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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

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

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

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

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

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

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

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

The design and communication of systematic monetary policy strategies

Levin, Andrew T. - In: Journal of Economic Dynamics and Control 49 (2014) C, pp. 52-69

The efficacy of central bank communications is inextricably linked to the characteristics of the monetary policy framework. Therefore, this paper presents a set of fundamental principles regarding the joint design of monetary policy strategy and communications. The practical implications of...

Persistent link: https://www.econbiz.de/10011117341

Monetary policy with interest on reserves

Cochrane, John H. - In: Journal of Economic Dynamics and Control 49 (2014) C, pp. 74-108

I analyze monetary policy with interest on reserves and a large balance sheet. I show that conventional theories do not determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy can peg the nominal rate, and determine expected...

Persistent link: https://www.econbiz.de/10011117342

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