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Persistent link: https://www.econbiz.de/10001555173
This paper introduces heterogeneous beliefs among households in a small open economy model for the Canadian economy. The model suggests that simultaneous boom-bust cycles in house prices, output, investment, consumption and hours worked emerge when credit-constrained mortgage borrowers expect...
Persistent link: https://www.econbiz.de/10003852849
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Persistent link: https://www.econbiz.de/10014002115
This book, based on the proceedings of a conference organised by the OECD and the Bank of England's Centre for Banking Studies,  examines cross-country issues related to the conduct of monetary policy in emerging markets and the role of inflation targeting in improving macroeconomic performance....
Persistent link: https://www.econbiz.de/10015054640
This book, based on the proceedings of a conference organised by the OECD and the Bank of England's Centre for Banking Studies, examines cross-country issues related to the conduct of monetary policy in emerging markets and the role of inflation targeting in improving macroeconomic performance....
Persistent link: https://www.econbiz.de/10012447772
Persistent link: https://www.econbiz.de/10001467253
Persistent link: https://www.econbiz.de/10001532743
. We measure the value of funding liquidity from the cross-section of on-the-run premia by adding a liquidity factor to an … arbitrage-free term structure model. As predicted, we find that funding liquidity explains the cross-section of risk premia. An … increase in the value of liquidity predicts lower risk premia for on-the-run and off-the-run bonds but higher risk premia on …
Persistent link: https://www.econbiz.de/10003933337