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Inflating the beast : political incentives under uncertainty
Caballero, Ricardo J.; Yared, Pierre - 2008
Persistent link: https://www.econbiz.de/10003643007
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Contingent reserves management : an applied framework
Caballero, Ricardo J. (contributor);  … - 2005 - This version: September 2004
One of the most serious problems that a central bank in an emerging market economy can face is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In...
Persistent link: https://www.econbiz.de/10003230146
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Monetary policy and asset price overshooting: a rationale for the Wall/Main Street disconnect
Caballero, Ricardo J.; Simsek, Alp - 2022
We analyze optimal monetary policy and its implications for asset prices, when aggregate demand has inertia and responds to asset prices with a lag. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (asset prices are initially pushed above their...
Persistent link: https://www.econbiz.de/10013093040
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On the role of safe asset shortages in secular stagnation
Caballero, Ricardo J.; Farhi, Emmanuel - In: Secular stagnation : facts, causes and cures, (pp. 111-122). 2014
Persistent link: https://www.econbiz.de/10011511083
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A Risk-Centric Model of Demand Recessions and Speculation
Caballero, Ricardo J. - 2017
We provide a continuous-time “risk-centric” representation of the New Keynesian model, which we use to analyze the …
Persistent link: https://www.econbiz.de/10012951344
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Inflating the Beast : Political Incentives Under Uncertainty
Caballero, Ricardo J. - 2010
assumptions: Economic risk is high relative to political risk, markets are sufficiently incomplete, and there exists a rent …
Persistent link: https://www.econbiz.de/10012759551
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Inflating the Beast : Political Incentives Under Uncertainty
Caballero, Ricardo J. - 2008
: Economic risk is high relative to political risk, markets are sufficiently incomplete, and there exists a rent-less policy …
Persistent link: https://www.econbiz.de/10012464868
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The "other" imbalance and the financial crisis
Caballero, Ricardo J. - 2009
Persistent link: https://www.econbiz.de/10003942551
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The 'Other' Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2009
explicitly absorb a larger share of the systemic risk. The options for doing this range from surplus countries rebalancing their … securitization industry while removing the systemic risk from the banks' balance sheets. Such public-private solutions could be …
Persistent link: https://www.econbiz.de/10013152926
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Asset Prices and Aggregate Demand in a "Covid-19" Shock : A Model of Endogenous Risk Intolerance and Lsaps
Caballero, Ricardo J. - 2020
In this paper we: (i) provide a model of the endogenous risk intolerance and severe aggregate demand contractions … addressing these contractions. The key mechanism stems from heterogeneous risk tolerance: as a recessionary shock hits the … economy and brings down asset prices, risk-tolerant agents' wealth share declines and their leverage rises endogenously. This …
Persistent link: https://www.econbiz.de/10012835752