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Jaakkola, Niko - 2017

Natural-resource taxation and investment exhibit cycles in a vast number of countries, driving political turmoil and power shifts. Using a rational-expectations model, we show cycles result from governments' inability to commit to future taxes and firms' inability to credibly exit a country...

Persistent link: https://www.econbiz.de/10012955744

Socio-Political Conflict and Economic Performance in Bolivia

Evia, Jose Luis; Laserna, Roberto; Skaperdas, Stergios - 2021

We examine how socio-political conflict in Bolivia has affected its economic performance since the 1970s. Such conflict … characteristics of conflict in Bolivia using a unique data set. We then provide estimates of the direct costs of conflict and examine … how levels of conflict, economic performance, and governance might be related in Bolivia's recent history …

Persistent link: https://www.econbiz.de/10013316564

Monetary Policy in a Channel System

Berentsen, Aleksander - 2019

Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. The authors develop a general equilibrium framework of a channel system and study the optimal policy. A...

Persistent link: https://www.econbiz.de/10012746483

Resurrecting the New-Keynesian Model : (Un)Conventional Policy and the Taylor Rule

Posch, Olaf - 2018

This paper explores the ability of the New-Keynesian (NK) model to explain the recent periods of quiet and stable inflation at near-zero nominal interest rates. We show how (conventional and unconventional) monetary policy shocks enlarge the ability to explain the facts, such that the theory...

Persistent link: https://www.econbiz.de/10012920346

Financial Globalization and Bank Lending : The Limits of Domestic Monetary Policy?

Cao, Jin - 2018

We empirically analyze how bank lending reacts to monetary policy in the presence of global financial flows. Employing a unique and novel dataset of the funding modes and currency composition of the full population of Norwegian banks in structurally identified regressions, we show that the...

Persistent link: https://www.econbiz.de/10012921278

Out of Sync Subnational Housing Markets and Macroprudential Policies

Funke, Michael - 2018

In view of regional house prices drifting apart, we examine whether regionally differentiated macroprudential policies can address financial stability concerns and moderate house price differences. To this end, we disaggregate both the household sector and the housing stock in a two-region DSGE...

Persistent link: https://www.econbiz.de/10012922555

Uncertainty-Dependent Effects of Monetary Policy Shocks : A New Keynesian Interpretation

Castelnuovo, Efrem - 2018

We estimate a nonlinear VAR model to study the real effects of monetary policy shocks in regimes characterized by high vs. low macroeconomic uncertainty. We find unexpected monetary policy moves to exert a substantially milder impact in presence of high uncertainty. We then exploit the set of...

Persistent link: https://www.econbiz.de/10012926998

Exit Strategies, Capital Flight and Speculative Attacks : Europe's Version of the Trilemma

Steiner, Andreas - 2018

In the winter 2011/12 a wave of internal capital flight prompted the ECB to abandon its exit strategy and to announce an unprecedented monetary expansion. We analyze this episode in several dimensions: (i) by providing an event-study analysis covering key variables from national central banks'...

Persistent link: https://www.econbiz.de/10012929540

Monetary Policy Transmission and Trade-Offs in the United States : Old and New

Hofmann, Boris - 2018

This study shows that, in the United States, the effects of monetary policy on credit and housing markets have become considerably stronger relative to the impact on GDP since the mid-1980s, while the effects on inflation have become weaker. Macroeconomic stabilization through monetary policy...

Persistent link: https://www.econbiz.de/10012930281

Monetary Policy, Inequality and Political Instability

Duarte, Pablo - 2018

Based on the concepts of justice by Hayek, Rawls and Buchanan we argue that the growing political dissatisfaction in industrialized countries is rooted in the asymmetric pattern in monetary policies since the 1980s for two reasons. First, the structurally declining interest rates and the...

Persistent link: https://www.econbiz.de/10012930616

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