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Financial Regulation in a Quantitative Model of the Modern Banking System
Begenau, Juliane; Landvoigt, Tim - National Bureau of Economic Research - 2021
How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a … quantitative general equilibrium model with regulated and unregulated banks to study the unintended consequences of regulation …. Tighter capital requirements for regulated banks cause higher convenience yield on debt of all banks, leading to higher shadow …
Persistent link: https://www.econbiz.de/10012482716
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Who Should Supervise? The Structure of Bank Supervision and the Performance of the Financial System
Eichengreen, Barry - 2011
controlling for inflation, per capita income, and country and/or year fixed effects. Their banks are required to hold less capital …
Persistent link: https://www.econbiz.de/10012461257
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Durable Financial Regulation : Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
Nakamura, Leonard - 2011
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potentially large macro-micro database for the U.S. based on an extended version of the Flow of Funds. I argue that such a database would have been of...
Persistent link: https://www.econbiz.de/10012461652
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The Information in the High Yield Bond Spread for the Business Cycle : Evidence and Some Implications
Gertler, Mark - 2000
The market for high yield (below investment-grade) corporate bonds developed in the middle 1980s. We show that, since this time, the high yield spread has had significant explanatory power for the business cycle. We interpret this finding as possibly symptomatic of financial factors at work in...
Persistent link: https://www.econbiz.de/10012471226
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The Yield Curve, Recessions and the Credibility of the Monetary Regime : Long Run Evidence 1875-1997
Bordo, Michael D. - 2004
This paper brings historical evidence to bear on the stylized fact that the yield curve predicts future growth. The spread between corporate bonds and commercial paper reliably predicts future growth over the period 1875-1997. This predictability varies over time, however, particularly across...
Persistent link: https://www.econbiz.de/10012468262
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Indicator Variables for Optimal Policy under Asymmetric Information
Svensson, Lars E.O. - 2001
The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. The private sector is assumed to have information about the state of the...
Persistent link: https://www.econbiz.de/10012470469
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Indicator Variables for Optimal Policy
Svensson, Lars E.O. - 2000
The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. An example of optimal monetary policy with a partially observable potential...
Persistent link: https://www.econbiz.de/10012470783
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New Techniques to Extract Market Expectations from Financial Instruments
Soderlind, Paul - 1997
This paper is a selective survey of new or recent methods to extract information about market expectations from asset prices for monetary policy purposes. Traditionally, interest rates and forward exchange rates have been used to extract expected means of future interest rates, exchange rates...
Persistent link: https://www.econbiz.de/10012472951
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Inflation Indicators and Inflation Policy
Cecchetti, Stephen G. - 1995
In recent years, central bankers throughout the world have advocated that monetary policy shift toward inflation targeting. Recent actions in the U.S. serve to highlight the desire of the Federal Reserve to keep inflation both low and stable, while downplaying the likely output and employment...
Persistent link: https://www.econbiz.de/10012473721
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Measuring Monetary Policy
Bernanke, Ben - 1995
Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christiano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a 'semi-structural' VAR approach, which extracts...
Persistent link: https://www.econbiz.de/10012473737