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Financial cycles under diagnostic beliefs
Camous, Antoine; Van der Ghote, Alejandro - 2022
with endoge- nous risk-taking and capital accumulation. Agents form diagnostic expectations about future stochastic …
Persistent link: https://www.econbiz.de/10013189255
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Benefits of macro-prudential policy in low interest rate environments
Van der Ghote, Alejandro - 2020
I study macro-prudential policy intervention in economies with secularly low interest rates. Intervention boosts risk …-free real interest rates unintentionally, simply as a by-product of containing systemic risk in financial markets. Thus …, intervention also boosts the natural rate of return in particular (i.e., the equilibrium risk-free rate that is consistent with …
Persistent link: https://www.econbiz.de/10012384490
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Macroprudential policy measures : macroeconomic impact and interaction with monetary policy
Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020
This paper examines the interactions of macroprudential and monetary policies. We find, using a range of macroeconomic models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on GDP. In the short run, GDP declines by 0.15-0.35%....
Persistent link: https://www.econbiz.de/10012165315
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On the interaction between monetary and macroprudential policies
Martin, Alberto; Mendicino, Caterina; Van der Ghote, … - 2021
The Global Financial Crisis fostered the design and adoption of macroprudential policies throughout the world. This raises important questions for monetary policy. What, if any, is the relationship between monetary and macroprudential policies? In particular, how does the effectiveness of...
Persistent link: https://www.econbiz.de/10012431776
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Product quality, measured inflation and monetary policy
Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2022
This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and ampliffes the economy's response to productivity shocks. This leads to...
Persistent link: https://www.econbiz.de/10013277166