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New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative

Asensio, Angel - HAL - 2006

The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian...

Persistent link: https://www.econbiz.de/10008789572

Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union

Asensio, Angel - HAL - 2006

The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....

Persistent link: https://www.econbiz.de/10008792215

Monetary and budgetary-fiscal policy interactions in a Keynesian context: revisiting macroeconomic governance

Asensio, Angel - HAL - 2005

Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance carries several drawbacks when implemented in Keynesian non-ergodic regimes. As long as Keynesian unemployment is interpreted in terms of 'natural' rate, it serves as a macroeconomic policy...

Persistent link: https://www.econbiz.de/10008792469

The macroeconomic governance of the European Monetary Union: A Keynesian perspective

Asensio, Angel - HAL - 2005

Extending Asensio's closed-economy framework (2005a,b) to a monetary union, we show that theprinciples of governance which emanate from the so called "New Consensus in Macroeconomics"(NCM), and therefore have been designed for presumed stationary regimes, may cause severedysfunctions, such as...

Persistent link: https://www.econbiz.de/10008792744

Economic consequences of the financial crisis - A Keynesian point of view

Asensio, Angel - HAL - 2008

The paper discusses the possible economic consequences of the financial crisis from a (Post)Keynesian point of view. It examines the forthcoming depressive mechanisms, including the orthodox reactions of monetary and fiscal authorities, in the vein of those inferred in Europe by the mandate of...

Persistent link: https://www.econbiz.de/10008794314

Quantitative easing works: Lessons from the unique experience in Japan 2001-2006

Girardin, Eric; Moussa, Zakaria - HAL - 2010

Japanese monetary policy during the "lost" decade and quantify the effect of quantitative easing on Japan's activity and prices …

Persistent link: https://www.econbiz.de/10008794832

L'effet de levier de trésorerie

Juhel, Jean-Claude - HAL - 2008

The effect of leverage on liquidity is a tool for analysing the level of liquidity for a given production process. It … measures the sensitivity of the level of liquidity that results from changes in the volume of production and unit operating … flows from production influence liquidity levels. The estimated costs do not directly influence the level of liquidity …

Persistent link: https://www.econbiz.de/10008789411

Actual share repurchases, timing and liquidity

Ginglinger, Edith; Hamon, Jacques - HAL - 2007

,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as …

Persistent link: https://www.econbiz.de/10008790923

Liquidity Problems in the FX Liquid Market

Borgy, Vladimir; Idier, Julien; Fol, Gaëlle Le - HAL - 2010

immune against any liquidity problem. This paper analyzes on a long sample (2000-2009), the all set of quotes and … transactions in three main currency pairs (EURJPY, EURUSD, USDJPY) on the EBS platform. To characterize the FX market liquidity, we … propose the computation of a new liquidity indicator, BIL, that solely relies on price series availability. The main benefit …

Persistent link: https://www.econbiz.de/10008794876

The Bank of France and the Open-Market instrument: an impossible wedding?

Barbaroux, Nicolas - HAL - 2014

In the aftermath of the sovereign debt criss, open-market interventions prevailed within the central bank's policy answers known under the label unconventional monetary policy measures. During interwar period, France was an isolated case, among the leading countries, by everlastingly rejecting...

Persistent link: https://www.econbiz.de/10010933149