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Leaning Against the Wind : Macroprudential Policy in Asia
Zhang, Longmei - 2014
In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key...
Persistent link: https://www.econbiz.de/10013057738
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Optimal Macroprudential Policy and Asset Price Bubbles
Biljanovska, Nina - 2019
that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the …
Persistent link: https://www.econbiz.de/10012862442
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Monetary Policy with Negative Interest Rates : Decoupling Cash from Electronic Money
Assenmacher, Katrin - 2018
Monetary policy space remains constrained by the lower bound in many countries, limitingthe policy options available to address future deflationary shocks. The existence of cashprevents central banks from cutting interest rates much below zero. In this paper, we considerthe practical feasibility...
Persistent link: https://www.econbiz.de/10012910358
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Clarity of Central Bank Communication About Inflation
Bulíř, Aleš - 2015
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....
Persistent link: https://www.econbiz.de/10013021788
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Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden
Chen, Jiaqian - 2016
stochastic general equilibrium (DSGE) model tailored to Sweden. Households face a ceiling on their loan-to-value ratio and must …
Persistent link: https://www.econbiz.de/10012982435
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Clarity of Central Bank Communication About Inflation
Čihák, Martin - 2012
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....
Persistent link: https://www.econbiz.de/10013111353
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Consequences of Asset Shortages in Emerging Markets
Imam, Patrick A. - 2012
We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis … asset price bubbles. Moreover, asset shortages can also explain the current account positions of EMs. The findings suggest …
Persistent link: https://www.econbiz.de/10013101522
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Asset Price Bubbles : A Selective Survey
Scherbina, Anna - 2013
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature … on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard … insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in …
Persistent link: https://www.econbiz.de/10013085616
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Sectoral Booms and Misallocation of Managerial Talent : Evidence from the Chinese Real Estate Boom
Shi, Yu - 2018
This paper identifies a new mechanism leading to inefficiency in capital reallocation at theextensive margin when an economy experiences a sectoral boom. I argue that imperfectionsin the financial market and capital barriers to entry in the booming sector create amisallocation of managerial...
Persistent link: https://www.econbiz.de/10012907950
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Assessing China's Residential Real Estate Market
Ding, Ding - 2017
China's real estate market rebounded sharply after a temporary slowdown in 2014-2015.This paper uses city-level data to estimate the range of house price overvaluation acrosscity-tiers and assesses the main risks of a sharp housing market slowdown. If house pricesrise further beyond...
Persistent link: https://www.econbiz.de/10012942329