Narrow search
Showing 1 - 10 of 424
Cover Image
Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419
Cover Image
Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - C.E.P.R. Discussion Papers - 2015
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10011196038
Cover Image
Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises
Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2002
In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate...
Persistent link: https://www.econbiz.de/10005504385
Cover Image
Monetary Policies for Developing Countries: The Role of Institutional Quality
Huang, Haizhou; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2005
produce several departures from the conventional wisdom. We find that a pegged exchange rate or dollarization, while sometimes …
Persistent link: https://www.econbiz.de/10005789083
Cover Image
Money, credit, monetary policy and the business cycle in the euro area
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012
This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...
Persistent link: https://www.econbiz.de/10011083763
Cover Image
Money and the Transmission Mechanism in the Optimizing IS-LM Specification
Nelson, Edward - C.E.P.R. Discussion Papers - 2003
IS-LM framework tends to understate the value of money as an indicator for monetary policy. …
Persistent link: https://www.econbiz.de/10005791565
Cover Image
Money in Monetary Policy Design under Uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …
Persistent link: https://www.econbiz.de/10005792117
Cover Image
Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2009
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10008577801
Cover Image
Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …
Persistent link: https://www.econbiz.de/10005497931
Cover Image
Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002
This Paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in the face of aggregate shocks. The payoff depends on the level of aggregate demand, as well as on their...
Persistent link: https://www.econbiz.de/10005661497