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Structural asymmetries and financial imbalances in the eurozone
Jaccard, Ivan; Smets, Frank - 2017
Almost two decades after the introduction of the common currency, differences in institutional frameworks remain a major source of cross-country heterogeneity in the eurozone. We develop a two-country model with incomplete international markets in which the availability of credit depends on the...
Persistent link: https://www.econbiz.de/10011662924
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Structural asymmetries and financial imbalances in the Eurozone
Jaccard, Ivan; Smets, Frank - In: Review of economic dynamics 36 (2020), pp. 73-102
Persistent link: https://www.econbiz.de/10012652768
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Financial asset prices and monetary policy : theory and evidence
Smets, Frank - 1997
Persistent link: https://www.econbiz.de/10013422400
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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdon, Carlos; Muñoz, Manuel A.; … - 2022
Persistent link: https://www.econbiz.de/10012806336
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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022
We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they … bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and … through an expansion of the central bank balance sheet and profits. The issuance of CBDC exerts a smoothing effect on lending …
Persistent link: https://www.econbiz.de/10013328782
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Financial markets : productivity, procyclicality, and policy
Popov, Alexander; Smets, Frank - In: Financial innovation : too much or too little?, (pp. 191-211). 2013
Persistent link: https://www.econbiz.de/10009785499
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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment
Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2019
Persistent link: https://www.econbiz.de/10012132243
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Banking supervision, monetary policy and risk-taking : big data evidence from 15 credit registers
Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020
crucial complementarities between supervision and monetary policy: centralised supervision offsets excessive bank risk …
Persistent link: https://www.econbiz.de/10012137670
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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment
Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020
We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...
Persistent link: https://www.econbiz.de/10012137689
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Shocks and frictions in US business cycles : a Bayesian DSGE approach
Smets, Frank; Wouters, Rafael - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10011618212