Similar Search Results

Foreign Exchange Intervention, Policy Objectives and Macroeconomic Stability

Vitale, Paolo - C.E.P.R. Discussion Papers - 2001

Within a simple model of monetary policy for an open economy, we study how foreign exchange intervention may be used to … condition agents' beliefs of the objectives of the policymakers. Differently from cheap talk foreign exchange intervention … guarantees a unique equilibrium. Foreign exchange intervention does not bring about a systematic policy gain, such as an increase …

Persistent link: https://www.econbiz.de/10005124447

Drivers of Structural Change in Cross-Border Banking Since the Global Financial Crisis

Bremus, Franziska; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2014

The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro...

Persistent link: https://www.econbiz.de/10011145418

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

The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the low credibility of stabilization policies and a...

Persistent link: https://www.econbiz.de/10005123602

Central Bank Communication and Output Stabilization

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2004

Some central banks have a reputation for being secretive. A justification for this behaviour that we find in the literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...

Persistent link: https://www.econbiz.de/10005124006

Giving Up the Swiss Franc: Some Consideration on Seigniorage Flows Under EMU

Fischer, Andreas M; Jordan, Thomas J.; Lack, Caeser P - C.E.P.R. Discussion Papers - 2002

The monetary debate in Switzerland about joining the European Monetary Union (EMU) has primarily focused on the gains in terms of transaction costs and lower uncertainty from using a common currency versus the sacrifice of giving up an independent monetary policy. This Paper considers an...

Persistent link: https://www.econbiz.de/10005656321

Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis

Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015

The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...

Persistent link: https://www.econbiz.de/10011276387

Fire Sales and Information Advantage: When Informed Investor Helps

Massa, Massimo; Zhang, Lei - C.E.P.R. Discussion Papers - 2015

We study the relation between information and fire sales during a crisis. We argue that the reinforcing effect of funding liquidity on market liquidity is weaker when investors have more information about the assets facing sudden price drops (Brunnermeier and Pedersen, 2009). We focus on the...

Persistent link: https://www.econbiz.de/10011252619

The Valuation Channel of International Adjustment

Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015

International financial integration has greatly increased the scope for changes in a country’s net foreign asset position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external assets and liabilities. We examine this valuation...

Persistent link: https://www.econbiz.de/10011266533

The process by which the Dollar will fall: the effect of forward-looking consumers

Kuralbayeva, Karlygash; Vines, David - C.E.P.R. Discussion Papers - 2009

This paper extends the analysis of the forthcoming fall in the dollar by Blanchard, Giavazzi and Sà 2005), using a model which incorporates forward-looking consumers. It provides additional underpinnings for the idea of a rapid adjustment in the value of the dollar. We analyze what will happen...

Persistent link: https://www.econbiz.de/10005016248

1
2
3
4
5
6
7
8
9
10
Next
Last