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Thierfelder, Felix - Deutsche Bundesbank - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …

Persistent link: https://www.econbiz.de/10010957159

Maturity shortening and market failure

Thierfelder, Felix - Deutsche Bundesbank - 2012

Persistent link: https://www.econbiz.de/10010535438

Financial Stress Indicator Variables and Monetary Policy in South Africa

Raputsoane, Leroi - Economic Research Southern Africa (ERSA) - 2014

This paper analyses the relationship between financial stress indicator variables and monetary policy in South Africa with emphasis on how robust these variables are related to the monetary policy interest rate. The financial stress indicator variables comprise a set of variables from the main...

Persistent link: https://www.econbiz.de/10010888681

Inflation, deflation, and uncertainty: What drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - Deutsche Bundesbank - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010957128

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell; von Thadden, Leopold - Deutsche Bundesbank - 2006

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...

Persistent link: https://www.econbiz.de/10005083241

Will the SARB always succeed in fghting inflation with contractionary policy?

Guangling (Dave) Liu - Economic Research Southern Africa (ERSA) - 2012

The conventional view is that a monetary policy shock has both supply-side and demand-side effects, at least in the short run. Barth and Ramey (2001) show that the supply-side effect of a monetary policy shock may be greater than the demand-side effect. We argue that it is crucial for monetary...

Persistent link: https://www.econbiz.de/10010538960

Business Cycle and Bank Capital Regulation: Basel II Procyclicality

Guangling (Dave) Liu; Seeiso, Nkhahle E. - Economic Research Southern Africa (ERSA) - 2011

presence of credit market frictions and bank capital regulation, the liquidity premium effect further ampliflies the financial … procyclicality. Moreover, under Basel II bank regulation, in response to a negative net worth shock, the liquidity premium and the …

Persistent link: https://www.econbiz.de/10009246568

Monetary and fiscal seignorage: Theory and evidence

Klein, Martin - University of Bonn, Germany

Persistent link: https://www.econbiz.de/10005028435

Seignorage,base money regimes and central bank behavior

Klein, Martin - University of Bonn, Germany

Persistent link: https://www.econbiz.de/10005028505

Monetary Policy and Heterogeneous Inflation Expectations in South Africa

Kabundi, Alain; Schaling, Eric; Some, Modeste - Economic Research Southern Africa (ERSA) - 2014

This paper examines the relationship between inÂ‡ation and inÂ‡ation expectations of analysts, business, and trade unions in South Africa during the inflation targeting (IT) regime. We consider inflation expectations based on the Bureau of Economic Research (BER) quarterly survey observed...

Persistent link: https://www.econbiz.de/10010747551