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Macro-prudential policy on liquidity: What does a DSGE model tell us?

Chadha, Jagjit S.; Corrado, Luisa - In: Journal of Economics and Business 64 (2012) 1, pp. 37-62

regulating the banking system, in particular for liquidity and capital holdings. Within the context of a micro … macroeconomic shocks alongside shocks to the expected liquidity of banks and to the efficiency of the banking sector. We focus on … business cycle. Overall we find some rationale for Basel III in providing commercial banks with an incentive to hold a greater …

Persistent link: https://www.econbiz.de/10010599711

Monetary Policy with State Contingent Interest Rates

Teles, Pedro; Adao, Bernardino; Correia, Isabel - Society for Economic Dynamics - SED - 2004

What instruments of monetary policy must be used in order to implement a unique equilibrium? This paper revisits the issues addressed by Poole (1970) and Sargent and Wallace (1975) on the multiplicity of equilibria when policy is conducted with either interest rate or money supply rules. We show...

Persistent link: https://www.econbiz.de/10005069536

Weighted Monetary Aggregates: An Empirical Approach.

Alonso, Francisco; Pagés, Jorge Martínez; Jurado, … - Banco de España - 1996

result in liquidity growth that is a stable leading indicator of nominal expenditure. …

Persistent link: https://www.econbiz.de/10005155287

Weighted Monetary Aggregates: An Empirical Approach.

Alonso, F.; Pages, J.M.; Jurado, M.P. - 1996

result in liquidity growth that is a stable leading indicator of nominal expenditure. …

Persistent link: https://www.econbiz.de/10005618405

The parlous state of macroeconomics and the optimal financial structure

Goodhart, C.A.E. - In: International Review of Financial Analysis 36 (2014) C, pp. 78-83

role for most financial intermediations, collateral, liquidity or money. Yet default (especially of banks, the key …

Persistent link: https://www.econbiz.de/10011117764

Stabilisation Policy in a Model of Consumption, Housing Collateral and Bank Lending

Chadha, Jagjit S.; Corrado, Germana; Corrado, Luisa - School of Economics, University of Kent - 2013

We decompose aggregate consumption by modelling both savers and their links to collateral constrained borrowers through a bank which prices credit risk. Savers own both firms and the commercial bank while borrowers require loans from the commercial bank to effect their consumption plans. The...

Persistent link: https://www.econbiz.de/10010859426

A Note on Money and the Conduct of Monetary Policy

Chadha, Jagjit S.; Corrado, Luisa; Holly, Sean - School of Economics, University of Kent - 2013

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the basic rationale for this development using a simple model of money and credit in which we explore the conditions under which money matters directly for the conduct of policy....

Persistent link: https://www.econbiz.de/10010903479

Is the Quantity Theory of Money Useful in Forecasting U.S. Inflation?

Lanne, Markku; Luoto, Jani; Nyberg, Henri - School of Economics and Management, University of Aarhus - 2014

We propose a new simple model incorporating the implication of the quantity theory of money that money growth and inflation should move one for one in the long run, and, hence, inflation should be predictable by money growth. The model fits postwar U.S. data well, and beats common univariate...

Persistent link: https://www.econbiz.de/10010945125

World Real Interest Rates: A Tale of Two Regimes

Chadha, Jagjit S. - School of Economics, University of Kent - 2012

Global real interest rates were driven up in the 1980s, partly to encourage disinflation, while subsequently structural and conjunctural factors have driven rates to lower levels. The increase in the global pool of savings and the fiscal correction associated with the long economic expansion...

Persistent link: https://www.econbiz.de/10010539699

Reserves, Liquidity and Money: An Assessment of Balance sheet Policies

Chadha, Jagjit S.; Corrado, Luisa; Meaning, Jack - School of Economics, University of Kent - 2012

of non-conventional monetary policies has provided some evidence on the efficacy of liquidity and asset purchases for … balance sheet operations supply (remove) liquidity to a financial market that is otherwise short (long) of liquidity and hence …

Persistent link: https://www.econbiz.de/10010541457

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