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The lender of last resort: A 21st Century approach

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - Department of Economics and Business, Universitat … - 2003

The object of this paper is to analyze rigorously the role of a Lender of Last Resort by providing a framework where the distinction between insolvency and illiquidity is not clearly cut. Determining the optimal Lender of Last Resort policy requires a careful modeling of the structure of the...

Persistent link: https://www.econbiz.de/10005771956

Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - Department of Economics and Business, Universitat … - 2012

We analyze the impact of countercyclical capital buffers held by banks on the supply of credit to firms and their subsequent performance. Spain introduced dynamic provisioning unrelated to specific bank loan losses in 2000 and modified its formula parameters in 2005 and 2008. In each case,...

Persistent link: https://www.econbiz.de/10010632801

Bank liquidity, interbank markets and monetary policy

Freixas, Xavier; Martin, Antoine; Skeie, David - Department of Economics and Business, Universitat … - 2010

uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending market in allocating funds …. We consider two different types of liquidity shocks leading to different implications for optimal policy by the central … bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the …

Persistent link: https://www.econbiz.de/10008529183

On optimal monetary and fiscal policy interactions in open economies

Forlati, Chiara - Department of Economics and Business, Universitat … - 2004

This paper studies monetary and fiscal policy interactions in a two country model, where taxes on firms’ sales are optimally chosen and the monetary policy is set cooperatively. It turns out that in a two country setting non-cooperative fiscal policy makers have an incentive to change taxes on...

Persistent link: https://www.econbiz.de/10005827453

Transparency and deliberation within the FOMC: A computational linguistics approach

Hansen, Stephen Eliot; McMahon, Michael; Prat, Andrea - Department of Economics and Business, Universitat … - 2014

How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the...

Persistent link: https://www.econbiz.de/10010849619

The monetary pillar and the great financial crisis

Galí, Jordi - Department of Economics and Business, Universitat … - 2010

Since its inception, a most distinctive (and controversial) feature of the ECB monetary policy strategy has been its emphasis on money and monetary analysis, which constitute the basis of the so-called monetary pillar. The present paper examines the performance of the monetary pillar around the...

Persistent link: https://www.econbiz.de/10008530677

Will EMU increase eurosclerosis?

Paul, Gilles Saint; Bentolila, Samuel - Department of Economics and Business, Universitat … - 2000

In this paper we study the relationship between labor market institutions and monetary policy. We use a simple macroeconomic framework to show how optimal monetary policy rules depend on labor institutions (labor adjustment costs, and nominal and real wage rigitidy) and social preferences...

Persistent link: https://www.econbiz.de/10005772376

Identifying monetary policy shocks in Japan

Shioji, Etsuro - Department of Economics and Business, Universitat … - 1997

It is sometimes argued that the central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy....

Persistent link: https://www.econbiz.de/10005772448

Spanish monetary policy: A structural VAR analysis

Shioji, Etsuro - Department of Economics and Business, Universitat … - 1997

Some past studies analyzed Spanish monetary policy with the standard VAR. Their problem is that this method obliges researchers to impose a certain extreme form of the short run policy rule on their models. Hence, it does not allow researchers to study the possibility of structural changes in...

Persistent link: https://www.econbiz.de/10005704964

Is bank debt special for the transmission of monetary policy? Evidence from the stock market

Ippolito, Filippo; Ozdagli, Ali K.; Orive, Ander Pérez - Department of Economics and Business, Universitat … - 2013

We combine existing balance sheet and stock market data with two new datasets to study whether, how much, and why bank lending to firms matters for the transmission of monetary policy. The first new dataset enables us to quantify the bank dependence of firms precisely, as the ratio of bank debt...

Persistent link: https://www.econbiz.de/10010849624

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