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Financial regulation, interest rate responses, and distributive effects
Loenser, Christian; Röttger, Joost; Schabert, Andreas - 2022
This paper examines financial regulation and distortionary taxes in a heterogeneous-agents economy with pecuniary externalities induced by a collateral constraint. Limiting the loan-to-value ratio benefits only few unconstrained borrowers and reduces ex-ante social welfare. A Pigouvianstyle...
Persistent link: https://www.econbiz.de/10013178166
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Optimal corrective policies under financial frictions
Schabert, Andreas - 2021
This paper examines credit market policies under pecuniary externalities induced by collateral constraints. Pigouvian …
Persistent link: https://www.econbiz.de/10012603388
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Optimal corrective policies under financial frictions
Schabert, Andreas - 2021
This paper examines credit market policies under pecuniary externalities induced by collateral constraints. Pigouvian …
Persistent link: https://www.econbiz.de/10012594950
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Financial regulation, interest rate responses, and distributive effects
Loenser, Christian; Röttger, Joost; Schabert, Andreas - 2022 - This version: November 18, 2021
This paper examines financial regulation and distortionary taxes in a heterogeneous-agents economy with pecuniary externalities induced by a collateral constraint. Limiting the loan-to-value ratio benefits only few unconstrained borrowers and reduces ex-ante social welfare. A Pigouvianstyle...
Persistent link: https://www.econbiz.de/10012818408
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On the Relevance of Open Market Operations
Schabert, Andreas - Staatswissenschaftliches Seminar, Wirtschafts- und … - 2003
This paper reexamines the role of open market operations for short-run effects of monetary policy in a New Keynesian framework. The central bank supplies money in exchange for securities that are discounted with the short-run nominal interest rate, while money demand is induced by a liquidity...
Persistent link: https://www.econbiz.de/10005824136
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Productive Government Expenditure in Monetary Business Cycle Models
Linnemann, Ludger; Schabert, Andreas - Tinbergen Instituut - 2005
This paper assesses the transmission of fiscal policy shocks in a New Keynesian framework where government expenditures contribute to aggregate production. It is shown that even if the impact of government expenditures on production is small, this assumption helps to reconcile the models'...
Persistent link: https://www.econbiz.de/10011255722
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Debt Non-Neutrality, Policy Interactions, and Macroeconomic Stability
Linnemann, Ludger; Schabert, Andreas - Tinbergen Instituut - 2005
We study the consequences of non-neutrality of government debt for macroeconomic stabilization policy in an environment where prices are sticky. Assuming transaction services of government bonds, Ricardian equivalence fails because public debt has a negative impact on its marginal rate of return...
Persistent link: https://www.econbiz.de/10011255848
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When is Quantitative Easing effective?
Hoermann, Markus; Schabert, Andreas - Tinbergen Instituut - 2011
and credit easing. The central bank controls the policy rate, i.e. the price of money in open market operations, as well … increases the size of the central bank's balance sheet, can increase real activity and prices, while a credit easing policy … prices. The effectiveness of quantitative and credit easing is however limited to the extent that eligible assets are scarce …
Persistent link: https://www.econbiz.de/10011255917
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Money Supply and the Implementation of Interest Rate Targets
Schabert, Andreas - Tinbergen Instituut - 2005
In this paper, we analyze the relation between interest rate targets and money supply in a (bubble-free) rational expectations equilibrium of a standard cash-in-advance model. We examine lump-sum injections of money aimed to implement interest rate sequences that satisfy interest rate target...
Persistent link: https://www.econbiz.de/10011256060
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Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model
Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - Tinbergen Instituut - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011256090