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Financial crashes versus liquidity trap : the dilemma of monetary policy
Giraud, Gaël - HAL - 2010
This paper considers a two-period monetary double auction with incomplete markets of securities and derivatives. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements. A central Bank stands ready to lend money or engage in...
Persistent link: https://www.econbiz.de/10010635211
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Debt-Deflation versus the Liquidity Trap : the Dilemma of Nonconventional Monetary Policy
Giraud, Gaël; Pottier, Antonin - HAL - 2012
, fueling a financial bubble whose bursting leads to debt-deflation in the next period with a non-zero probability. This dilemma … Fisher's debt deflation theory as being distinct from Keynes' liquidity trap. …
Persistent link: https://www.econbiz.de/10011025794
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Does Inflation Targeting Improve Fiscal Discipline? An Empirical Investigation
Tapsoba, Rene - HAL - 2011
Based on panel data of 58 countries, of which 22 Inflation Targeters and 36 non Inflation Targeters, over the period 1980-2003, this paper highlights the effect of Inflation Targeting – IT- on Fiscal Discipline –FD-. We make four contributions to the literature. Firstly, by applying the 2SLS...
Persistent link: https://www.econbiz.de/10008794278
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Marital fertility and wealth in transition era France, 1750-1850
Cummins, Neil - HAL - 2009
convincing explanations for why France entered a fertility transition over a century before anywhere else in the world. This … transition-era France, 1750-1850. The results show that it was the richest groups who reduced their family size first and that …
Persistent link: https://www.econbiz.de/10010738834
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EU institutional framework and euro zone crisis
Sifakis-Kapetanakis, Catherine - HAL - 2011
This paper explores the impact of Europe's existing institutional framework on the degree of macroeconomic disparity in the Eurozone. It draws son analysis of the costs of this framework as well as of the benefits of European economic and monetary unification. It also highlights how these costs...
Persistent link: https://www.econbiz.de/10010820641
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Macroeconomic trouble and policy challenges in the wake of the financial bust
Asensio, Angel - HAL - 2010
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...
Persistent link: https://www.econbiz.de/10008794219
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The French Monetary Management in the Inter-war Period: the Dismissal of Open Market Procedure?
Barbaroux, Nicolas - HAL - 2006
behaviour adopted by Bank of France. Three points emerge from the study. (1) Before explaining the way franc was managed, we …. (2) The monetary management implemented by the Bank of France is both characterized by a discount rate policy and by the … the French monetary policymaking the paper will expose the peculiar policy implemented by Bank of France between 1928 and …
Persistent link: https://www.econbiz.de/10008794111
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Caminos de papel: las controversias monetarias en la Independencia del Perú
Romero, Dionisio De Haro - HAL - 2013
El objeto de la presente ponencia es profundizar en el análisis de la iniciativa monetaria más relevante que el gobierno de San Martín desarrolla durante la guerra de Independencia, El Banco Auxiliar de Papel Moneda. El estudio centra la investigación en el análisis comparativo entre el...
Persistent link: https://www.econbiz.de/10010899212
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Flexibility of wages and macroeconomic instability in an agent-based computational model with endogenous money
Seppecher, Pascal - HAL - 2010
We present a model of a dynamic and complex economy in which the creation and the destruction of money result from interactions between multiple and heterogeneous agents. In the baseline scenario, we observe the stabilization of the income distribution between wages and profits. We then alter...
Persistent link: https://www.econbiz.de/10009422112
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Price Dynamics in Japan (1981-2001): A StructuralAnalysis of Mechanisms in the Goods and LaborMarkets
Canry, Nicolas; Fouquau, Julien; Lechevalier, Sébastien - HAL - 2007
This paper aims to provide an alternative framework to previous studies of deflation in Japan. We focus on the real …
Persistent link: https://www.econbiz.de/10010750586