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Barter in Russia: Liquidity Shortage Versus Lack of Restructuring
Brana, Sophie; Maurel, Mathilde - C.E.P.R. Discussion Papers - 1999
bank credit, barter acts as a substitute for short-term credit. While for indebted firms, barter, in the same way as …
Persistent link: https://www.econbiz.de/10005114427
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Factors and Effects of Trade Reorientation in Hungary
Halpern, László - C.E.P.R. Discussion Papers - 1993
profitability of the corporate sector and exporting firms. Exporting firms with fast-growing exports had larger profits and they …
Persistent link: https://www.econbiz.de/10005666895
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Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...
Persistent link: https://www.econbiz.de/10011276383
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Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...
Persistent link: https://www.econbiz.de/10011276384
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Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015
after the European Central Bank’s (ECB’s) announcement of its Outright Monetary Transactions (OMT) program in 2012. At the …
Persistent link: https://www.econbiz.de/10011276387
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Trust in the Monetary Authority
Bursian, Dirk; Faia, Ester - C.E.P.R. Discussion Papers - 2015
Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic...
Persistent link: https://www.econbiz.de/10011252623
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How Effective Is Monetary Transmission in Developing Countries? A Survey of the Empirical Evidence
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2011
arguments for expecting the bank lending channel to be the dominant means of monetary transmission in such countries, and …
Persistent link: https://www.econbiz.de/10009322980
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Persistent Liquidity Effects and Long Run Money Demand
Alvarez, Fernando; Lippi, Francesco - C.E.P.R. Discussion Papers - 2011
We present a monetary model in the presence of segmented asset markets that im- plies a persistent fall in interest rates after a once and for all increase in liquidity. The gradual propagation mechanism produced by our model is novel in the literature. We provide an analytical characterization...
Persistent link: https://www.econbiz.de/10009365642
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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
framework prevalent in LICs drastically reduces the role of securities markets and increases the cost of bank lending to private … properly, the traditional monetary transmission channels (interest rate, bank lending, and asset price) are impaired. The … exchange rate channel, on the other hand, tends to be undermined by central bank intervention in the foreign exchange market …
Persistent link: https://www.econbiz.de/10008466328
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Central Banks and the Financial System
Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...
Persistent link: https://www.econbiz.de/10008466344