Showing 1 - 10 of 522
, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going …
Persistent link: https://www.econbiz.de/10012858387
Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing business) have significant negative effects on the income...
Persistent link: https://www.econbiz.de/10012948517
We analyze the corporate green bond market under a rational framework without an innate green preference, using a …, false or exaggerated claims of being green. The extent of greenwashing in the market is a function of the green bond premium …. A swift and gradual implementation of carbon pricing generates a small green bond premium and a low level of …
Persistent link: https://www.econbiz.de/10014258404
between monetary autonomy and inflation dynamics in a panel of Caribbean countries over the period 1980-2017. The empirical … results show that monetary independence is a significant factor in determining inflation, even after controlling for … monetary policy for domestic purposes independent of external monetary influences, leads to lower consumer price inflation …
Persistent link: https://www.econbiz.de/10012859872
Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when … countries with hyperinflation. In this paper, I examine the stock return-inflation relation under different monetary policy … regimes and conditions using an expanded dataset of 71 economies. Empirical evidence suggests that the stock return-inflation …
Persistent link: https://www.econbiz.de/10013306755
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...
Persistent link: https://www.econbiz.de/10013110099
In Japan, intergenerational inequality in lifetime resources is substantial, with a heavier fiscal burden on the young than the old. Moreover, given the need for fiscal consolidation, the inequality is even worse than existing policy would suggest. However, this does not mean that fiscal...
Persistent link: https://www.econbiz.de/10013098611
We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the...
Persistent link: https://www.econbiz.de/10013088731
Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life-cycle model of household consumption. Second, even if the life-cycle...
Persistent link: https://www.econbiz.de/10012782030
I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but not its permanent and transitory components separately. The model`s predictions under learning differ substantially from those under full information and are in line with...
Persistent link: https://www.econbiz.de/10012783176