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Fiscal policy in economic and monetary union : theory, evidence, and institutions
Buti, Marco - 2006
This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational...
Persistent link: https://www.econbiz.de/10011852061
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Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off
Gaspar, José-Miguel; Massa, Massimo - C.E.P.R. Discussion Papers - 2004
This Paper investigates the impact of ownership patterns on the way the firm is monitored, on the liquidity of its … selection discount required by less informed investors to trade, reducing the firm’s liquidity. Both effects are properly … prices, but the lower liquidity induced by their presence tends to reduce prices. …
Persistent link: https://www.econbiz.de/10005497985
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Liquidity and Inefficient Investment
Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013
We study the role of fiscal policy in a complete markets model where the only friction is the non-pledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large...
Persistent link: https://www.econbiz.de/10011084716
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10005504355
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The Impact of Liquidity Regulation on Bank Intermediation
Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012
We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …
Persistent link: https://www.econbiz.de/10011084639
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Two Monetary Tools: Interest Rates and Haircuts
Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10008642875
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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011557140
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Informationsbrief zur Europäischen Wirtschafts- und Währungsunion
Deutsche Bundesbank - Frankfurt, M. : Bundesbank - Nr. 1.1996 - 17.1998
Persistent link: https://www.econbiz.de/10000601753
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European Economic and Monetary Union
2005
Persistent link: https://www.econbiz.de/10003356844