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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
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Forbearance vs Foreclosure in a General Equilibrium Model
Barbaro, Bianca; Tirelli, Patrizio - 2021
We build a business cycle model characterized by endogenous firms dynamics, where banks may prefer debt renegotiation, i.e. non-performing exposures, to outright borrowers default. We find that debt renegotiations only do not have adverse effects in the event of financial crisis episodes, but a...
Persistent link: https://www.econbiz.de/10013239325
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Interest rate effects of demographic changes in a New-Keynesian life-cycle framework
Kara, Engin; von Thadden, Leopold - 2010
This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...
Persistent link: https://www.econbiz.de/10011605319
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Interest Rate Effects of Demographic Changes in a New-Keynesian Life-Cycle Framework
Kara, Engin - 2010
This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...
Persistent link: https://www.econbiz.de/10013135617
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Assessing the Fiscal-Monetary Policy Mix in the Euro Area
Bańkowski, Krzysztof; Christoffel, Kai Philipp; Faria, … - 2021
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...
Persistent link: https://www.econbiz.de/10013312080
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The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis
Beirne, John - 2014
The paper analyses the drivers of sovereign risk for 31 advanced and emerging economies during the European sovereign debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion – a sharp rise in the sensitivity of financial markets to fundamentals – are...
Persistent link: https://www.econbiz.de/10013061742
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Government guarantees and the two-way feedback between banking and sovereign debt crises
Leonello, Agnese - 2017
This paper studies the effects of government guarantees on the interconnection between banking and sovereign debt crises in a framework where both the banks and the government are fragile and the credibility and feasibility of the guarantees are determined endogenously. The analysis delivers...
Persistent link: https://www.econbiz.de/10011804382
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Serial Sovereign Default : The Role of Shocks and Fiscal Habits
Faria, Joao Ricardo; McAdam, Peter; Orrillo, J. - 2021
We confront five stylized facts related to sovereign default: 1) the presence of serial defaulters; 2) the prevalence of partial over complete default; 3) the counter-cyclicality of default; 4) non-linearity of sovereign spreads; and 5) heterogeneous outcomes among serial defaulters. In a model...
Persistent link: https://www.econbiz.de/10013310364
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Maintaining price stability under free-floating: a fearless way out of the corner?
Detken, Carsten; Gaspar, Vítor - 2003
The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg. We present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy...
Persistent link: https://www.econbiz.de/10011604287
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10011604707