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Non-standard Monetary Policy Measures and Monetary Developments
Giannone, Domenico; Lenza, Michele; Pill, Huw; … - C.E.P.R. Discussion Papers - 2010
importance of money versus credit contraction in the propagation of this policy error to the wider economy and ultimately price …
Persistent link: https://www.econbiz.de/10008784743
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Elasticity Optimism
Imbs, Jean; Mejean, Isabelle - C.E.P.R. Discussion Papers - 2009
Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of...
Persistent link: https://www.econbiz.de/10005123775
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Financial Intermediation and Monetary Policies in the World Economy
Grilli, Vittorio; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1991
In this paper we investigate the role of credit institutions in transmitting monetary shocks to the domestic economy … between monetary injections that take place via lump-sum transfers to individuals and those that involve increased credit to … credit, but an increase in the steady state level of monetary transfers reduces the level of output. …
Persistent link: https://www.econbiz.de/10005281341
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Exports and Financial Shocks
Amiti, Mary; Weinstein, David E. - C.E.P.R. Discussion Papers - 2009
A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether the drying up of trade finance can help explain the large drops in exports relative...
Persistent link: https://www.econbiz.de/10008557011
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of …
Persistent link: https://www.econbiz.de/10008692318
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Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model
Forni, Mario; Gambetti, Luca - C.E.P.R. Discussion Papers - 2010
find that (i) the US economy is well described by a number of structural shocks between two and six. Focusing on the four-shock …
Persistent link: https://www.econbiz.de/10008468698
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Can the Fed talk the hind legs off the stock market?
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011
Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the...
Persistent link: https://www.econbiz.de/10009147402
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The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition
Kierzenkowski, Rafal - C.E.P.R. Discussion Papers - 2002
develop a small open-economy credit-augmented model. Under two different exchange rate arrangements, namely a fixed rate …
Persistent link: https://www.econbiz.de/10005666443
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The failure to predict the Great Recession. The failure of academic economics? A view focusing on the role of credit
Rivas, Gadea; Dolores, Maria; Pérez-Quirós, Gabriel - C.E.P.R. Discussion Papers - 2012
, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the crisis with the … results that could have been drawn from an ex ante analysis. We show that, even though credit affects the business cycle in …
Persistent link: https://www.econbiz.de/10011084606
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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313