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Is optimal monetary policy always optimal?

Davig, Troy; Gürkaynak, Refet S. - 2015 - This version: July 28, 2015

No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...

Persistent link: https://www.econbiz.de/10011307949

Monetary policy in Turkey after Central Bank independence

Gürkaynak, Refet S.; Kantur, Zeynep; Tas, M. Anil; … - 2015

We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...

Persistent link: https://www.econbiz.de/10011348828

Credit risk transfers and the macroeconomy

Faia, Ester - 2010 - This draft: September 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets … risk. -- Credit Risk Transfer ; Dual Moral Hazard ; Monetary Policy ; Liquidity ; Welfare …

Persistent link: https://www.econbiz.de/10008748079

Endogenous systemic liquidity risk

Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …