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Credit Frictions and Optimal Monetary Policy

Cúrdia, Vasco - 2015

Nonetheless, we find that the target criterion--a linear relation that should be maintained between the inflation rate and changes in the output gap--that characterizes optimal policy in the basic NK model continues to provide a good approximation to optimal policy, even in the presence of...

Persistent link: https://www.econbiz.de/10012456851

Short and Long Run Externalities

Bartelsman, Eric J. - 1991

providing new evidence helpful for discriminating between different types of externalities. We investigate four-digit level … most important factor in the transmission of externalities. This suggests that transactions externalities accruing … primarily to the seller, and/or activity-driven demand externalities are significant for explaining the short-run behavior of …

Persistent link: https://www.econbiz.de/10012475186

The Role of External Economies in U.S. Manufacturing

Caballero, Ricardo J. - 1989

This paper develops a method for joint estimation of both the degree of internal returns to scale and the extent of external economies. We apply the method in estimating returns to scale indexes for U.S. manufacturing industries at the two-digit level. Overall, we find that only three of the...

Persistent link: https://www.econbiz.de/10012476015

Credit Spreads and Monetary Policy

Cúrdia, Vasco - 2009

We consider the desirability of modifying a standard Taylor rule for a central bank's interest-rate policy to incorporate either an adjustment for changes in interest-rate spreads (as proposed by Taylor [2008] and by McCulley and Toloui [2008]) or a response to variations in the aggregate volume...

Persistent link: https://www.econbiz.de/10012463361

An Equilibrium Model of "Global Imbalances" and Low Interest Rates

Caballero, Ricardo J. - 2006

Three of the most important recent facts in global macroeconomics -- the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio -- appear as anomalies from the perspective of conventional wisdom...

Persistent link: https://www.econbiz.de/10012466674

A Monetary Policy Asset Pricing Model

Caballero, Ricardo J.; Simsek, Alp - National Bureau of Economic Research - 2022

We propose a model where monetary policy is the key determinant of aggregate asset prices (financial conditions). Spending decisions are made by a group of agents ("households") that respond to aggregate asset prices, but with noise, delays, and inertia. Asset pricing is determined by a...

Persistent link: https://www.econbiz.de/10013334351

Optimal interest-rate rules

Giannoni, Marc Paolo; Woodford, Michael - 2002

Persistent link: https://www.econbiz.de/10001731309

Dollarization of Liabilities : Underinsurance and Domestic Financial Underdevelopment

Caballero, Ricardo J. - 2000

While there is still much disagreement on the causes underlying recent emerging markets' crises, one factor that most observers have agreed upon is that contracting dollar' (foreign currency) denominated external debt as opposed to domestic currency debt created balance sheet mismatches that led...

Persistent link: https://www.econbiz.de/10012470958

International Liquidity Management : Sterilization Policy in Illiquid Financial Markets

Caballero, Ricardo J. - 2000

During the booms that precede crises in emerging economies, policy makers often struggle to limit capital flows and their expansionary consequences. The main policy tool for this task is sterilization - essentially a swap of international reserves for public bonds. However, there is an extensive...

Persistent link: https://www.econbiz.de/10012471010

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

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