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Financial Cycles, Credit Bubbles and Stabilization Policies
Schuler, Tobias - 2019
This paper analyzes the effects of several policy instruments for mitigating financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios, allow for interbank trading and...
Persistent link: https://www.econbiz.de/10012858317
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Credit, Financial Conditions and the Business Cycle in China
Lodge, David - 2019
This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a range of financial variables, including interest rates...
Persistent link: https://www.econbiz.de/10012892473
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Systemic Risk and Financial Development in a Monetary Model
Moutot, Philippe - 2011
In a stochastic pure endowment economy with money but no financial markets, two types of agents trade one non-durable good using two alternative types of cash constraints. Simulations of the corresponding variants are compared to Arrow-Debreu and Autarky equilibriums. First, this illustrates how...
Persistent link: https://www.econbiz.de/10013124385
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Leaning Against the Wind : Macroprudential Policy and the Financial Cycle
Kok, Christoffer - 2019
Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017)...
Persistent link: https://www.econbiz.de/10012894739
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The Natural Rate of Interest and the Financial Cycle
Krustev, Georgi - 2018
I extend the model of Laubach and Williams (2003) by introducing an explicit role for the financial cycle in the joint estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By incorporating the financial cycle - arguably an...
Persistent link: https://www.econbiz.de/10012914883
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Notenbankpolitik und Kapitalzinsentwicklung in Westdeutschland
Pohl, Reinhard - In: Vierteljahrshefte zur Wirtschaftsforschung (1960) 1, pp. 89-103
Persistent link: https://www.econbiz.de/10002658499
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2006
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10011604681
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Makroökonomische Implikationen der Mitgliedschaft Deutschlands in der Europäischen Währungsunion
Clausen, Volker; Hayo, Bernd - In: Vierteljahrshefte zur Wirtschaftsforschung 71 (2002) 3, pp. 339-353
Deutschlands im Euroraum findet die deutsche Konjunktur implizit starke Berücksichtigung in der Geldpolitik der EZB. Die Schocks in … Deutschland. Bei Zugrundelegung von Daten für das gesamte Eurowährungsgebiet wird zunächst gezeigt, dass sich das Verhalten der … die Übertragung der Geldpolitik auf die EZB Anpassungslasten auf die nationale Fiskal- und Tarifpolitik. Insgesamt sind …
Persistent link: https://www.econbiz.de/10010377582
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Makroökonomische Implikationen der Mitgliedschaft Deutschlands in der Europäischen Währungsunion
Clausen, Volker; Hayo, Bernd - In: Vierteljahrshefte zur Wirtschaftsforschung 71 (2002) 3, pp. 339-353
Persistent link: https://www.econbiz.de/10001710169
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10013317584