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Falato, Antonio; Milbourn, Todd T.; Li, Dan - 2013

Competitive sorting models of the CEO labor market (e.g., Edmans, Gabaix and Landier (2009)) predict that differences in CEO productive abilities, or "talent", should be an important determinant of CEO pay. However, measuring CEO talent empirically represents a major challenge. In this paper, we...

Persistent link: https://www.econbiz.de/10014162578

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

New financial stability governance structures and central banks

Edge, Rochelle M.; Liang, Jean Nellie - 2019

We evaluate the institutional frameworks developed to implement time-varying macroprudential policies in 58 countries. We focus on new financial stability committees (FSCs) that have grown dramatically in number since the global financial crisis, and their interaction with central banks, and...

Persistent link: https://www.econbiz.de/10012018438

The costs and benefits of liquidity regulations : lessons from an idle monetary policy tool

Curfman, Christopher J.; Kandrac, John - 2019

We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a … liquidity regulation. Our identification strategy uses a regression kink design that relies on the variation in a marginal high … credit supply. Liquidity requirements also depress banks' profitability, though some of the regulatory costs are passed on to …

Persistent link: https://www.econbiz.de/10012181216

Treasury Safety, Liquidity, and Money Premium Dynamics : Evidence from Recent Debt Limit Impasses

Cashin, David B. - 2020

Treasury securities normally possess unparalleled safety and liquidity and, consequently, carry a money premium. We use … the money premium, safety, and liquidity. Our results shed light on Treasury market dynamics specifically, and debt more …. Meanwhile, changes in liquidity only affected the money premium during the impasses. Next, we show that Treasury safety and …

Persistent link: https://www.econbiz.de/10012834175

Unemployment rate benchmarks

Crump, Richard K.; Nekarda, Christopher J.; … - 2020

This paper discusses various concepts of unemployment rate benchmarks that are frequently used by policymakers for assessing the current state of the economy as it relates to the pursuit of both price stability and maximum employment. In particular, we propose two broad categories of...

Persistent link: https://www.econbiz.de/10012389411

Money-financed fiscal programs : a cautionary tale

English, William B.; Erceg, Christopher J.; … - 2017

A number of prominent economists and policymakers have argued that money-ﬁnanced ﬁscal programs (helicopter drops) could be eﬃcacious in boosting output and inﬂation in economies facing persistent economic weakness, very low inﬂation, and signiﬁcant ﬁscal strains. We employ a...

Persistent link: https://www.econbiz.de/10011709425

Financial heterogeneity and monetary union

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2018

We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which interact with the firms' pricing decisions because of customer-market considerations. In response to a financial shock, firms in financially weak countries (the...

Persistent link: https://www.econbiz.de/10011932300

Identifying the Stance of Monetary Policy at the Zero Lower Bound : A Markov-Switching Estimation Exploiting Monetary-Fiscal Policy Interdependence

Gonzalez-Astudillo, Manuel - 2014

In this paper, I propose an econometric technique to estimate a Markov-switching Taylor rule subject to the zero lower bound of interest rates. I show that incorporating a Tobit-like specification allows to obtain consistent estimators. More importantly, I show that linking the switching of the...

Persistent link: https://www.econbiz.de/10013043007

Fiscal Multipliers at the Zero Lower Bound : The Role of Policy Inertia

Hills, Timothy - 2015

The presence of the lagged shadow policy rate in the interest rate feedback rule reduces the government spending multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia, increased inflation and output due to higher government...

Persistent link: https://www.econbiz.de/10013031117

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