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Spillovers and spillbacks
Acharya, Sushant; Pesenti, Paolo A. - 2024
Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as … households in both countries face uninsurable income risk, and a real-income channel, as households have heterogeneous marginal … propensities to consume (MPC). While both channels amplify the size of spillovers/spillbacks, only precautionary savings can change …
Persistent link: https://www.econbiz.de/10014501129
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Risk endogeneity at the lender/investor-of-last-resort
Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019
Persistent link: https://www.econbiz.de/10011981369
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The optimal supply of central bank reserves under uncertainty
Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023 - Revised December 2023
This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...
Persistent link: https://www.econbiz.de/10014426250
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Optimal inflation with corporate taxation and financial constraints
Finocchiaro, Daria; Lombardo, Giovanni; Mendicino, Caterina - 2015
Persistent link: https://www.econbiz.de/10011436009
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What anchors for the natural rate of interest?
Borio, Claudio E. V.; Disyatat, Piti; Phurichai … - 2019
Persistent link: https://www.econbiz.de/10012002046
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Why so low for so long? : a long-term view of real interest rates
Borio, Claudio E. V.; Disyatat, Piti; Juselius, Mikael; … - 2017
Persistent link: https://www.econbiz.de/10011865826
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The Federal Reserve and market confidence
Boyarchenko, Nina; Haddad, Valentin; Plosser, Matthew C. - 2016
We discover a novel monetary policy shock that has a widespread impact on aggregate financial conditions. Our shock can be summarized by the response of long-horizon yields to Federal Open Market Committee (FOMC) announcements; not only is it orthogonal to changes in the near-term path of policy...
Persistent link: https://www.econbiz.de/10011446542
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Monetary policy and the run risk of loan funds
Cetorelli, Nicola; La Spada, Gabriele; Santos, João A. C. - 2022
funds are significantly more susceptible to run risk than any other category of debt funds, including corporate bond funds …
Persistent link: https://www.econbiz.de/10013162106
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The side effects of safe asset creation
Acharya, Sushant; Dogra, Keshav - 2018
interest rate environment. Higher risk increases the demand for safe assets, lowering the natural rate of interest below zero …
Persistent link: https://www.econbiz.de/10011806268
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Monetary policy implementation frameworks : a comparative analysis
Martin, Antoine (contributor); Monnet, Cyril (contributor) - 2008
We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be implemented in the first framework, but can be implemented...
Persistent link: https://www.econbiz.de/10003781450