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Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

little support for claims that fair-value accounting leads to excessive write-downs of banks' assets. If anything, empirical …

Persistent link: https://www.econbiz.de/10010958489

Disclosure, transparency, and market discipline

Freixas, Xavier; Laux, Christian - Center for Financial Studies - 2011

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...

Persistent link: https://www.econbiz.de/10010958732

The crisis of fair value accounting: Making sense of the recent debate

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight four important issues as an...

Persistent link: https://www.econbiz.de/10010958757

Learning, endogenous indexation and disinflation in the New-Keynesian model

Wieland, Volker - Center for Financial Studies - 2008

This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean...

Persistent link: https://www.econbiz.de/10011200313

Monetary Policy and TIPS Yields Before the Crisis

Gerlach, Stefan; Moretti, Laura - Center for Financial Studies - 2011

We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the...

Persistent link: https://www.econbiz.de/10009293136

Does talk matter after all? Inflation targeting and central bank behavior

Kuttner, Kenneth N.; Posen, Adam S. - Center for Financial Studies - 1999

nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of … inflation targeting, including the adopting central banks themselves, have expressed the view that the efforts at transparency … its long-run inflation goal. This paper assesses whether the talk that inflation targeting central banks engage in matters …

Persistent link: https://www.econbiz.de/10010958508

Monetary discretion, pricing complementarity and dynamic multiple equilibria

King, Robert G.; Wolman, Alexander L. - Center for Financial Studies - 2004

In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point...

Persistent link: https://www.econbiz.de/10010958523

The lessons from QE and other "unconventional" monetary policies: Evidence from the Bank of England

Lyonnet, Victor; Werner, Richard A. - Center for Financial Studies - 2011

This paper investigates the effectiveness of the quantitative easing policy, as implemented by the Bank of England in March 2009. Similar policies had been previously implemented in Japan, the U.S. and the Eurozone. The effectiveness is measured by the impact of Bank of England policies...

Persistent link: https://www.econbiz.de/10010958530

Quantitative easing: A rationale and some evidence from Japan

Wieland, Volker - Center for Financial Studies - 2009

This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal Reserve and the European Central Bank. Empirical evidence...

Persistent link: https://www.econbiz.de/10010958535

Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model

Beck, Guenter W.; Wieland, Volker - Center for Financial Studies - 2009

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...

Persistent link: https://www.econbiz.de/10010958545