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The curious incidence of monetary policy across the income distribution

Broer, Tobias; Kramer, John Vincent; Mitman, Kurt - 2022

We use high-frequency administrative data from Germany to study the effects of monetary policy on income and employment across the earnings distribution. Earnings growth at the bottom of the distribution is substantially more elastic to policy shocks. This unequal incidence is driven by...

Persistent link: https://www.econbiz.de/10014303044

A double-edged sword: High interest rates in capital-control regimes

2009

Persistent link: https://www.econbiz.de/10014306479

The optimal supply of central bank reserves under uncertainty

Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023

This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...

Persistent link: https://www.econbiz.de/10014480469

Transmissionsmechanismen der Geldpolitik

Baltensperger, Ernst (contributor) - 1999

Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht … inländischen Geldmenge orientierten Geldpolitik der Schweizerischen Nationalbank beeinflußt werden. -- Der Aufsatz von P. Bofinger … die These einer nichtlinearen Phillipskurve, was der Geldpolitik die Möglichkeit eröffnet, realwirtschaftliche Einflüsse …

Persistent link: https://www.econbiz.de/10014492661

Maturity shortening and market failure

Thierfelder, Felix - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...

Persistent link: https://www.econbiz.de/10010308262

Stock prices and monetary policy: Re-examining the issue in a New Keynesian model with endogenous investment

Grossi, Michele; Tamborini, Roberto - In: Economics: The Open-Access, Open-Assessment E-Journal 6 (2012) 2012-14, pp. 1-47

In this paper the authors present a New Keynesian quantitative model with endogenous investment and stock-market sector that may shed further light on two unsettled issues: whether central banks should include some financial indicator in their policy rules, and which indicator may be expected to...

Persistent link: https://www.econbiz.de/10010308738

Monetary policy trade-offs in a portfolio model with endogenous asset supply

Schüder, Stefan - 2011

This paper develops an open economy portfolio balance model with endogenous asset supply. Domestic producers finance capital goods through credit and bonds in accordance with debt capital costs as well as through equity assets. Private households hold a portfolio of domestic and foreign assets,...

Persistent link: https://www.econbiz.de/10010311698

Hyperbolic discounting and the Phillips curve

Graham, Liam; Snower, Dennis J. - In: Journal of money, credit and banking 40 (2008) 2/3, pp. 427-448

Persistent link: https://www.econbiz.de/10010313811

Interest rate signals and central bank transparency

Gosselin, Pierre; Lotz, Aileen; Wyplosz, Charles - 2007

The present paper extends the literature on central bank transparency that relies on information heterogeneity among private agents in four directions. First, it adds the interest rate to the list of signals that the central bank can reveal. Second, it allows for more than one economic...

Persistent link: https://www.econbiz.de/10010316724

The redistributive effects of monetary policy

Ledoit, Olivier - 2011

We introduce a model of the economy as a social network. Two agents are linked to the extent that they transact with each other. This generates well-defined topological notions of location, neighborhood and closeness. We investigate the implications of our model for monetary economics. When a...

Persistent link: https://www.econbiz.de/10010316933