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other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that … credit availability for U.K. and U.S. but not Japanese households has undergone large shifts since 1980. The average … important differences in the transmission of monetary and credit shocks between Japan and the U.S., U.K. and other credit …
Persistent link: https://www.econbiz.de/10008598659
-collateralized commercial paper can be econometrically attributable to measures of corporate credit/financial risk premiums. Because commercial … paper and bankers acceptances are short-lived, they are more timely measures of the availability of short-term credit than … Depression, which aside from analyzing securities prices, typically investigates the behavior of credit-related variables that …
Persistent link: https://www.econbiz.de/10008497232
This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...
Persistent link: https://www.econbiz.de/10005367955
We consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank lending spreads in its Taylor rule policy function? ; Using a model with risk and balance sheet effects in...
Persistent link: https://www.econbiz.de/10009292919
. We estimate a DSGE model with what we describe as chained credit contracts, using Bayesian technique. In the model …, credit-constrained FIs intermediate funds from investors to credit-constrained entrepreneurs through two types of credit …
Persistent link: https://www.econbiz.de/10009292923
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/10009292926
dangers posed by the rapid expansion of credit and resulting private sector balance sheet developments were inadequately …
Persistent link: https://www.econbiz.de/10008598684
emphasized that the U.S. Federal Reserve policy reactions focus more on the asset side of its balance sheet, the so-called credit …
Persistent link: https://www.econbiz.de/10008610999
This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...
Persistent link: https://www.econbiz.de/10008643749
Persistent link: https://www.econbiz.de/10005394377