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Debt, deficits, and destabilizing monetary policy in open economies
Schabert, Andreas; Wijnbergen, Sweder van - 2006 - Revised Version: May 2006
inflation stabilization. Unstable dynamics can occur when the CB is aggressively raising the interest rate in response to higher … expected inflation. The constraint on stabilizing interest rate policy is tighter the higher the primary deficit and the more … policy to be accommodating (passive). Inflation stabilization is nevertheless feasible if the CB uses an instrument not …
Persistent link: https://www.econbiz.de/10011349206
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Optimal central bank lending
Schabert, Andreas - 2010
Persistent link: https://www.econbiz.de/10003985256
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Sovereign default and the stability of inflation targeting regimes
Schabert, Andreas; Wijnbergen, Sweder van - 2011 - This version: January 2011
the presence of sovereign default beliefs a monetary policy, which aims to stabilize inflation through an active interest …
Persistent link: https://www.econbiz.de/10011386429
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Central clearing and asset prices
Menkveld, Albert J.; Pagnotta, Emiliano; Zoican, Marius A. - 2013
counterparties and,consistent with the margin-CAPM, more pronounced for stocks with higher margins. Our results suggest that …
Persistent link: https://www.econbiz.de/10010224773
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Integrated monetary and exchange rate frameworks
Vinhas de Souza, Lúcio - 2002
free float, an independent monetary authority and inflation targeting yields an outcome that mimics the price stabilization … authority and inflation targeting, would be Pareto-improving when compared to harder regimes. …
Persistent link: https://www.econbiz.de/10011326957
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Debt, deficits, and destabilizing monetary policy in open economies
Schabert, Andreas; Wijnbergen, Sweder van - 2006
Persistent link: https://www.econbiz.de/10003332112
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Inflation, endogenous market segmentation and the term structure of interest rates
Vries, Casper G. de; Wang, Xuedong - 2015
consider the implications of a risk premium that arises from endogenous market segmentation driven by variable inflation rates …. In the absence of autocorrelation in inflation, the risk premium is constant. If inflation is correlated, however, the …
Persistent link: https://www.econbiz.de/10010532587
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Default risk premia on government bonds in a quantitative macroeconomic model
Jüßen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011379436
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Common risk factors in equity markets
Atanasov, Victoria - 2014 - This version: May 26, 2014
Empirical measures of world consumption growth risk have failed to rationalize the cross-section of country equity returns. We propose a new factor, termed "the global consumption factor", to explain the patterns in risk premiums on international equity markets. We identify this factor as the...
Persistent link: https://www.econbiz.de/10010362976
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Inflation stabilization, fiscal deficits and public debt management in Poland
Wijnbergen, Sweder van; Budina, Nina - 1999
Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic … reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assess Poland … fiscal deficits and inflation. We also assessthe impact of financial sector measures on seignioragerevenue and the …
Persistent link: https://www.econbiz.de/10011301167