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Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019

can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012037377

Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019 - This draft: June 2019

give rise to persistent liquidity trap episodes. There is no straightforward recipe for enhancing welfare in this economy … less concerned with government spending stabilization than society eliminates expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012181947

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 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/10012009191

How do banks manage liquidity? : evidence from the ECB's tiering experiment

Baldo, Luca; Heider, Florian; Hoffmann, Peter; Sigaux, … - 2022

We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets. …

Persistent link: https://www.econbiz.de/10013375171

Monetary conservatism and fiscal policy

Adam, Klaus (contributor); Billi, Roberto M. (contributor) - 2006

Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...

Persistent link: https://www.econbiz.de/10003358641

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell B. (contributor); … - 2006

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...