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Fiscal multipliers and the labour market in the open economy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2010

Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed...

Persistent link: https://www.econbiz.de/10003945992

Credit risk transfers and the macroeconomy

Faia, Ester - 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

Persistent link: https://www.econbiz.de/10011605302

Credit risk transfers and the macroeconomy

Faia, Ester - 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets … risk. - Credit risk transfer ; dual moral hazard ; monetary policy ; liquidity ; welfare …

Persistent link: https://www.econbiz.de/10008688526

Credit risk transfers and the macroeconomy

Faia, Ester - 2010 - This draft: September 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets … risk. -- Credit Risk Transfer ; Dual Moral Hazard ; Monetary Policy ; Liquidity ; Welfare …

Persistent link: https://www.econbiz.de/10008748079

Exit strategies

Angeloni, Ignazio; Faia, Ester; Winkler, Roland C. - 2011

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...

Persistent link: https://www.econbiz.de/10010277270

Fiscal calculus in a New Keynesian model with labor market frictions

Campolmi, Alessia; Faia, Ester; Winkler, Roland - 2011

During the Great Recession following the recent financial crisis large fiscal stimuli were implemented to counteract labor market sclerosis. We explore the effectiveness of various fiscal packages in a matching model featuring inefficient unemployment and a rich fiscal sector employing...

Persistent link: https://www.econbiz.de/10009157603

Exit strategies

Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2010

Persistent link: https://www.econbiz.de/10008748083

Credit risk transfers and the macroeconomy

Faia, Ester - 2011

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

Persistent link: https://www.econbiz.de/10010274431

The value of firm networks : a natural experiment on board connections

Faia, Ester; Mayer, Maximilian; Pezone, Vincenzo - 2021

We present causal evidence on the e↵ect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and show that firms that lose centrality in the network experience negative...

Persistent link: https://www.econbiz.de/10012643884

Bank and sovereign debt risk

Darracq Pariès, Matthieu; Faia, Ester; Rodriguez … - 2012 - This draft: December 2012

long run fragility. We build a macro model with banks subject to incentive problems and liquidity risk (in the form of … liquidity based banks' runs) which provides a link between endogenous bank capital and macro and policy risk. Our banks also … invest in risky government bonds used as capital buffer to self-insure against liquidity risk. The model can replicate the …

Persistent link: https://www.econbiz.de/10010226188