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Long Term Debt and the Political Support of a Monetary Union
Uhlig, Harald - C.E.P.R. Discussion Papers - 1997
inflation-reduction policy. The central idea is that the decision on membership of the union leads to a redistribution between … example, if joining the union means a decrease in the inflation rate, creditors should favour joining while debtors should be … against it. A government of a high-inflation country might strategically try to exploit this effect by selling more long …
Persistent link: https://www.econbiz.de/10005123670
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Asymmetries in Housing and Financial Market Institutions and EMU
Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999
and inflation in the different countries to changes in short-term interest rates, as well as to asset market shocks of …
Persistent link: https://www.econbiz.de/10005504528
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Can Central Banks Go Broke?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008
Central banks can go broke and have done so, although mainly in developing countries. The conventional balance sheet of the central bank is uninformative about the financial resources it has at its disposal and about its ability to act as an effective lender of last resort and market marker of...
Persistent link: https://www.econbiz.de/10005656271
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Never Say Never: Commentary on a Policymaker’s Reflections
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014
Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally systemic Asian crisis, as the IMF’s First Deputy...
Persistent link: https://www.econbiz.de/10011083383
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The ECB as Lender of Last Resort for Sovereigns in the Euro Area
Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2012
The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with its estimated €3.4 trillion non-inflationary loss absorption capacity, is the only credible sovereign LoLR. The ECB/Eurosystem has been acting as sovereign LoLR through its...
Persistent link: https://www.econbiz.de/10011083551
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Credit Spreads and Credit Policies
Correia, Isabel; De Fiore, Fiorella; Teles, Pedro; … - C.E.P.R. Discussion Papers - 2014
How should monetary and fiscal policy react to adverse financial shocks? If monetary policy is constrained by the zero lower bound on the nominal interest rate, subsidising the interest rate on loans is the optimal policy. The subsidies can mimic movements in the interest rate and can therefore...
Persistent link: https://www.econbiz.de/10011083684
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10011084186
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Tax-Subsidized Underpricing: Issuers and Underwriters in the Market for Build America Bonds
Cestau, Dario; Green, Richard; Schürhoff, Norman - C.E.P.R. Discussion Papers - 2012
Build America Bonds (BABs) were issued by states and municipalities for twenty months as an alternative to tax-exempt bonds. The program was part of the 2009 fiscal stimulus package. The bonds are taxable to the holder, but the federal Treasury rebates 35% of the coupon payment to the issuer....
Persistent link: https://www.econbiz.de/10011084229
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Gambling for resurrection in Iceland: the rise and fall of the banks
Baldursson, Fridrik Mar; Portes, Richard - C.E.P.R. Discussion Papers - 2013
We examine the evolution of the Icelandic banking sector in its macroeconomic environment. The story culminates in the crisis of October 2008, when all three major banks in Iceland collapsed in three successive days. The country is still struggling to cope with the consequences. The paper...
Persistent link: https://www.econbiz.de/10011084274
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Bank and Sovereign Risk Interdependence in the Euro Area
Kollintzas, Tryphon; Tsoukalas, Konstantinos - C.E.P.R. Discussion Papers - 2015
We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three...
Persistent link: https://www.econbiz.de/10011201352