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Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach

Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation …. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …

Persistent link: https://www.econbiz.de/10013210100

Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics

Mark, Nelson C. - 2005

When central banks set nominal interest rates according to an interest rate reaction function, such as the Taylor rule, and the exchange rate is priced by uncovered interest parity, the real exchange rate is determined by expected inflation differentials and output gap differentials. In this...

Persistent link: https://www.econbiz.de/10012467626

Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?

Chinn, Menzie D. - 1997

We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...

Persistent link: https://www.econbiz.de/10012472722

How the Bundesbank Conducts Monetary Policy

Clarida, Richard - 1996

This paper analyzes German monetary policy in the post-Bretton Woods era. Despite the public focus on monetary targeting, in practice, German monetary policy involves the management of short term interest rates, as it does in the United States. Except during the mid to late 1970s, the Bundesbank...

Persistent link: https://www.econbiz.de/10012473267

Dynamic R&D Choice and the Impact of the Firm's Financial Strength

Peters, Bettina - 2016

This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from...

Persistent link: https://www.econbiz.de/10012456639

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10012457842

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael - 2014

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...

Persistent link: https://www.econbiz.de/10012457973

Monetary Easing, Leveraged Payouts and Lack of Investment

Acharya, Viral V. - 2019

This paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts...

Persistent link: https://www.econbiz.de/10012480414

The Effects of Government-Sponsored Venture Capital : International Evidence

Brander, James A. - 2010

This paper examines the impact of government-sponsored venture capitalists (GVCs) on the success of enterprises. Using international enterprise-level data, we identify a surprising non-monotonicity in the effect of GVC on the likelihood of exit via initial public offerings (IPOs) or third party...

Persistent link: https://www.econbiz.de/10012462136

Vintage Capital and Creditor Protection

Benmelech, Efraim - 2010

We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that better creditor rights are associated with both...

Persistent link: https://www.econbiz.de/10012462916

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