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Global Financial Transmission of Monetary Policy Shocks
Ehrmann, Michael; Fratzscher, Marcel - CESifo - 2006
-sector heterogeneity. Distinguishing different transmission channels, we find that in particular the transmission via US and foreign short …-term interest rates and the exchange rate play an important role. As to the determinants of the strength of transmission to …, thus linking the strength of asset price transmission to underlying trade and asset holdings, and find that in particular …
Persistent link: https://www.econbiz.de/10005181586
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007
theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized …
Persistent link: https://www.econbiz.de/10005094169
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The Regulatory Response to the Financial Crisis
Goodhart, Charles A. E. - CESifo - 2008
regimes, also known as ‘prompt corrective action’; 3. Money market operations by Central Banks; 4. Commercial bank liquidity … risk management; 5. Procyclicality of capital adequacy requirements (and mark-to-market), Basel II; lack of counter …-cyclical instruments; 6. Boundaries of regulation, conduits, SIVs and reputational risk; 7. Crisis management:- (a) domestic, within …
Persistent link: https://www.econbiz.de/10005766304
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Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka - CESifo - 2012
This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...
Persistent link: https://www.econbiz.de/10010877730
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - CESifo - 2014
safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … 2003–2013. Our results suggest that the potential success of OMTs in restoring the monetary transmission mechanism is …
Persistent link: https://www.econbiz.de/10010877947
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Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef; Dossche, Maarten; Peersman, Gert - CESifo - 2014
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...
Persistent link: https://www.econbiz.de/10010887047
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Hypnosis Before Wake-up Call?! The Revival of Sovereign Credit Risk Perception in the EMU-Crisis
Bordon, Ingo G.; Schmid, Kai D.; Schmidt, Michael - CESifo - 2014
countries had - de facto - been perceived as a homogenous group with regard to the role of public debt for sovereign risk …
Persistent link: https://www.econbiz.de/10010888450
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Political Booms, Financial Crises
Herrera, Helios; Ordonez, Guillermo; Trebesch, Christoph - CESifo - 2014
We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010888458
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Land Collateral and Labor Market Dynamics in France
Kaas, Leo; Pintus, Patrick A.; Ray, Simon - CESifo - 2014
The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of...
Persistent link: https://www.econbiz.de/10010948812
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010948836