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Carbon pricing and inflation expectations : evidence from France

Hensel, Jannik; Mangiante, Giacomo; Moretti, Luca - 2023

This paper examines the impact of carbon pricing on firms' inflation expectations and its implications for central banks' price stability mandate. Carbon policy shocks are identified using high-frequency identification and combined with French firm-level survey data. A change in carbon price...

Persistent link: https://www.econbiz.de/10014312549

Exchange rate misalignments and crises

Stein, Jerome L.; Paladino, Giovanna - 1999

changes in France, Germany and Italy. …

Persistent link: https://www.econbiz.de/10009781700

Connected lending of last resort

Mitchener, Kris; Monnet, Eric - 2023

November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to …

Persistent link: https://www.econbiz.de/10013494187

Fiscal aspects of central bank independence

Sims, Christopher A. - 2001

Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet has implications for central bank independence....

Persistent link: https://www.econbiz.de/10011399700

On the roles of different foreign currencies in European bank lending

Krogstrup, Signe; Tille, Cédric - 2015

We draw on a new data set on the use of Swiss francs and other currencies by European banks to assess the patterns of foreign currency bank lending. We show that the patterns differ sharply across foreign currencies. The Swiss franc is used predominantly for lending to residents, especially...

Persistent link: https://www.econbiz.de/10011344732

Central bank balance sheets : expansion and reduction since 1900

Ferguson, Niall; Schaab, Andreas; Schularick, Moritz - 2015

In this paper we study the evolution of central banks' balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and contractions...

Persistent link: https://www.econbiz.de/10010528949

Greece's three-act tragedy : a simple model of Grexit vs. staying afloat inside the single currency area

Chen, Yu-Fu; Funke, Michael - 2015

debt and currency crisis. The model is built on two essential blocks: first, erratic macroeconomic policymaking in Greece …

Persistent link: https://www.econbiz.de/10011406792

Application of stochastic optimal control to financial market debt crises

Stein, Jerome L. - 2009

recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large … capital gain, the return on capital and the interest rate. An optimal debt ratio is derived where the drift is probabilistic …, does not depend upon the actual debt/net worth per se. Instead it increases in proportion to the difference between the …

Persistent link: https://www.econbiz.de/10003807893

A critique of the literature on the US financial debt crisis

Stein, Jerome L. - 2010

leverage, the optimum and excessive risk and the probability of a debt crisis. The theoretically founded early warning signals … crisis ; optimal leverage and debt ratios ; Congressional Oversight Panel ; Case-Shiller index …

Persistent link: https://www.econbiz.de/10003936616

Does debt maturity matter for investment decisions?

Nam, Chang-woon; Radulescu, Doina - 2004

when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial … the investment is debt-financed, the interest payment additionally reduces the corporate tax base. The research findings … optimum debt maturity tends to correlate positively with the corporate tax rate but negatively with the interest rate. In the …

Persistent link: https://www.econbiz.de/10011402695

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