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Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution

Buiter, Willem H. - London School of Economics (LSE) - 2003

keeps the nominal interest rate on base money (including currency) at or below the nominal interest rate on non …

Persistent link: https://www.econbiz.de/10010745321

The role of money in the transmission mechanism of monetary policy: evidence from Thailand

Sunirand, Pojanart - London School of Economics (LSE) - 2003

Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous … introducing an explicit role of money in these models. …

Persistent link: https://www.econbiz.de/10010746182

Seigniorage

Buiter, Willem H. - London School of Economics (LSE) - 2007

Governments through the ages have appropriated resources through the monopoly of the ‘coinage’. In modern fiat money … over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base), (2 …) Central Bank revenue (the interest bill saved by the authorities on the outstanding stock of base money liabilities), (3) the …

Persistent link: https://www.econbiz.de/10010746610

Do Euro area countries respond asymmetrically to the common monetary policy?

Barigozzi, Matteo; Conti, Antonio; Luciani, Matteo - London School of Economics (LSE) - 2012

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of quarterly variables including data on the aggregate Euro Area, as well...

Persistent link: https://www.econbiz.de/10010745032

The optimal consumption function in a Brownian model of accumulation part b: existence of solutions of boundary value problems

Foldes, Lucien - London School of Economics (LSE) - 2014

In Part A of the present study, subtitled 'The Consumption Function as Solution of a Boundary Value Problem' Discussion Paper No. TE/96/297, STICERD, London School of Economics, we formulated a Brownian model of accumulation and derived sufficient conditions for optimality of a plan generated by...

Persistent link: https://www.econbiz.de/10011170087

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326

House prices and credit constraints: making sense of the U.S. experience

Duca, John V.; Muellbauer, John; Murphy, Anthony - London School of Economics (LSE) - 2011

Most US house price models break down in the mid-2000's, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing...

Persistent link: https://www.econbiz.de/10011125991

Have the US macro-financial linkages changed? the balance sheet dimension

Gerba, Eddie - London School of Economics (LSE) - 2014

We establish a set of US stylized facts on prices, quantities and balance sheets, assess the consistency of the current generation of financial DSGE models to these, and provide guidance on the challenges ahead. We mainly find four aspects which future financial friction models should take into...

Persistent link: https://www.econbiz.de/10011126533

Shifting credit standards and the boom and bust in U.S. house prices

Duca, John V.; Muellbauer, John; Murphy, Anthony - London School of Economics (LSE) - 2011

The U.S. house price boom has been linked to an unsustainable easing of mortgage credit standards. However, standard time series models of US house prices omit credit constraints and perform poorly in the 2000’s. We incorporate data on credit constraints for first time buyers into a model of...

Persistent link: https://www.econbiz.de/10011126625

Collateral value and forbearance lending

Chen, Nan-Kuang; Chu, Hsiao-Lei - London School of Economics (LSE) - 2003

We investigate the foreclosure policy of collateral-based loans in which the endogenous collateral value plays a crucial role. If creditors are able to commit, then the equilibrium arrangement is more likely to feature forebearance lending by specifying a lower level of liquidation (or roll over...

Persistent link: https://www.econbiz.de/10011071282