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Monetary Easing, Leveraged Payouts and Lack of Investment

Acharya, Viral V. - 2019

, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …

Persistent link: https://www.econbiz.de/10012480414

Living Up to Expectations : Central Bank Credibility, the Effectiveness of Forward Guidance, and Inflation Dynamics Post-Global Financial Crisis

Cole, Stephen J.; Martínez-García, Enrique; Sims, Eric R. - National Bureau of Economic Research - 2023

and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …

Persistent link: https://www.econbiz.de/10014421202

Unprecedented Actions : The Federal Reserve’s Response to the Global Financial Crisis in Historical Perspective

Mishkin, Frederic S. - 2014

-inconsistency problem and moral hazard. Reviewing the evidence for central banks' crisis management in the U.S., the U.K. and France from …

Persistent link: https://www.econbiz.de/10012457929

Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach

Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why markets react to central bank communications. We find that...

Persistent link: https://www.econbiz.de/10013210100

Preferred Habitats and Timing in the World's Safe Asset

Tabova, Alexandra M.; Warnock, Francis E. - National Bureau of Economic Research - 2022

Investors' behavior in U.S. Treasuries - the world's safe asset - affects monetary policy transmission mechanisms, fiscal policy space, loan pricing, and international vulnerabilities. Yet it is not well understood for a simple reason: researchers, not having a clear picture of the Treasury...

Persistent link: https://www.econbiz.de/10013477214

Monetary Policy and Innovation

Ma, Yueran; Zimmermann, Kaspar - National Bureau of Economic Research - 2023

basis points, research and development (R&D) spending declines by about 1 to 3 percent and venture capital (VC) investment …

Persistent link: https://www.econbiz.de/10014372455

The Inter-War Gold Exchange Standard : Credibility and Monetary Independence

Bordo, Michael D. - 2001

In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies. To answer this question we econometrically analyze two key parity, or...

Persistent link: https://www.econbiz.de/10012470290

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914

Bordo, Michael D. - 1997

This paper examines the recently noted finding that the Classical gold standard represented a credible, well-behaved target zone system from the perspective of the well-documented failure of countries to play by the rules of the game in the classical period. In particular, we test an hypothesis...

Persistent link: https://www.econbiz.de/10012472699

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10012457842

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