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Monetarism rides again? US monetary policy in a world of Quantitative Easing

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014

This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...

Persistent link: https://www.econbiz.de/10011084208

A Gains from Trade Perspective on Macroeconomic Fluctuations

Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011

Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...

Persistent link: https://www.econbiz.de/10009221567

Can the Fed talk the hind legs off the stock market?

Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011

Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the...

Persistent link: https://www.econbiz.de/10009147402

Risk, Uncertainty and Monetary Policy

Bekaert, Geert; Hoerova, Marie; Lo Duca, Marco - C.E.P.R. Discussion Papers - 2010

We document a strong co-movement between the VIX, the stock market option-based implied volatility, and monetary policy. We decompose the VIX into two components, a proxy for risk aversion and expected stock market volatility ("uncertainty"), and analyze their dynamic interactions with monetary...

Persistent link: https://www.econbiz.de/10008784723

Loss Aversion and the Asymmetric Transmission of Monetary Policy

Gaffeo, Edoardo; Petrella, Ivan; Pfajfar, Damjan; … - C.E.P.R. Discussion Papers - 2014

There is widespread evidence that monetary policy exerts asymmetric effects on output over contractions and expansions in economic activity, while price responses display no sizeable asymmetry. To rationalize these facts we develop a dynamic general equilibrium model where households’ utility...

Persistent link: https://www.econbiz.de/10011084378

Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach

Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2007

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...

Persistent link: https://www.econbiz.de/10005656292

Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?

Jiménez, Gabriel; Ongena, Steven; Peydró, José Luis; … - C.E.P.R. Discussion Papers - 2007

We investigate the impact of the stance and path of monetary policy on the level of credit risk of individual bank loans and on lending standards. We employ the Credit Register of the Bank of Spain that contains detailed monthly information on virtually all loans granted by all credit...

Persistent link: https://www.econbiz.de/10005661943

Gross Capital Flows: Dynamics and Crises

Broner, Fernando A; Didier, Tatiana; Erce, Aitor; … - C.E.P.R. Discussion Papers - 2011

flows--over the business cycle and during financial crises. We show that gross capital flows are very large and volatile … investing more abroad during expansions. During crises, especially during severe ones, there is retrenchment, that is, a …

Persistent link: https://www.econbiz.de/10009321838

Financial Crises and Economic Activity

Cecchetti, Stephen G; Kohler, Marion; Upper, Christian - C.E.P.R. Discussion Papers - 2009

We study the output costs of 40 systemic banking crises since 1980. Most, but not all, crises in our sample coincide … of past banking crises were higher when they were accompanied by a currency crisis or when growth was low at the onset of … a tendency for systemic banking crises to have lasting negative output effects. …

Persistent link: https://www.econbiz.de/10008472105

A Theory of Slow-Moving Capital and Contagion

Acharya, Viral V; Shin, Hyun Song; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2009

Fire sales that occur during crises beg the question of why sufficient outside capital does not move in quickly to take …

Persistent link: https://www.econbiz.de/10004980209

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