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A Monetary Equilibrium with the Lender of Last Resort
Matsuoka, Tarishi; Watanabe, Makoto - 2023
This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of a bank’s monetary reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but reduces banks’ ex-ante incentive to hold monetary...
Persistent link: https://www.econbiz.de/10014356320
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Banking Panics and the Lender of Last Resort in a Monetary Economy
Matsuoka, Tarishi - 2019
This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of bank’s monetary reserves (or a banking panic) occurs endogenously. We show that while a discount window policy introduced by the LLR is welfare improving, it reduces the banks’ ex ante...
Persistent link: https://www.econbiz.de/10012892137
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Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money
Afrouzi, Hassan - 2020
How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...
Persistent link: https://www.econbiz.de/10012836931
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Investment in Quality Upgrade and Regulation of the Internet
Baranes, Edmond - 2020
This paper studies the investment decision by a monopolistic internet service provider (ISP) in different regulatory …
Persistent link: https://www.econbiz.de/10012841934
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The Gilets Jaunes : Offline and Online
Boyer, Pierre - 2020
We study the Gilets jaunes movement, which blocked most of France off in November 2018. We first analyze the complementarity/substitutability between the different forms of mobilization and find that blockades were planned online and later reinforced online activism. Second, we do textual...
Persistent link: https://www.econbiz.de/10012832184
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Mums Go Online : Is the Internet Changing the Demand for Healthcare?
Amaral-Garcia, Sofia; Nardotto, Mattia; Propper, Carol; … - 2021
We study the effect of internet diffusion on childbirth procedures performed in England between 2000 and 2011. We … exploit an identification strategy based on geographical discontinuities in internet access generated by technological factors …. We show that broadband internet access increased Cesarean-sections: mothers living in areas with better internet access …
Persistent link: https://www.econbiz.de/10013314858
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Tech in Fin Before FinTech : Blessing or Curse for Financial Stability?
Pierri, Nicola - 2020
Motivated by the world-wide surge of FinTech lending, we analyze the implications of lender' information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel dataset that provides information on hardware...
Persistent link: https://www.econbiz.de/10012842385
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Liquidity shortages and monetary policy
Cao, Jin; Illing, Gerhard - 2008
The paper models the interaction between risk taking in the financial sector and central bank policy for the case of pure illiquidity risk. It is shown that, when bad states are highly unlikely, public provision of liquidity may improve the allocation, even though it encourages more risk taking...
Persistent link: https://www.econbiz.de/10010264298
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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher Jude - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10010277131
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Bitcoin Price Co-Movements and Culture
Caporale, Guglielmo Maria - 2020
This paper analyses the cultural drivers (tightness−looseness and individualism−collectivism) of Bitcoin prices co-movements and exchange shutdowns in 34 major countries around the world over the period 20 July 2010 – 5 February 2020. Under the assumption that investors prefer to use local...
Persistent link: https://www.econbiz.de/10012841932