Narrow search
Showing 1 - 10 of 218
Cover Image
Real Effects of Stabilizing Private Money Creation
Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022
We show that decentralized privately created money with unstable values can hinder the traded, more transaction … new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of … this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new …
Persistent link: https://www.econbiz.de/10013210088
Cover Image
Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during … the 2022-2023 monetary tightening cycle extended less credit to firms. This spillover effect was stronger for available …
Persistent link: https://www.econbiz.de/10014544727
Cover Image
Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks
Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024
This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...
Persistent link: https://www.econbiz.de/10014544777
Cover Image
Breaks in the Phillips Curve : Evidence from Panel Data
Smith, Simon C.; Timmermann, Allan; Wright, Jonathan H. - National Bureau of Economic Research - 2023
We revisit time-variation in the Phillips curve, applying new Bayesian panel methods with breakpoints to US and European Union disaggregate data. Our approach allows us to accurately estimate both the number and timing of breaks in the Phillips curve. It further allows us to determine the...
Persistent link: https://www.econbiz.de/10014250170
Cover Image
Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession
Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023
The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … regulatory changes and mutual fund costs that affect the substitutability of money for other financial assets. In the short run …The velocity of broad Divisia money temporarily declines during crises like the Great and COVID Recessions, but later …
Persistent link: https://www.econbiz.de/10014322692
Cover Image
Q-Monetary Transmission
Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022
We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary...
Persistent link: https://www.econbiz.de/10013210051
Cover Image
Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022
This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for...
Persistent link: https://www.econbiz.de/10013210066
Cover Image
Idiosyncrasy as a Leading Indicator
Morck, Randall; Yeung, Bernard; Zhang, Lu Y. - National Bureau of Economic Research - 2022
Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return...
Persistent link: https://www.econbiz.de/10013210099
Cover Image
Sticky Discount Rates
Fukui, Masao; Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024
We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We...
Persistent link: https://www.econbiz.de/10014512092
Cover Image
Aggregation, Liquidity, and Asset Prices with Incomplete Markets
Di Tella, Sebastian; Hébert, Benjamin; Kurlat, Pablo - National Bureau of Economic Research - 2024
We analytically characterize asset-pricing and consumption behavior in two-account heterogeneous-agent models with aggregate risk. We show that trading frictions can simultaneously explain (1) household-level consumption behavior such as high marginal propensities to consume, (2) a zero-beta...
Persistent link: https://www.econbiz.de/10014512122