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Delli Gatti, Domenico; Iannotta, Gabriele - 2022

We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and Hommes. This behavioural approach allows to...

Persistent link: https://www.econbiz.de/10013380476

Financial crisis, economic recovery and banking development in former Soviet Union economies

Huang, Haizhou; Marin, Dalia; Xu, Chenggang - 2003

This paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy and firms use non-bank finance, including trade credits...

Persistent link: https://www.econbiz.de/10011514178

Using bankruptcy to reduce foreclosures : does strip-down of mortgages affect the supply of mortgage credit?

Li, Wenli; Ishani, Tewari; White, Michelle J. - 2014 - Current version: February 2014

We assess the credit market impact of allowing mortgage "strip-down" as a foreclosure-prevention measure, where strip-down reduces the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 13 bankruptcy. Our identification is provided...

Persistent link: https://www.econbiz.de/10010337629

Sustainability of product market collusion under credit market imperfections

Marjit, Sugata; Mukherjee, Arijit; Yang, Lei - 2016

We study the implications of credit constraints for the sustainability of product market collusion in a bank-financed oligopoly in which firms face an imperfect credit market. We consider two situations, without and with credit rationing, i.e., with a binding credit limit. When there is credit...

Persistent link: https://www.econbiz.de/10011587934

Monetary policy in a channel system

Berentsen, Aleksander (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003496482

Inflation and output dynamics in a model with labor market search and capital accumulation

Heer, Burkhard (contributor); Maußner, Alfred (contributor) - 2007

Persistent link: https://www.econbiz.de/10003498824

"Interest Rate Trap", or : why does the central bank keep the policy rate too low for too long time?

Cao, Jin; Illing, Gerhard - 2012

intermediaries' incentives for liquidity transformation are affected by the central bank's reaction to financial crisis. Anticipating … central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering … efficient outcome can be implemented by imposing ex ante liquidity requirements. …

Persistent link: https://www.econbiz.de/10009533969

Modeling two Macro policy instruments : interest rates and aggregate capital requirements

Gersbach, Hans; Hahn, Volker - 2011 - This Version: September 2011

We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...

Persistent link: https://www.econbiz.de/10009307956

Forward guidance in a simple model with a zero lower bound

Illing, Gerhard; Siemsen, Thomas - 2014 - First Version: December 2013

In this paper we present a three period setup to model central bank forward guidance in a liquidity trap. We analyze …

Persistent link: https://www.econbiz.de/10010257354

Quantitative or qualitative forward guidance : does it matter?

Detmers, Gunda-Alexandra; Karagedikli, Özer; Moessner, … - 2018

Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences...

Persistent link: https://www.econbiz.de/10011926064

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