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The General Theory as "depression economics"? : financial instability and crises in Keynes's monetary thought

Bibow, Jörg - 2020

This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus … Great Depression may have informed his General Theory. Exploring the connection between the experience of the Great … Depression and the theoretical framework Keynes presents in The General Theory, the assumption of a constant money stock …

Persistent link: https://www.econbiz.de/10012291986

International Transmission of Interest Rates : The Role of International Reserves and Sovereign Debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Persistent link: https://www.econbiz.de/10013240933

International credit markets and global business cycles

Pintus, Patrick A.; Wen, Yi; Xin, Xiaochuan - 2018 - This version: May 14, 2018

This paper stresses a new channel through which global financial linkages contribute to the co-movement in economic activity across countries. We show in a two-country setting with borrowing constraints that international credit markets are subject to self-fulfilling variations in the world real...

Persistent link: https://www.econbiz.de/10011911509

Money Market Volatility − A Simulation Study

Kempa, Michal - 2007

This paper analyses different operational central bank policies and their impact on the behaviour of the money market interest rate. The model combines profit maximising behaviour by commercial banks with the central bank supplying the liquidity that keeps the market rate on target. It seems...

Persistent link: https://www.econbiz.de/10014223773

Knowledge and the political economy of TARP

Hoffmann, Michael E. S. - In: Journal of financial economic policy 5 (2013) 3, pp. 300-312

Persistent link: https://www.econbiz.de/10010364854

Financial Crises : A Survey

Sufi, Amir; Taylor, Alan M. - 2021

Financial crises have large deleterious effects on economic activity, and as such have been the focus of a large body of research. This study surveys the existing literature on financial crises, exploring how crises are measured, whether they are predictable, and why they are associated with...

Persistent link: https://www.econbiz.de/10013215573

Subjective Interest Rate Uncertainty and the Macroeconomy : A Cross-Country Analysis

Istrefi, Klodiana - 2016

We ask whether uncertainty about interest rates is important for economic activity. Causal effects of uncertainty on the economy are examined through the lens of a small VAR where the assumption that uncertainty and real activity cannot contemporaneously react to each other is indeed in line...

Persistent link: https://www.econbiz.de/10012999098

Subjective Interest Rate Uncertainty and the Macroeconomy : A Cross-Country Analysis

Istrefi, Klodiana - 2017

We ask whether uncertainty about interest rates is important for economic activity. Effects of interest rate uncertainty on the economy are examined through the lens of a small VAR where the assumption that uncertainty can affect real activity contemporaneously but not vice versa is indeed in...

Persistent link: https://www.econbiz.de/10012964352

U.S. Monetary Policy Normalization and Global Interest Rates

Caceres, Carlos - 2016

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this...

Persistent link: https://www.econbiz.de/10012977769

A Convenient Truth : The Convenience Yield, Low Interest Rates and Implications for Fiscal Policy

Bonam, Dennis - 2020

Some countries currently face historically low interest rates on government debt due to a positive ‘convenience yield’ arising from an excess demand for safe and liquid assets. This low interest rate environment has raised interest in the role of fiscal stabilization policy. We study the...

Persistent link: https://www.econbiz.de/10014351951