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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment : Evidence for the Euro Area
Belke, Ansgar Hubertus - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012863789
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Transmission of US and EU Economic Policy Uncertainty Shock to Asian Economies in Bad and Good Times
Balcilar, Mehmet - 2020
This study empirically examines the fragility of five major Asian economies (China, Hong Kong, India, Japan, and South Korea) to economic policy uncertainty (EPU) of US and EU, and oil prices in different state of the economies. To investigate these dynamics, we use the relative tail dependence...
Persistent link: https://www.econbiz.de/10012833241
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Effect of Enforcement Shock on Pushers' Activities : Evidence from an Asian Drug-Selling Gang
Leong, Kaiwen - 2019
We study a Singaporean drug-selling gang's dataset and empirically find that the gang's pushers purchased larger quantities of drugs during periods of enforcement shocks caused by enforcement activities targeting the gang's drug supply chain. This counter-intuitive finding can be explained by...
Persistent link: https://www.econbiz.de/10012894059
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How Successful are Banking Sector Reforms in Emerging Market Economies? Evidence from Impact of Monetary Policy on Levels and Structures of Firm Debt in India
Bhaumik, Sumon K. - 2016
Many emerging markets have undertaken significant financial sector reforms especially in their banking sectors that have been quite critical for both financial development and real economic activity. In this paper, we investigate the success of banking reforms in India where significant banking...
Persistent link: https://www.econbiz.de/10012988130
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Monetary Policy and Inequality Under Labor Market Frictions and Capital-Skill Complementarity
Dolado, Juan Jose - 2018
skilled workers being more complementary to capital than substitutable unskilled workers are (CSC channel). Strict inflation … introduce a trade-off between stabilizing inflation and aggregate demand …
Persistent link: https://www.econbiz.de/10012919514
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Monetary Persistence, Imperfect Competition, and Staggering Complementarities
Merkl, Christian; Snower, Dennis J. - 2021
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...
Persistent link: https://www.econbiz.de/10013316832
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Personal Bankruptcy Law, Wealth and Entrepreneurship : Theory and Evidence from the Introduction of a 'Fresh Start'
Fossen, Frank M. - 2011
A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or...
Persistent link: https://www.econbiz.de/10013130785
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Aging and Pensions in General Equilibrium : Labor Market Imperfections Matter
de la Croix, David - 2010
This paper re-examines the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging)...
Persistent link: https://www.econbiz.de/10013136497
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Forward Guidance and Household Expectations
Coibion, Olivier - 2020
of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized … then provide 22 different forms of information regarding past, current and/or future inflation and interest rates … beyond one year do not have any additional impact on forecasts. Exogenous variation in inflation expectations transmits into …
Persistent link: https://www.econbiz.de/10012840991
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Fiscal Policy, Interest Rate Spreads, and the Zero Lower Bound
Bredemeier, Christian - 2015
This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...
Persistent link: https://www.econbiz.de/10013023757