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Determinacy in New Keynesian Models: a role for money after all?

Minford, Patrick; Srinivasan, Naveen - C.E.P.R. Discussion Papers - 2010

The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a, b) argues, it has no credible mechanism for ruling out bubbles (or deal with the non-uniqueness problem that arises when the Taylor principle is violated) and as a result...

Persistent link: https://www.econbiz.de/10008466336

The Determinants of the Money Multiplier in the United Kingdom

Beenstock, Michael; Chan, Kam-Fai - C.E.P.R. Discussion Papers - 1986

We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...

Persistent link: https://www.econbiz.de/10005497753

Monetarism rides again? US monetary policy in a world of Quantitative Easing

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014

still crowds out investment via the risk-premium. A simple rule for making M0 respond to credit conditions can substantially …

Persistent link: https://www.econbiz.de/10011084208

Bubbles and Central Banks: Historical Perspectives

Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015

This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...

Persistent link: https://www.econbiz.de/10011249380

Monetary transmission in low income countries

Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010

This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...

Persistent link: https://www.econbiz.de/10008466328

Consumption and Credit Constraints: International evidence

Bacchetta, Philippe; Gerlach, Stefan - C.E.P.R. Discussion Papers - 1997

If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit … conditions as well as to income. Moreover, the ‘excess sensitivity’ may vary over time. Using data for Canada, France, Japan, the … United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries …

Persistent link: https://www.econbiz.de/10005666583

The Role of Government Aid to Firms during the Transition to a Market Economy: Russia 1992-94

Melitz, Jacques; Waysand, Claire - C.E.P.R. Discussion Papers - 1994

for the support of output through subsidies, another for similar support through credit. The first argument relates to the …

Persistent link: https://www.econbiz.de/10005792239

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these …

Persistent link: https://www.econbiz.de/10004969128

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

combines 2008 changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages …

Persistent link: https://www.econbiz.de/10008528523

The Asymmetric Relation Between Margin Requirements and Stock Market Volatility Across Bull and Bear Markets

Hardouvelis, Gikas A; Pericli, Andreas; Theodossiou, … - C.E.P.R. Discussion Papers - 1997

EGARCH-M models based on a daily, weekly, and monthly S&P–500 returns over the period October 1934–September 1994 reveal that higher margins have a much stronger negative relation to subsequent volatility in bull markets than in bear markets. Higher margins are also negatively related to...

Persistent link: https://www.econbiz.de/10005123642