Narrow search
Showing 1 - 10 of 532
Cover Image
Sequential Bargaining in a New-Keynesian Model with Frictional Unemployment and Wage Negotiation
de Walque, Gregory - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10012765186
Cover Image
Surprising Comparative Properties of Monetary Models : Results from a New Model Database
Taylor, John B. - 2010
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...
Persistent link: https://www.econbiz.de/10013136676
Cover Image
Monetary Policy and the Financing of Firms
De Fiore, Fiorella - 2012
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10013116576
Cover Image
Nonlinear Liquidity Adjustments in the Euro Area Overnight Money Market
Beaupain, Renaud - 2012
incentives to credit insitutions to use actively the interbank market to manage their liquidity needs. In this context, we … their liquidity shocks. This paper specifically focuses on the speed of reversion of transaction costs and available depth … reported evidence points to time-varying liquidity adjustments and identifies liquidity, market activity and the institutional …
Persistent link: https://www.econbiz.de/10013097431
Cover Image
Dual Liquidity Crises Under Alternative Monetary Frameworks : A Financial Accounts Perspective
Bindseil, Ulrich - 2012
This paper contributes to the literature on liquidity crises and central banks acting as lenders of last resort by … capturing the mechanics of dual liquidity crises, i.e. funding crises which encompass both the private and the public sector …, within a closed system of financial accounts. We analyze how the elasticity of liquidity provision by a central bank depends …
Persistent link: https://www.econbiz.de/10013100412
Cover Image
Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency
Bindseil, Ulrich - 2013
financial crisis, in which liquidity shocks become more erratic and the total costs of defaults increase, central banks may want …
Persistent link: https://www.econbiz.de/10013083125
Cover Image
Central Bank Collateral, Asset Fire Sales, Regulation and Liquidity
Bindseil, Ulrich - 2013
' funding liquidity and solvency. Both asset liquidity and central bank haircuts are modelled as power functions within the unit … interval. Funding stability is captured as strategic bank run game in pure strategies between depositors. Asset liquidity, the … bank collateral and why a sudden non-anticipated reduction of asset liquidity, or a tightening of the collateral framework …
Persistent link: https://www.econbiz.de/10013073375
Cover Image
Unconventional Monetary Policy and Funding Liquidity Risk
d'Avernas, Adrien - 2020
This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …
Persistent link: https://www.econbiz.de/10012844931
Cover Image
Liquidity Provision as a Monetary Policy Tool : The ECB's Non-Standard Measures After the Financial Crisis
Quint, Dominic - 2017
area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response … Gertler and Kiyotaki (2010). We highlight two main results. First, an identified liquidity shock causes a sizable and … in 2008-09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the …
Persistent link: https://www.econbiz.de/10012942243
Cover Image
Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva - 2019
' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …
Persistent link: https://www.econbiz.de/10012869955