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Asset prices, collateral, and unconventional monetary policy in a DSGE model
Hilberg, Björn; Hollmayr, Josef - 2013
In this paper we set up a New-Keynesian model with a heterogenous banking sector to analyze liquidity problems on the interbank market. The presence of an interbank market is essential to consider a situation where an increased liquidity supply by the central bank is only partially passed on to...
Persistent link: https://www.econbiz.de/10010192797
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A one-off wealth levy? : assessing the pros, the cons and the importance of credibility
Kempkes, Gerhard; Stähler, Nikolai - 2014
From an economic perspective, imposing a credible one-off net wealth levy in crisis times as a tool to ward off a …
Persistent link: https://www.econbiz.de/10010433439
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Household saving behavior and credit constraints in the Euro area
Le Blanc, Julia; Porpiglia, Alessandro; Teppa, Federica; … - 2014
harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. Since the …
Persistent link: https://www.econbiz.de/10010388544
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Financial frictions and global spillovers
Metiu, Norbert; Hilberg, Björn; Grill, Michael - 2015
We investigate whether frictions in US financial markets amplify the international propagation of US financial shocks. The dynamics of the US economy is modeled jointly with global macroeconomic and financial variables using a threshold vector autoregression that allows us to capture...
Persistent link: https://www.econbiz.de/10010493885
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Import competition, trade credit and financial frictions in general equilibrium
Esposito, Federico; Hassan, Fadi - 2023
Persistent link: https://www.econbiz.de/10013536508
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Imperfect information about financial frictions and consequences for the business cycle
Hollmayr, Josef; Kühl, Michael - 2015
In this paper, we discuss the consequences of imperfect information about financial frictions on the macroeconomy. We rely on a New Keynesian DSGE model with a banking sector in which we introduce imperfect information about a limited enforcement problem. Bank managers divert resources and can...
Persistent link: https://www.econbiz.de/10010517143
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The financial accelerator and market-based debt instruments : a role for maturities?
Kühl, Michael - 2014
This paper shows how the average maturity of corporate bonds can affect the transmission of shocks if financial frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for market-based debt which has a market-determined price....
Persistent link: https://www.econbiz.de/10010357605
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(Un)expected monetary policy shocks and term premia
Kliem, Martin; Meyer-Gohde, Alexander - 2017
We analyze an estimated stochastic general equilibrium model that replicates key macroeconomic and financial stylized facts during the Great Moderation of 1983-2007. Our model predicts a sizeable and volatile nominal term premium - comparable to recent reduced-form empirical estimates - with...
Persistent link: https://www.econbiz.de/10011740263
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Household savings, capital investments and public policies : what drives the German current account?
Ruppert, Kilian; Stähler, Nikolai - 2020
pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities … could not absorb these additional sav-ings, they were partly invested abroad. The German current account-to-GDP ratiorose …. After 2010, private savings remained rather stable, but opportunities to investin Germany declined further. Our simulations …
Persistent link: https://www.econbiz.de/10012256500
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The timing of monetary policy shocks
Olivei, Giovanni P. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003335381