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Gazing at r-star: A hysteresis perspective
Beaudry, Paul; Kartashova, Katya; Meh, Césaire Assah - 2023
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...
Persistent link: https://www.econbiz.de/10014544603
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Gazing at r-star : a hysteresis perspective
Beaudry, Paul; Kartashova, Katya; Meh, Césaire Assah - 2023 - Last updated: January 12, 2023
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...
Persistent link: https://www.econbiz.de/10013482643
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The role of bank capital in the propagation of shocks
Meh, Césaire Assah (contributor); Moran, Kevin (contributor) - 2008
Recent events in financial markets have underlined the importance of analyzing the link between the financial health of banks and real economic activity. This paper contributes to this analysis by constructing a dynamic general equilibrium model in which the balance sheet of banks affects the...
Persistent link: https://www.econbiz.de/10003773059
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Real effects of price stability with endogenous nominal indexation
Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...
Persistent link: https://www.econbiz.de/10003852858
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Bank leverage regulation and macroeconomic dynamics
Christensen, Ian; Meh, Césaire Assah; Moran, Kevin - 2011
This paper assesses the merits of countercyclical bank balance sheet regulation for the stabilization of financial and economic cycles and examines its interaction with monetary policy. The framework used is a dynamic stochastic general equilibrium model with banks and bank capital, in which...
Persistent link: https://www.econbiz.de/10009728167
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Financial intermediation, liquidity and inflation
Chiu, Jonathan (contributor);  … - 2008
This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller...
Persistent link: https://www.econbiz.de/10003790575
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The welfare cost of inflation revisited: The role of financial innovation and household heterogeneity
Cao, Shutao; Meh, Césaire Assah; Ríos-Rull, José-Víctor - 2018
We document that, across households, the money consumption ratio increases with age and decreases with consumption, and … that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We … construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use …
Persistent link: https://www.econbiz.de/10012014495
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The welfare cost of inflation revisited : the role of financial innovation and household heterogeneity
Cao, Shutao; Meh, Césaire Assah; Ríos-Rull, José-Víctor - 2018
We document that, across households, the money consumption ratio increases with age and decreases with consumption, and … that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We … construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use …
Persistent link: https://www.econbiz.de/10011895060
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Monetary policy, trends in real interest rates and depressed demand
Beaudry, Paul; Meh, Césaire Assah - 2021
through bequest motives, monetary policy has the potential to affect steady-state properties even if money is neutral in the …
Persistent link: https://www.econbiz.de/10012619634
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Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting
Meh, Césaire Assah (contributor);  … - 2008
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...
Persistent link: https://www.econbiz.de/10003773003