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Lessons for monetary policy: What should the consensus be?
Issing, Otmar - Center for Financial Studies - 2011
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10010958514
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Central banks: Paradise lost
Issing, Otmar - Center for Financial Studies - 2012
Persistent link: https://www.econbiz.de/10010958573
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Mortgage markets, collateral constraints, and monetary policy: Do institutional factors matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2006
stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable …
Persistent link: https://www.econbiz.de/10010958674
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Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2007
stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable …
Persistent link: https://www.econbiz.de/10005022449
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Instabile Finanzmärkte
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009
Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht...
Persistent link: https://www.econbiz.de/10010986485
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Collateral, default risk, and relationship lending: An empirical study on financial contracting
Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2000
lending, borrower quality and collateral as a key variable in loan contract design. We used a unique data set based on the … borrower quality and the incidence or degree of collateralization. Our results indicate that the use of collateral in loan … housebanks do require more collateral from their debtors, thereby increasing the borrower's lock-in and strengthening the banks …
Persistent link: https://www.econbiz.de/10010958616
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Collateral, relationship lending and financial distress: An empirical study on financial contracting
Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2002
This paper analyses the role of collateral in loan contracting when companies are financed by multiple bank lenders and … the view that collateral is a strategic instrument intended to influence the bargaining position of banks. Our result …
Persistent link: https://www.econbiz.de/10010958813
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Information production in credit relationship: On the role of internal ratings in commercial banking
Brunner, Antje; Pieter, Jan; Weber, Martin - Center for Financial Studies - 2000
This paper discusses the role of internal corporate ratings as a means by which commercial banks condense their informational advantage and preserve it vis-à-vis a competitive lending market. In drawing on a unique data set collected from leading universal banks in Germany, we are able to...
Persistent link: https://www.econbiz.de/10010986476
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Complexity and monetary policy
Orphanides, Athanasios; Wieland, Volker - Center for Financial Studies - 2012
The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...
Persistent link: https://www.econbiz.de/10010958780
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Dealing with financial crises: How much help from research?
Pagano, Marco - Center for Financial Studies - 2014
Has economic research been helpful in dealing with the financial crises of the early 2000s? On the whole, the answer is negative, although there are bright spots. Economists have largely failed to predict both crises, largely because most of them were not analytically equipped to understand...
Persistent link: https://www.econbiz.de/10010958553