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Pushing the limits: The European Central Bank's role in restoring sustainable growth

Bibow, Jörg - 2020

-2009 struck. In contrast to the rest of the world, which started to recover from the crisis in 2010, the euro area suffered a …

Persistent link: https://www.econbiz.de/10014565903

Tests of ex ante versus ex post theories of collateral using private and public information

Berger, Allen N.; Frame, W. Scott; Ioannidou, Vasso - 2010

Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …

Persistent link: https://www.econbiz.de/10010292349

Delegation, time inconsistency and sustainable equilibrium

Basso, Henrique S. - 2008

This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...

Persistent link: https://www.econbiz.de/10010321435

Estimating Sarb´s Policy Reaction Rule

Ortiz, Alberto - 2012

This paper uses a Dynamic Stochastic General Equilibrium (DSGE) model to estimate the South African Reserve Bank's (SARB) policy reaction rule. We find that the SARB has a stable rule very much in line with those estimated for Canada, UK, Australia and New Zealand. Relative to other emerging...

Persistent link: https://www.econbiz.de/10013104753

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in …

Persistent link: https://www.econbiz.de/10010335985

Minsky, monetary policy, and mint street: Challenges for the art of monetary policymaking in emerging economies

Yanamandra, Srinivas - 2014

This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky's financial instability hypothesis as...

Persistent link: https://www.econbiz.de/10010513058

The Rise and Fall of U.S. Inflation Persistence

Beechey, Meredith; Österholm, Pär - 2007

This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...

Persistent link: https://www.econbiz.de/10010321537

Monetary policy and credit demand in India and some EMEs

Padit, B. L.; Vashisht, Pankaj - 2011

Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies including India for the period 2002 to 2010. Panel data techniques are used after ruling out the presence of unit roots. The results show that when other determinants, like...

Persistent link: https://www.econbiz.de/10011807662

Imperfect Central Bank Communication: Information versus Distraction

Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008

Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....

Persistent link: https://www.econbiz.de/10010321593

Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the benefits of a reform. It also increases...

Persistent link: https://www.econbiz.de/10010321824