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Banks' holdings of risky sovereign bonds in the absence of the nexus : yield seeking with central bank funding or de-risking?
Frey, Rainer; Weth, Mark - 2019
recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in a non … capitalised banks, a kind of "hidden moral suasion" or "home-biased" gambling for resurrection to actively push the sovereign-bank …
Persistent link: https://www.econbiz.de/10012268051
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Central bank digital currency with heterogeneous bank deposits
Nyffenegger, Remo - 2022 - Revised version, March 2022
This paper analyses the effects of an introduction of a retail central bank digital currency (CBDC) on bank … intermediation in a tractable general equilibrium model with heterogeneous bank deposits and an imperfectly competitive loan market …. The agents in the economy have preferences over holding central bank money or bank deposits that are not solely based on …
Persistent link: https://www.econbiz.de/10013256654
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Price-level targeting versus inflation targeting over the long-term
Hatcher, Michael C. - 2011 - Preliminary Draft
This paper investigates the long-term impact of price-level targeting on social welfare in an overlapping generations model in which the young save for old age by investing in productive capital and indexed and nominal government bonds. A key feature of the model is that the extent of bond...
Persistent link: https://www.econbiz.de/10008902955
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Optimal indexation of government bonds and monetary policy
Hatcher, Michael C. - 2011 - Preliminary Draft
Using an overlapping generations model in which the young save for old age using indexed and nominal government bonds, this paper investigates how optimal indexation is influenced by monetary policy. In order to do so, two monetary policies with markedly different long run implications are...
Persistent link: https://www.econbiz.de/10008806362
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Bond market clienteles, the yield curve and the optimal maturity structure of government debt
Guibaud, Stéphane; Nosbusch, Yves; Vayanos, Dimitri - 2011
We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are generations of agents at different life cycle stages in an overlapping- generations economy. An optimal maturity structure exists in the absence of distortionary taxes and...
Persistent link: https://www.econbiz.de/10008823436
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Public debt accumulation and fiscal consolidation
Oguro, Kazumasa; Sato, Motohiro - 2011
Persistent link: https://www.econbiz.de/10009240060
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Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
Guibaud, Stéphane - 2013
We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in the absence of distortionary taxes and...
Persistent link: https://www.econbiz.de/10013084209
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Valuing Government Obligations When Markets are Incomplete
Hasanhodzic, Jasmina - 2017
Determining how to value net government obligations is a long-standing and fundamental question in public finance. Its answer is critical to cost-benefit analysis, the assessment of fiscal sustainability, generational accounting, and other economic issues. This paper posits and simulates a...
Persistent link: https://www.econbiz.de/10012941479
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Demography and Equity Premium
Kuhle, Wolfgang - 2021
This article comprises a tractable two-generations-overlapping, stochastic, neoclassical production economy, where government bonds are in positive net supply. In this framework we show that the entrance of larger (smaller) cohorts into the labor market will lead to an increase (decrease) in the...
Persistent link: https://www.econbiz.de/10013221774
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On Prosperity and Posterity : The Need for Fiscal Discipline in a Monetary Union
Detken, Carsten; Gaspar, Vitor; Winkler, Bernhard - 2021
We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...
Persistent link: https://www.econbiz.de/10013318912