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Towards a New Monetary Theory of Exchange Rate Determination
Cesa-Bianchi, Ambrogio - 2019
latter with a focus on private rather than public money creation. The model features an endogenous monetary spread or excess …
Persistent link: https://www.econbiz.de/10012863866
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Financial Shocks, Credit Spreads and the International Credit Channel
Cesa-Bianchi, Ambrogio - 2017
Recent empirical evidence on the cross-country synchronization of credit spreads in response to US monetary policy … shocks has led to the notion of an ‘international credit channel' of US monetary policy. This paper provides novel evidence … on the existence of an international credit channel for the transmission of US financial shocks across borders, and …
Persistent link: https://www.econbiz.de/10012943439
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Uncertainty and Economic Activity: A Global Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics. This paper studies the interrelation between financial markets volatility and economic activity assuming that both...
Persistent link: https://www.econbiz.de/10011314141
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Global Liquidity, House Prices and the Macroeconomy: Evidence from Advanced and Emerging Economies
Cesa-Bianchi, Ambrogio; Céspedes, Luis F.; Rebucci, … - 2015
, broadly understood as a proxy for the international supply of credit. It is found that in emerging markets a global liquidity …
Persistent link: https://www.econbiz.de/10011314197
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Does Easing Monetary Policy Increase Financial Instability?
Cesa-Bianchi, Ambrogio; Rebucci, Alessandro - 2013
This paper develops a model featuring both a macroeconomic and a financial stability objective that speaks to the interaction between monetary and macroprudential policies. First, we find that interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial...
Persistent link: https://www.econbiz.de/10010328048
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Housing Cycles and Macroeconomic Fluctuations: A Global Perspective
Cesa-Bianchi, Ambrogio - 2012
This paper investigates the international spillovers of housing demand shocks on real economic activity. The global economy is modelled using a Global VAR, with a novel house price data set for both advanced and emerging economies. The impulse responses to an identified US housing demand shock...
Persistent link: https://www.econbiz.de/10010328050
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Uncertainty and Economic Activity: A Global Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to slow down and contract. In this paper, we study the...
Persistent link: https://www.econbiz.de/10010352410
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Uncertainty and Economic Activity: A Multi-Country Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2018
Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the direction of causation between uncertainty and the business cycle. This paper proposes a new multi-country approach to the analysis of the interaction between uncertainty and...
Persistent link: https://www.econbiz.de/10011815803
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Uncertainty and economic activity : a global perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics. This paper studies the interrelation between financial markets volatility and economic activity assuming that both...
Persistent link: https://www.econbiz.de/10011286232
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Global liquidity, house prices and the macroeconomy : evidence from advanced and emerging economies
Cesa-Bianchi, Ambrogio; Céspedes, Luis Felipe; … - 2015
, broadly understood as a proxy for the international supply of credit. It is found that in emerging markets a global liquidity …
Persistent link: https://www.econbiz.de/10011290047