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The Last Mile of Monetary Policy : Inattention, Reminders, and the Refinancing Channel
Byrne, Shane; Devine, Kenneth; King, Michael; McCarthy, … - National Bureau of Economic Research - 2023
Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage …-effectiveness calculation implies that the average reminder letter generated €42 of mortgagor consumption (€605 per refinancing household). Our …
Persistent link: https://www.econbiz.de/10014247964
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Balance SHeet Effects, Bailout Guarantees and Financial Crises
Schneider, Martin - 2000
Several recent twin' currency and banking crises were preceded by lending booms during which the banking system financed rapid growth of the nontradable (N) sector by borrowing in foreign currency. They were followed by recessions during which a sharp decline in credit especially hurt the...
Persistent link: https://www.econbiz.de/10012470672
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Does Monetary Policy Matter? The Narrative Approach after 35 Years
Romer, Christina; Romer, David - National Bureau of Economic Research - 2023
The narrative approach to macroeconomic identification uses qualitative sources, such as newspapers or government records, to provide information that can help establish causal relationships. This paper discusses the requirements for rigorous narrative analysis using fresh research on the impact...
Persistent link: https://www.econbiz.de/10014250187
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Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits
Cochrane, John H. - National Bureau of Economic Research - 2022
Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional views that inflation will surge without swift rate rises....
Persistent link: https://www.econbiz.de/10013210124
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983
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Household Credit as Stimulus? Evidence from Brazil
Garber, Gabriel; Mian, Atif; Ponticelli, Jacopo; Sufi, Amir - National Bureau of Economic Research - 2021
results suggest a potential downside of using household credit as stimulus in emerging markets …
Persistent link: https://www.econbiz.de/10012660064
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Household Savings in Transition Economies
Denizer, Cevdet - 1998
Based on matching household surveys for three central European countries, Bulgaria, Hungary and Poland, we explore the … determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and … household in the transition process, notably the sector of employment, plays no significant role in determining savings rates …
Persistent link: https://www.econbiz.de/10012472348
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On the Speed of Transition Central Europe
Aghion, Philippe - 1994
Transition in Central Europe is four years old. State firms which dominated the economy are struggling with market forces. A new private sector quickly emerged and has taken hold. Unemployment, which did not exist, is high and still increasing. Will this process of transition accelerate, or slow...
Persistent link: https://www.econbiz.de/10012474189
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What Directions for Labor Market Institutions in Eastern and Central Europe?
Freeman, Richard B. - 1992
Poland, Hungary. and Czechoslovakia and develop a model of changing support for reforms during the transition to a market … massive vacancies. The dispersion of wages increased substantially in Hungary and Poland though not in Czechoslovakia. My …
Persistent link: https://www.econbiz.de/10012474756
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Keep Calm and Bank On : Panic-Driven Bank Runs and the Role of Public Communication
Sandri, Damiano; Grigoli, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2023
Using a survey with information treatments conducted in the aftermath of SVB's collapse, we study households' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about SVB's collapse, households become more likely to...
Persistent link: https://www.econbiz.de/10014337876