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Why So Low for So Long? A Long-Term View of Real Interest Rates
Borio, Claudio E. V. - 2017
real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … countries that dominate global monetary and financial conditions rather than common movements in global saving and investment …
Persistent link: https://www.econbiz.de/10012941033
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DSGE Models and Central Banks
Tovar, Camilo E. - 2013
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10014214942
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Corporate Investment and the Exchange Rate : The Financial Channel
Banerjee, Ryan - 2020
Using firm-level data for 18 major global economies, we find that the exchange rate affects corporate investment … through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage and FX debt. These … findings are consistent with the predictions of a stylised model of credit risk in which exchange rates can affect investment …
Persistent link: https://www.econbiz.de/10012841849
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Expectations and Investment
Gennaioli, Nicola - 2016
investment plans as well as actual investment are well explained by CFOs' expectations of earnings growth. The information in …
Persistent link: https://www.econbiz.de/10012989889
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Optimal Time-Consistent Macroprudential Policy
Bianchi, Javier - 2015
Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions taken in "good times" affect collateral prices during a crisis. We show that agents in a competitive equilibrium borrow more than a financial...
Persistent link: https://www.econbiz.de/10013014251
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Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy
Bianchi, Javier - 2015
The unconventional shocks and non-linear dynamics behind the high volatility of financial markets present a challenge for the implementation of macroprudential policy. This paper introduces two of these unconventional shocks, news shocks about future fundamentals and regime changes in global...
Persistent link: https://www.econbiz.de/10013018427
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A Policy Model to Analyze Macroprudential Regulations and Monetary Policy
Alpanda, Sami - 2014
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...
Persistent link: https://www.econbiz.de/10013047527
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International Trade Finance and the Cost Channel of Monetary Policy in Open Economies
Patel, Nikhil - 2016
This paper models the interaction between international trade finance and monetary policy in open economies and shows that trade finance affects the propagation mechanism of all macroeconomic shocks that are identified to be drivers of business cycles in advanced economies. The model is...
Persistent link: https://www.econbiz.de/10013000729
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International Inflation Spillovers Through Input Linkages
Auer, Raphael - 2017
We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...
Persistent link: https://www.econbiz.de/10012959262
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990