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Some Lessons from Six Years of Practical Inflation Targeting
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2013
of flexible inflation targeting (price stability and the highest sustainable employment), including keeping average … inflation over a longer period on target; (2) not adding household debt as a new (intermediate) target variable, in addition to … inflation and unemployment – not “leaning against the wind,” which is counterproductive, but leaving any problems with household …
Persistent link: https://www.econbiz.de/10011083489
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Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations
Peersman, Gert; Wagner, Wolf - C.E.P.R. Discussion Papers - 2015
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10011262887
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Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy
Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014
We show that banks' cash flow exposure to interest rate risk, or income gap, plays a crucial role in their lending behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates increases significantly with their income gap, even when...
Persistent link: https://www.econbiz.de/10011145414
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Bubbles and Central Banks: Historical Perspectives
Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...
Persistent link: https://www.econbiz.de/10011249380
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009
The dangers of shouting ``fire'' in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the...
Persistent link: https://www.econbiz.de/10005082543
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Asset Market Participation, Monetary Policy Rules and the Great Inflation
Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011
the Great Inflation and the Great Moderation. …
Persistent link: https://www.econbiz.de/10009293982
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Money, Financial Stability and Efficiency
Allen, Franklin; Carletti, Elena; Gale, Douglas M - C.E.P.R. Discussion Papers - 2011
Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. We show that, with...
Persistent link: https://www.econbiz.de/10009293987
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An EMU with Different Transmission Mechanisms
Giovannetti, Giorgia; Marimon, Ramon - C.E.P.R. Discussion Papers - 1998
We develop and compute a dynamic equilibrium model where economies differ on the relative efficiency of financial intermediaries and, therefore on households portfolios and currency holdings. Our model economies have some of the features of the different financial structures in countries of the...
Persistent link: https://www.econbiz.de/10005662222
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The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition
Kierzenkowski, Rafal - C.E.P.R. Discussion Papers - 2002
This Paper examines the consequences of interactions between the bank lending channel and the traditional interest rate and exchange rate channels on the effectiveness of the monetary policy transmission in Poland since 1994. First, we develop a small open-economy credit-augmented model. Under...
Persistent link: https://www.econbiz.de/10005666443
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Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy
Mulligan, Casey B; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1996
the elasticity is very small for interest rates below 5% suggests that the welfare costs of inflation are small. We also …
Persistent link: https://www.econbiz.de/10005666631