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Monetary policies and low-frequency manifestations of the quantity theory

Sargent, Thomas J.; Surico, Paolo - 2008

To detect the quantity theory of money, we follow Lucas (1980) by looking at scatter plots of filtered time series of inflation and money growth rates and interest rates and money growth rates. Like Whiteman (1984), we relate those scatter plots to sums of two-sided distributed lag coefficients...

Persistent link: https://www.econbiz.de/10003803334

Existence and uniqueness of solutions to dynamic models with occasionally binding constraints

Holden, Tom D. - 2022

Occasionally binding constraints (OBCs) like the zero lower bound (ZLB) can lead to multiple equilibria, and so to belief-driven recessions. To aid in finding policies that avoid this, we derive existence and uniqueness conditions for otherwise linear models with OBCs. Our main result gives...

Persistent link: https://www.econbiz.de/10013164715

Safe asset shortage and collateral reuse

Jank, Stephan; Mönch, Emanuel; Schneider, Michael - 2021

The reuse of collateral can support the efficient allocation of assets in the financial system. Exploiting a novel dataset, we quantify banks’ collateral reuse at the security level. We show that banks substantially increase their reuse of collateral in response to scarcity induced by central...

Persistent link: https://www.econbiz.de/10012651538

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

Does the lack of financial stability impair the transmission of monetary policy?

Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha; … - 2019

We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...

Persistent link: https://www.econbiz.de/10012155137

Revisiting the finance and growth nexus : a deeper look at sectors and instruments

Unger, Robert - 2019

market financing, debt or equity financing - seems to be particularly harmful or beneficial for growth. …

Persistent link: https://www.econbiz.de/10011962798

Brexit and investment

Norris Keiller, Agnes - 2024

Persistent link: https://www.econbiz.de/10015045098

Capital mobility within EMU

Stirböck, Claudia; Heinemann, Friedrich - 1999

capital in the past. The conclusion is that within EMU domestic saving and investment will be less correlated than they were …

Persistent link: https://www.econbiz.de/10013428227

Effective marginal tax rates for US investors in Germany and Europe : an analysis of recent tax reforms in Germany

Spengel, Christoph - 1999

In this paper the impact of the corporate tax systems of the 15 EU-member states on the investment and the financing … which can affect cross-border location, investment and financing decisions. Moreover, recent reform proposals in Germany are … likely to have an impact both on investment patterns and financing decisions of US multinationals in Germany. …

Persistent link: https://www.econbiz.de/10013428280

Bargaining power and outside options in the interbank lending market

Abbassi, Puriya; Bräuning, Falk; Schulze, Niels - 2017

We study the role of bargaining power and outside options for the pricing of over-the-counter interbank loans using a … lack of alternative investment opportunities for lenders reduces bilateral interest rates. Moreover, we find that lenders …

Persistent link: https://www.econbiz.de/10011740274

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