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The Lender of Last Resort : Liquidity Provision Versus the Possibility of Bail-out
Eijffinger, Sylvester; Nijskens, R.G.M. - Tilburg University, Center for Economic Research - 2010
banks have provided liquidity and ministries of finance have set up rescue programmes to restore confidence and stability …. Using a model of a systemic bank suffering from liquidity shocks, we find that the unregulated bank keeps too much liquidity … and takes excessive risk compared to the social optimum. A Lender of Last Resort can alleviate the liquidity problem, but …
Persistent link: https://www.econbiz.de/10011092076
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Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited
Eijffinger, Sylvester; Schaling, E.; Hoeberichts, M.M. - Tilburg University, Center for Economic Research - 1998
We look at the implications of uncertain monetary policy preferences for the targeting and contracting approach to monetary stability. It turns out that in presence of uncertain preferences a linear incentive contract in the sense of Walsh (1995) performs better in terms of social welfare than...
Persistent link: https://www.econbiz.de/10011090529
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Inflation targets and contracts with uncertain central banker preferences
Beetsma, R.M.W.J.; Jensen, H. - Tilburg University, Center for Economic Research - 1996
Persistent link: https://www.econbiz.de/10011091003
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The Nonlinear Phillips Curve and Inflation Forecast Targeting - Symmetric Versus Asymmetric Monetary Policy Rules
Schaling, E. - Tilburg University, Center for Economic Research - 1998
We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an asymmetric target rule, that implies a higher level of nominal interest rates than the Svensson (1997a) forward looking version of the reaction function popularised by Taylor (1993)....
Persistent link: https://www.econbiz.de/10011091859
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Monetary and fiscal policy interaction and government debt stabilization
Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1995
In many developing and developed countries, government debt stabilization is an important policy issue. This paper models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who control primary fiscal deficits. Government debt dynamics...
Persistent link: https://www.econbiz.de/10011092845
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Regional Inflation, Financial Integration and Dollarization (This is a revision of CentER DP 2013-073)
de Haas, R.; Brown, M.; Sokolov, V. - Tilburg University, Center for Economic Research - 2015
asset-liability management of banks. …
Persistent link: https://www.econbiz.de/10011199227
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Regional Inflation and Financial Dollarization
Brown, M.; de Haas, R.; Sokolov, V. - Tilburg University, Center for Economic Research - 2013
markets, suggesting that the asset-liability management of banks constrains the currency-portfolio choices of households. …
Persistent link: https://www.econbiz.de/10011092469
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The Impact of the LCR on the Interbank Money Market
Eijffinger, Sylvester; Bonner, C. - Tilburg University, Center for Economic Research - 2012
, being close to the minimum liquidity requirement induces banks to decrease lending volumes. Given the high importance of a …Abstract: This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money … market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are …
Persistent link: https://www.econbiz.de/10011092711
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Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply : Evidence from the Spanish Dynamic Provisioning Experiments
Jiménez, G.; Ongena, S.; Peydro, J.L.; Saurina, J. - Tilburg University, Center for Economic Research - 2012
Abstract: We analyze the impact of the countercyclical capital buffers held by banks on the supply of credit to firms … capital buffers, combined with the financial crisis that shocked banks according to their available pre-crisis buffers …
Persistent link: https://www.econbiz.de/10011091652
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Does Monetary Policy Affect the Central Bank's Role in Bank Supervision?
Ioannidou, Vasso - Tilburg University, Center for Economic Research - 2002
Persistent link: https://www.econbiz.de/10011092048