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Uncertainty Shocks and Firm Dynamics : Search and Monitoring in the Credit Market
Brand, Thomas - 2019
We develop a business cycle model with gross flows of firm creation and destruction.The credit market is characterized by two frictions. First,entrepreneurs undergo a costly search for intermediate funding to create a firm. Second, upon a match, a costlystate-verification contract is set up....
Persistent link: https://www.econbiz.de/10012900563
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Extreme Events and Optimal Monetary Policy
Kim, Jinill - 2018
This paper studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric Generalized Extreme Value distributions. A nonlinear perturbation solution of the model is...
Persistent link: https://www.econbiz.de/10012928124
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Securitization : A Financing Vehicle for All Seasons?
Buchanan, Bonnie - 2017
Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit markets, aspects of the global securitization...
Persistent link: https://www.econbiz.de/10012963439
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ATM Networks and Cash Usage
Snellman, Heli; Virén, Matti - 2022
.In particular, the demand for cash is analysed from this point of view.The analysis is based on a simple spatial transactions model … ATMs (in relation to population).It also reveals that the demand for cash depends both on the number of ATMs and ATM … networks and on the popularity of other means of payment.Thus, the use of cash can be fairly well explained in a transaction …
Persistent link: https://www.econbiz.de/10013321993
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ATM Networks and Cash Usage
Snellman, Heli; Viren, Matti - 2009
particular, the demand for cash is analysed from this point of view. The analysis is based on a simple spatial transactions model … ATMs (in relation to population). It also reveals that the demand for cash depends both on the number of ATMs and ATM … networks and on the popularity of other means of payment. Thus, the use of cash can be fairly well explained in a transaction …
Persistent link: https://www.econbiz.de/10014048309
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Monetary Policy, Expected Inflation, and Inflation Risk Premia
Ravenna, Federico - 2007
Within a New Keynesian business cycle model, we study variables that are normally unobservable but are very important for the conduct of monetary policy, namely expected inflation and inflation risk premia. We solve the model using a third-order approximation that allows us to study time-varying...
Persistent link: https://www.econbiz.de/10012729474
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Monetary Policy and Rejections of the Expectations Hypothesis
Ravenna, Federico - 2007
We study the rejection of the expectations hypothesis within a New Keynesian business cycle model. According to Backus, Gregory, and Zin (1989), the Lucas general equilibrium asset pricing model can account for neither sign nor magnitude of average risk premia in forward prices, and is unable to...
Persistent link: https://www.econbiz.de/10012731579
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Policy Words and Policy Deeds : The ECB and the Euro
Bohl, Martin T.; Siklos, Pierre L. - 2007
This paper examines the role of the ECB communication activities on daily Eurodollar exchange rate and interest rates. We estimate the relationship between monetary policy and the exchange rate using a technique that explicitly recognises the joint determination of both the levels and...
Persistent link: https://www.econbiz.de/10014223730
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The Impact of Political Uncertainty on Institutional Ownership
Francis, Bill - 2013
This paper provides original evidence from institutional investors that political uncertainty during presidential elections greatly affects investment. Using U.S. institutional ownership data from 1981 to 2010, we find that institutions significantly reduce their holdings of common stock by 0.76...
Persistent link: https://www.econbiz.de/10013072619
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What Types of Bondholders Impede Corporate Innovative Activities?
Hasan, Iftekhar - 2013
​This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting...
Persistent link: https://www.econbiz.de/10013073029