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Cognitive Imprecision and Stake-Dependent Risk Attitudes
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2022
pattern of risk attitudes described by Kahneman and Tversky. In addition, we document a systematic effect of stake sizes on … the magnitude and sign of the relative risk premium, holding fixed both the probability that a lottery pays off and the … in which all departures from risk-neutral bidding are attributed to an optimal adaptation of bidding behaviour to the …
Persistent link: https://www.econbiz.de/10014077011
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Leaning Against Housing Prices as Robustly Optimal Monetary Policy
Adam, Klaus - 2018
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy can be characterized without making reference to...
Persistent link: https://www.econbiz.de/10012914954
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Leaning Against Housing Prices As Robustly Optimal Monetary Policy
Adam, Klaus - 2018
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy can be characterized without making reference to...
Persistent link: https://www.econbiz.de/10012908836
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Robustly optimal monetary policy in a microfounded new keynesian model
Adam, Klaus; Woodford, Michael - 2012
We consider optimal monetary stabilization policy in a New Keynesian model with explicit microfoundations, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any...
Persistent link: https://www.econbiz.de/10011489843
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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing
Adam, Klaus - 2020
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard 'target criterion' that refers to inflation...
Persistent link: https://www.econbiz.de/10012840227
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Robustly optimal monetary policy in a New Keynesian model with housing
Adam, Klaus; Woodford, Michael - 2020
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard 'target criterion' that refers to inflation...
Persistent link: https://www.econbiz.de/10012171741
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Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints
Araujo, Aloisio; Schommer, Susan; Woodford, Michael - C.E.P.R. Discussion Papers - 2014
nominal interest rate), in a general-equilibrium model of asset pricing and risk sharing with endogenous collateral … differing risk characteristics of the assets purchased and the ones issued to finance these purchases. At the same time, the …
Persistent link: https://www.econbiz.de/10011084546
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Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints
Woodford, Michael; Araújo, Aloísio; Schommer, Susan - National Bureau of Economic Research (NBER) - 2013
nominal interest rate), in a general-equilibrium model of asset pricing and risk sharing with endogenous collateral …
Persistent link: https://www.econbiz.de/10011193594
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Outlier blindness : a neurobiological foundation for neglect of financial risk
Payzan Le Nestour, Elise; Woodford, Michael - In: Journal of financial economics 143 (2022) 3, pp. 1316-1343
Persistent link: https://www.econbiz.de/10013402178
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Cognitive Imprecision and Stake-Dependent Risk Attitudes
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2022
pattern of risk attitudes described by Kahneman and Tversky. In addition, we document a systematic effect of stake sizes on … the magnitude and sign of the relative risk premium, holding fixed both the probability that a lottery pays off and the … in which all departures from risk-neutral bidding are attributed to an optimal adaptation of bidding behaviour to the …
Persistent link: https://www.econbiz.de/10013427709