Narrow search
Showing 1 - 10 of 636
Cover Image
Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter …
Persistent link: https://www.econbiz.de/10011475972
Cover Image
Does the Chinese interest rate follow the US interest rate?
Cheung, Yin-Wong (contributor); Tam, Dickson C. (contributor) - 2007
Persistent link: https://www.econbiz.de/10003496593
Cover Image
China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency
McKinnon, Ronald I.; Schnabl, Gunther - 2014
China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …
Persistent link: https://www.econbiz.de/10010249643
Cover Image
Chinese exchange rate policy : lessons for global investors
Melvin, Michael; Westermann, Frank - 2020
, 2015, the People's Bank of China announced a new exchange rate policy where the RMB central parity rate against the USD …
Persistent link: https://www.econbiz.de/10012261124
Cover Image
Superneutrality of money under open market operations
Homburg, Stefan - 2015
Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...
Persistent link: https://www.econbiz.de/10010483593
Cover Image
Money creation and destruction
Faure, Salomon; Gersbach, Hans - 2017
We study money creation and destruction in today's monetary architecture within a general equilibrium setting. Two types of money are created and destructed: bank deposits, when banks grant loans to firms or to other banks, and central bank money, when the central bank grants loans to private...
Persistent link: https://www.econbiz.de/10011688423
Cover Image
The propagation of monetary policy shocks in a heterogeneous production economy
Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2018 - This version: November 2018
We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...
Persistent link: https://www.econbiz.de/10011936316
Cover Image
Liquidity shortages and monetary policy
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635213
Cover Image
Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2009
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10003833348
Cover Image
Outside versus inside bonds : a Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher - 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/10008797806