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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Obstfeld, Maurice - Institute for Monetary and Economic Studies, Bank of Japan - 2013

Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, governmentfs capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...

Persistent link: https://www.econbiz.de/10010819396

Maturity shortening and market failure

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

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

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

Central Banks - Paradise Lost

Issing, Otmar - Institute for Monetary and Economic Studies, Bank of Japan - 2012

The focus of the paper is to analyze how the concept behind central bank policy developed over time and how the recent financial crisis and its consequences will have an influence. While the principles of the institutional arrangement for central banks (independence, clear mandate, prohibition...

Persistent link: https://www.econbiz.de/10010570825

Monetary Policy Transmission under Zero Interest Rates: An Extended Time-Varying Parameter Vector Autoregression Approach

Nakajima, Jouchi - Institute for Monetary and Economic Studies, Bank of Japan - 2011

This paper attempts to explore monetary policy transmission under zero interest rates by explicitly incorporating the zero lower bound (ZLB) of nominal interest rates into the time-varying parameter structural vector autoregression model with stochastic volatility (TVP- VAR-ZLB). Nominal...

Persistent link: https://www.econbiz.de/10008863932

Time-Varying Parameter VAR Model with Stochastic Volatility: An Overview of Methodology and Empirical Applications

Nakajima, Jouchi - Institute for Monetary and Economic Studies, Bank of Japan - 2011

This paper aims to provide a comprehensive overview of the estimation methodology for the time-varying parameter structural vector autoregression (TVP-VAR) with stochastic volatility, in both methodology and empirical applications. The TVP-VAR model, combined with stochastic volatility, enables...

Persistent link: https://www.econbiz.de/10008863933