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The liquidity channel of fiscal policy
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …
Persistent link: https://www.econbiz.de/10012231567
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The liquidity channel of fiscal policy
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
Persistent link: https://www.econbiz.de/10012229643
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Default risk premia on government bonds in a quantitative macroeconomic model
Jüßen, Falko; Linnemann, Ludger; Schabert, Andreas - 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/10011379436
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The liquidity channel of fiscal policy
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2021 - This version: April 2021
assets-the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian model with … incomplete markets and portfolio choice, in which public debt affects private liquidity. This liquidity channel stabilizes fixed … decline of the liquidity premium, which increases the fiscal burden of debt. We show that the revenue-maximizing level of …
Persistent link: https://www.econbiz.de/10012543659
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Payments, credit and asset prices
Piazzesi, Monika; Schneider, Martin - 2018
Persistent link: https://www.econbiz.de/10011905021
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Financial stability considerations for monetary policy : theoretical mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...
Persistent link: https://www.econbiz.de/10012819348
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Financial stability considerations for monetary policy : theoretical mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...
Persistent link: https://www.econbiz.de/10013161877
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The positive economics of corporatism and corporate governance
Fehn, Rainer - 2000
Persistent link: https://www.econbiz.de/10013261086
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Great recession, slow recovery and muted fiscal policies in the US
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...
Persistent link: https://www.econbiz.de/10011434680