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Stabilizing Expectations under Monetary and Fiscal Policy Coordination
Eusepi, Stefano - 2008
need for policy coordination: the specific choice of monetary policy limits the set of fiscal policies consistent with …
Persistent link: https://www.econbiz.de/10012464256
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International Policy Coordination : The Long View
Eichengreen, Barry - 2011
This paper places current efforts at international economic policy coordination in historical perspective. It argues …
Persistent link: https://www.econbiz.de/10012460992
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Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change
Angeletos, George-Marios - 2004
Global games of regime change -- that is, coordination games of incomplete information in which a status quo is …
Persistent link: https://www.econbiz.de/10012467670
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Coordinating Separate Markets for Externalities
Abito, Jose-Miguel - 2018
We show that inefficiencies from having separate markets to correct an environmental externality are significantly mitigated when firms participate in an integrated product market. Firms take into account the distribution of externality prices and reallocate output from markets with high prices...
Persistent link: https://www.econbiz.de/10012453234
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Know Your Customer : Informed Trading by Banks
Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022
This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...
Persistent link: https://www.econbiz.de/10013388877
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International Coordination
Frankel, Jeffrey A. - 2016
After a 30-year absence, calls for international coordination of macroeconomic policy are back. This time the issues go …-cooperative equilibrium. But what is the nature of the spillover and the coordination? The paper interprets recent macroeconomic history in … monetary coordination has been made necessary by the zero lower bound among advanced countries or financial imperfections among …
Persistent link: https://www.econbiz.de/10012456794
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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make informationally sensitive loans to borrowers, has seen a dramatic decline since 1970s. Instead, private credit is increasingly intermediated through arms-length transactions, such...
Persistent link: https://www.econbiz.de/10014486266
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288
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Monetary Policy Operations : Theory, Evidence, and Tools for Quantitative Analysis
Lagos, Ricardo; Navarro, Gastón - National Bureau of Economic Research - 2023
We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...
Persistent link: https://www.econbiz.de/10014322758
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Information-Constrained Coordination of Economic Behavior
Aridor, Guy; Silveira, Rava Azeredo da; Woodford, Michael - National Bureau of Economic Research - 2024
We analyze a coordination game with information-constrained players. The players' actions are based on a noisy … environment. We apply our model to the coordination game in the experiment of Frydman and Nunnari (2023), and show that it offers …
Persistent link: https://www.econbiz.de/10014486205