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Optimal monetary policy under bounded rationality
Benchimol, Jonathan; Bounader, Lahcen - 2019
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...
Persistent link: https://www.econbiz.de/10012102200
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When Banks Punch Back : Macrofinancial Feedback Loops in Stress Tests
Catalan, Mario - 2020
contract their balance sheets. These bank responses generate externalities that propagate in the form of macro … macro-financial feedback loops can significantly affect macroeconomic outcomes and bank-specific stress tests results. The … heterogeneity in bank lending responses matters: it determines how each bank fares under adverse conditions and the external effects …
Persistent link: https://www.econbiz.de/10012829700
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Optimal simple objectives for monetary policy when banks matter
Laureys, Lien; Meeks, Roland; Wanengkirtyo, Boromeus - 2020
We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit …
Persistent link: https://www.econbiz.de/10012392579
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Bank of Japan's Quantitative and Credit Easing : Are they Now More Effective
Fasano-Filho, Ugo - 2002
This paper asks whether the BoJ''s recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence that BoJ''s monetary policy measures during 1998-2010 have had an impact on...
Persistent link: https://www.econbiz.de/10014396895
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Bank of Japan'S Monetary Easing Measures : Are they Powerful and Comprehensive?
Lam, Raphael W. - 2011
With policy rates near the zero bound, the Bank of Japan (BoJ) has introduced a series of unconventional monetary …
Persistent link: https://www.econbiz.de/10014412167
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The COVID-19 impact on corporate leverage and financial fragility
Haque, Sharjil Muktafi; Varghese, Richard - 2021
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...
Persistent link: https://www.econbiz.de/10012796218
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Parameterizing debt maturity
Barrett, Philip; Johns, Christopher - 2021
This paper examines ways to summarize the maturity structure of public debts using a small number of parameters. We compile a novel dataset of all promised future payments for US and UK government debt from every month since 1869, and more recently for Peru, Poland, Egypt, and Nigeria. We show...
Persistent link: https://www.econbiz.de/10012604796
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The riskiness of credit allocation and financial stability
Brandao Marques, Luis; Chen, Qianying; Raddatz, Claudio E. - 2019
We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson...
Persistent link: https://www.econbiz.de/10012103777
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Parameterizing Debt Maturity
Barrett, Philip; Johns, Christopher - 2022
This paper examines ways to summarize the maturity structure of public debts using a small number of parameters. We compile a novel dataset of all promised future payments for US and UK government debt from every month since 1869, and more recently for Peru, Poland, Egypt, and Nigeria. We show...
Persistent link: https://www.econbiz.de/10013305675
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Valuation of Menu items in Debt Restructuring
International Monetary Fund - 1989
This paper outlines a procedure for calculating the cash value of “menu items” in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...
Persistent link: https://www.econbiz.de/10014396239