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Outside versus Inside Bonds
Berentsen, Aleksander; Waller, Christopher - 2020
When agents are liquidity constrained, two options exist - borrow or sell assets. We compare the welfare properties of these options in two economies: in one, agents can borrow (issue inside bonds) and in the other they can sell government bonds (outside bonds). All transactions are voluntary,...
Persistent link: https://www.econbiz.de/10014218010
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Three liquid assets
Amendola, Nicola; Carbonari, Lorenzo; Ferraris, Leo - 2021
Persistent link: https://www.econbiz.de/10012595634
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Three liquid assets
Amendola, Nicola; Carbonari, Lorenzo; Ferraris, Leo - 2021
Persistent link: https://www.econbiz.de/10013189353
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Quantitative easing,safe asset scarcity and bank lending
Tischer, Johannes - 2021
The Eurosystem’s Public Sector Purchase Programme (PSPP) increased the scarcity of safe assets, which caused significant declines and substantial dispersion in European repo rates. However, banks holding these safe assets benefited from this development: First, using the German security...
Persistent link: https://www.econbiz.de/10012651072
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Bernanke's no-arbitrage argument revisited : can open market operations in real assets eliminate the liquidity trap?
Eggertsson, Gauti B.; Proulx, Kevin - 2016
Persistent link: https://www.econbiz.de/10011490309
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Forecasting term structure of the Japanese bond yields in the presence of a liquidity trap
Tsui, Albert K.; Wu, Junxiang; Zhang, Zhaoyong; Zheng, … - In: Journal of forecasting 42 (2023) 5, pp. 1205-1227
Persistent link: https://www.econbiz.de/10014338847
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Three liquid assets
Amendola, Nicola; Carbonari, Lorenzo; Ferraris, Leo - In: Macroeconomic dynamics 28 (2024) 3, pp. 675-698
Persistent link: https://www.econbiz.de/10014519890
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Optimal Deficit-Spending in a Liquidity Trap with Long-Term Government Debt
De Beauffort, Charles - 2022
When the government issues long-term bonds, the optimal time-consistent fiscal and monetary policy is to consolidate debt in a liquidity trap by increasing taxes and by taming public spending. This prescription is at odds with large deficit-spending undertaken in the US during previous liquidity...
Persistent link: https://www.econbiz.de/10014083615
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The value of money : a survey of heterodox approaches
Wray, L. Randall - 2024
's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of … contributions by David Graeber and Duncan Foley that reinterpret Marx's labor theory of value, (2) the interpretation of Keynes …'s liquidity preference theory as a theory of asset pricing that began with Sraffa and was further developed by Minsky and Kregel …
Persistent link: https://www.econbiz.de/10015135051