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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012149021

Blockholder dispersion and firm value

Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - 2010

This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...

Persistent link: https://www.econbiz.de/10003947463

Reliability and relevance of fair values : private equity investments and investee fundamentals

Ferreira, Petrus; Kräussl, Roman; Landsman, Wayne R.; … - 2018

We directly test the reliability and relevance of fair values reported by listed private equity firms (LPEs), where the unit of account for fair value measurement attribute (FVM) is an investment stake in an individual investee company. FVMs are observable for multiple investment stakes, fair...

Persistent link: https://www.econbiz.de/10011901255

Optimal monetary policy inertia

Woodford, Michael - 1999

This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behavior, that such inertial behavior on the part of the...

Persistent link: https://www.econbiz.de/10009768269

Robustly optimal monetary policy with near-rational expectations

Woodford, Michael (contributor) - 2005

Persistent link: https://www.econbiz.de/10003448470

Optimal monetary policy inertia

Woodford, Michael - 1999

Persistent link: https://www.econbiz.de/10001362623

Leaning against housing prices as robustly optimal monetary policy

Adam, Klaus; Woodford, Michael - 2018

We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy can be characterized without making reference to...

Persistent link: https://www.econbiz.de/10011918620

Does family matter? : venture capital cross-fund cash flows

Kräussl, Roman; Rinne, Kalle; Sunc, Huizhu - 2022

-fund cash flows (CFCFs), a liquidity support mechanism provided by matching distributions and capital calls within a VC fund … family. The dynamics of this mechanism coincide with the sensitivity of different stage projects owing to market liquidity … conditions. We find that the early-stage funds demand relatively more intra-family CFCFs than later-stage funds during liquidity …

Persistent link: https://www.econbiz.de/10013555504