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Forward Guidance Contracts
Gersbach, Hans - 2015
We examine “Forward Guidance Contracts”, which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a flexible commitment device and can improve economic performance when the economy is stuck in a liquidity...
Persistent link: https://www.econbiz.de/10013021419
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Flexible majority rules for cryptocurrency issuance
Gersbach, Hans - 2019 - This version: May 2019
optimal money growth rates are realized if agents entering financial contracts anticipate ensuing inflation rates determined …
Persistent link: https://www.econbiz.de/10012023545
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How to avoid the consequences of anticipated monetary policies
Gersbach, Hans - In: Economic Theory 14 (1999) 3, pp. 729-740
lowest inflation rate. Our results suggest that the difference between unanticipated and anticipated policy switches may not …
Persistent link: https://www.econbiz.de/10005596786
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Leverage constraints and bank monitoring: bank regulation versus monetary policy
Böser, Florian; Gersbach, Hans - 2021 - This version: June 30, 2021
Bank leverage constraints can emerge from regulatory capital requirements as well as from central bank collateral requirements in reserve lending facilities. While these two channels are usually examined separately, we are able to compare them with the help of a bank money creation model in...
Persistent link: https://www.econbiz.de/10012585515
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Forward guidance contracts
Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970
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Modeling two Macro policy instruments : interest rates and aggregate capital requirements
Gersbach, Hans; Hahn, Volker - 2011 - This Version: September 2011
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...
Persistent link: https://www.econbiz.de/10009307956
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Modeling Two Macro Policy Instruments - Interest Rates and Aggregate Capital Requirements
Gersbach, Hans - 2013
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...
Persistent link: https://www.econbiz.de/10013092337
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Leverage Constraints and Bank Monitoring : Bank Regulation versus Monetary Policy
Böser, Florian; Gersbach, Hans - 2021
Bank leverage constraints can emerge from regulatory capital requirements as well as from central bank collateral requirements in reserve lending facilities. While these two channels are usually examined separately, we are able to compare them with the help of a bank money creation model in...
Persistent link: https://www.econbiz.de/10013218488
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Macroprudential policy in the New Keynesian world
Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2018
We integrate banks and the coexistence of bank and bond financing into an otherwise standard New Keynesian framework. There are two policy-makers: a central banker, who can decide on short-term nominal interest rates, and a macroprudential policy-maker, who can vary aggregate capital...
Persistent link: https://www.econbiz.de/10011894696
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Signaling and Commitment : Monetary Versus Inflation Targeting
Gersbach, Hans; Hahn, Volker - 2005
The article compares the social efficiency of monetary targeting and inflation targeting when central banks may have …. Under inflation targeting and monetary targeting, central banks may have an incentive to signal their private information in … order to influence the public's expectations about future inflation. We show that inflation targeting is superior to …
Persistent link: https://www.econbiz.de/10014173888