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Excess Monetary Liquidity and Asset Prices (Exces de Liquidite Monetaire et Prix des Actifs) (French)
Gouteron, Sylvain - 2010
The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of … inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset … Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in …
Persistent link: https://www.econbiz.de/10013136341
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Financial Regulation in General Equilibrium
Goodhart, Charles - 2012
fire sales, namely: limits on loan to value ratios, capital requirements for banks, liquidity coverage ratios for banks …
Persistent link: https://www.econbiz.de/10013108035
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The Case for a Financial Approach to Money Demand
Ragot, Xavier - 2010
The distribution of money across households is much more similar to the distribution of financial assets than to that of consumption levels. This is a puzzle for theories which directly link money demand to consumption. This paper shows that the joint distribution of money and financial assets...
Persistent link: https://www.econbiz.de/10013136640
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Why Have Interest Rates Fallen Far Below the Return on Capital
Marx, Magali - 2017
Risk-free rates have been falling since the 1980s. The return on capital, defined here as the profits over the stock of capital, has not. We analyze these trends in a calibrated OLG model designed to encompass many of the "usual suspects" cited in the debate on secular stagnation. Declining...
Persistent link: https://www.econbiz.de/10012954586
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Money and Capital in a Persistent Liquidity Trap
Bacchetta, Philippe - 2018
In this paper we analyze the implications of a persistent liquidity trap in a monetary model with asset scarcity. We … show that a liquidity trap may lead to an increase in real cash holdings and be associated with a decline in output in the … from shorter-run analyses implied by nominal rigidities. Quantitative easing leads to a deeper liquidity trap. Exiting the …
Persistent link: https://www.econbiz.de/10012906430
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(Real-)Time is Money
Pfister, Christian - 2018
. This situation reflects policies implemented by central banks, which provide banks with free intraday liquidity. Such …
Persistent link: https://www.econbiz.de/10012921853
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Is There a Bank Lending Channel in France? Evidence from Bank Panel Data
Loupias, Claire - 2010
estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity …
Persistent link: https://www.econbiz.de/10013134954
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The Impact of Stock Market Shocks on Credit in France Since the Mid-1990s (L’Impact des Chocs Boursiers sur le Crédit en France Depuis le Milieu des Années Quatre-Vingt-Dix) (Frenc...
Baude, John - 2010
This study attempts to distinguish, in the impact on credit in France, between the effects of stock market shocks occurred since the mid-1990s and more traditional effects, stemming from the business cycle. To do so, it uses a model focused on two financial assets: loans and equities. According...
Persistent link: https://www.econbiz.de/10013136340
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Are Business and Credit Cycles Converging or Diverging? A Comparison of Poland, Hungary, the Czech Republic and the Euro Area
Avouyi-Dovi, Sanvi - 2010
This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...
Persistent link: https://www.econbiz.de/10013136629
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Convergence in Household Credit Demand Across Euro Area Countries : Evidence from Panel Data
de Bandt, Olivier - 2010
The paper contributes to the literature on the convergence of financial systems in the euro area by estimating household credit demand in individual countries. Using the ARDL framework advocated notably by Pesaran et al. (1999), the paper provides evidence on the convergence of long run credit...
Persistent link: https://www.econbiz.de/10013136672