrium theory of nominal exchange rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …

Persistent link: https://www.econbiz.de/10012619299

Fixed income strategies based on the prediction of parameters in the NS model for the Spanish public debt market

Andrada Félix, Julián; Fernandez-Perez, Adrian; … - In: SERIEs : Journal of the Spanish Economic Association 6 (2015) 2, pp. 207-245

Using different econometric models, Diebold and Li (J Econom 130:337-364, 2006) addressed the practical problem of forecasting the yield curve by predicting the factors level, slope and curvature in the Nelson-Siegel framework. This paper has two main aims: on the one hand, to investigate the...

Persistent link: https://www.econbiz.de/10011311742

The ties that bind : monetary policy and government debt management ; [prepared for Volume 29 “Sovereign Debt” of the Oxford Review of Economic Policy]

Chadha, Jagjit; Turner, Philip; Zampolli, Fabrizio - 2013

The financial crisis and subsequent economic recession led to a rapid increase in the issuance of public debt. But large-scale purchases of bonds by the Federal Reserve, and other major central banks, have significantly reduced the scale and maturity of public debt that would otherwise have been...

Persistent link: https://www.econbiz.de/10010188528

Designing QE in a fiscally sound monetary union

Bletzinger, Tilman; Thadden, Leopold von - 2018

This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...

Persistent link: https://www.econbiz.de/10011856536

Sovereign risk premium and macroeconomy : causal relationship

Botey-Fullat, Maria; Marín-Palacios, Cristina; … - In: Contemporary economics 19 (2025) 1, pp. 18-45

In recent years, because of the 2008 financial crisis and the evolution of the sovereign debt markets, there has been a significant increase in interest in understanding the factors that determine the risk premium, becoming a key indicator of the financial stability of countries, and a measure...

Persistent link: https://www.econbiz.de/10015338584