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Optimal central bank lending
Schabert, Andreas - 2010
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10011380751
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When is quantitative easing effective?
Hoermann, Markus; Schabert, Andreas - 2010 - This version: December 22, 2010
We present a simple macroeconomic model with open market operations that allows examining the effects of quantitative and credit easing. The central bank controls the policy rate, i.e. the price of money in open market operations, as well as the amount and the type of assets that are accepted as...
Persistent link: https://www.econbiz.de/10011382672
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Optimal central bank lending
Schabert, Andreas - 2010
Persistent link: https://www.econbiz.de/10003985256
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Government spending shocks, sovereign risk and the exchange rate regime
Bonam, Dennis; Lukkezen, Jasper - 2013
Conventional wisdom teaches that the output response upon a fiscal expansion is higher under fixed than floating exchange rates for a small open economy. We analyse the effects of fiscal expansions using a New Keynesian model and find that this result reverses in times of sovereign default risk....
Persistent link: https://www.econbiz.de/10010227296
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Panel data estimates of the production function and product and labor market imperfections
Dobbelaere, Sabien; Mairesse, Jacques - 2010
Embedding the efficient bargaining model into the R. Hall (1988) approach for estimating price-cost margins shows that both imperfections in the product and labor markets generate a wedge between factor elasticities in the production function and their corresponding shares in revenue. This...
Persistent link: https://www.econbiz.de/10011377461
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Time-varying identification of monetary policy shocks
Camehl, Annika; Woźniak, Tomasz - 2023
six-variable system supports time variation in US monetary policy shock identification. In the sample-dominating first … regime, systematic monetary policy follows a Taylor rule extended by the term spread and is effective in curbing inflation … stimulus, features the liquidity effect, and is complemented by a pure term spread shock. Absent the specific monetary policy …
Persistent link: https://www.econbiz.de/10014422351
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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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Heterogeneous agent models in economics and finance
Hommes, Cars H. - 2005
This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...
Persistent link: https://www.econbiz.de/10011343261
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Central bank instruments, fiscal policy regimes, and the requirements for equilibrium determinacy
Schabert, Andreas - 2006
Persistent link: https://www.econbiz.de/10003300929
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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
active monetary policy and stronger fiscal feedbacks from debt on taxes can lead to less volatile inflation and debt dynamics …
Persistent link: https://www.econbiz.de/10011382024