La investigación empírica sugiere que los tipos de interés más bajos inducen a los bancos a asumir mayores riesgos. Analizamos lo que este canal de toma de riesgos implica para la política monetaria óptima en un modelo neokeynesiano manejable. Mostramos que este canal crea un motivo para...

La evolución de los ratings soberanos es profundamente asimétrica, ya que las fases de bajadas de la calificación crediticia suelen ser más bruscas y de mayor intensidad que las de subidas. Dicho de otro modo, una vez que un país pierde su calificación inicial, transcurre un período...

The major objective of this thesis is to investigate whether there exists a stable long run and short run equilibrium relationship between real money balances (M1 or M2) and their determinants in Thailand. A cointegration analysis and the Vector Error Correction Model (VECM) are conducted on...

We examine the expectational stability (E-stability) of rational expectations equilibrium under optimal interest rate rules in the context of the standard, "New Keynesian" model of the monetary transmission mechanism. We focus on the case where the monetary authority adds interest rate...

Economic theory suggests circumstances in which a rise in short term real interest rates can increase consumption, contrary to much conventional wisdom. This paper suggests that these circumstances are more likely to be prevalent in Japan and finds strong empirical evidence for a positive...

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries -- the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the...

The characteristics of the interest rate pass-through in the Czech Republic, Hungary and Poland are studied making use of autoregressive distributed lags (ARDL) models. Significant differences are found across market interest rates and countries concerning long-run elasticities of market...

We examine the expectational stability (E-stability) of rational expectations equilibrium under optimal interest rate rules in the context of the standard, "New Keynesian" model of the monetary transmission mechanism. We focus on the case where the monetary authority adds interest rate...

The purpose of the present study is to explore the specific contributions of variousnominal and real rigidities in monetary DGE models in a systematic way and ina common framework. I will concentrate on a quite simple model setup in orderto find out the important transmission mechanisms at work....

The geothermal user's viewpoint in this case is somewhat unique. San Diego Gas & Electric Company, by virtue of its activity in geothermal exploration and development since 1972, is in a position to be considered not only a user of geothermal, but a producer as well through the activities of its...