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Coordinating monetary and financial regulatory policies

Van der Ghote, Alejandro - 2018

How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address …

Persistent link: https://www.econbiz.de/10011856525

Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019

We study optimal monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no straightforward recipe for mitigating the welfare costs...

Persistent link: https://www.econbiz.de/10012037377

Designing QE in a fiscally sound monetary union

Bletzinger, Tilman; Thadden, Leopold von - 2018

This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...

Persistent link: https://www.econbiz.de/10011856536

Dynamic fiscal limits and monetary-fiscal policy interactions

Battistini, Niccolò; Callegari, Giovanni; Zavalloni, Luca - 2019

This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as a kink in the Laffer curve induces a...

Persistent link: https://www.econbiz.de/10011997483

Rethinking capital regulation : the case for a dividend prudential target

Muñoz, Manuel A. - 2020

existing capital regulation by tackling this issue. Welfare-maximizing DPTs are effective (more than the CCyB) in smoothing the … a Basel III-type of capital regulation through various channels. …

Persistent link: https://www.econbiz.de/10012241228

Climate transition risk in the banking sector : what can prudential regulation do?

Grill, Michael; Popescu, Alexandra; Rancoita, Elena - 2024

paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation … increases the volatility of lending and output. We further show that relying on microprudential regulation alone would not be … microprudential regulation, leads to a Pareto improvement. …

Persistent link: https://www.econbiz.de/10014490442

Product market regulation, business churning and productivity : evidence from the European Union countries

Anderton, Bob; Di Lupidio, Benedetta; Jarmulska, Barbara - 2019

countries, we find that: (i) competition-enhancing regulation is associated with a higher rate of firm churning; (ii) business … regulation can be indirectly associated, via its impact on business dynamism, with the somewhat weak productivity performance in …

Persistent link: https://www.econbiz.de/10012132481

Characterising the inflation targeting regime in South Korea

Sánchez, Marcelo - 2009

This paper attempts at characterising South Korean monetary policy in the period of explicit inflation targeting started in 1999. We explain Korean interest rates in relation to an estimated macro-model, assuming that monetary policy is set optimally. This allows us to obtain the central bank's...

Persistent link: https://www.econbiz.de/10003831752

Optimal monetary policy in a new Keynesian model with habits in consumption

Leith, Campbell B.; Moldovan, Ioana R.; Rossi, Raffaele - 2009

While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10003867095

Epstein-Zin preferences and their use in macro-finance models : implications for optimal monetary policy

Darracq Pariès, Matthieu; Loublier, Alexis - 2010

Epstein-Zin preferences have attracted signi.cant attention within the macrofinance literature based on DSGE models as they allow to substantially increase risk aversion, and consequently generate non-trivial risk premia, without compromising the ability of standard models to achieve...

Persistent link: https://www.econbiz.de/10003973549

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