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Monetary aggregates and liquidity in a neo-Wicksellian framework
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad; … - 2008
Woodford (2003) describes a popular class of neo-Wicksellian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these models are incomplete and unsuitable for...
Persistent link: https://www.econbiz.de/10011506662
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A century of macroeconomic and monetary thought at the National Bank of Belgium
Maes, Ivo - 2010
"A century of macroeconomic and monetary thought at the National Bank of Belgium" traces the history of economic … research at the National Bank of Belgium, from the early decades of the 20th century to its present functioning in the … monetary thinking at the National Bank of Belgium. The focus is very much on the role of the Research Department in …
Persistent link: https://www.econbiz.de/10011506708
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Liquidity Shortages and Monetary Policy
Illing, Gerhard; Cao, Jin - 2007
The paper models the interaction between risk taking in the financial sector and central bank policy. It shows that in … the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good …
Persistent link: https://www.econbiz.de/10010427485
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Endogenous Systemic Liquidity Risk
Cao, Jin; Illing, Gerhard - 2008
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10010427534
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Internacionalización monetaria y bancaria
Avila, Jorge C. - 2004
-known international economists, all of them doing without a national central bank, we advance the proposal to substitute a reserve …
Persistent link: https://www.econbiz.de/10010323133
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Banking, Inside Money and Outside Money
Sun, Hongfei - 2007
problem of the bank. Secondly, it is optimal for the bank to require loans be settled with short-term inside money, i.e., bank …
Persistent link: https://www.econbiz.de/10011940760
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Centralized trading of corporate bonds
Huber, Samuel; Kim, Jaehong - 2015
In the post-crisis period, increased regulation of financial intermediaries led to a significant decline in corporate bond market liquidity. In order to stabilize these markets, policy makers recently proposed that the trading of corporate bonds should be more centralized. In this paper, we show...
Persistent link: https://www.econbiz.de/10011420570
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Central bank purchases of government bonds
Huber, Samuel; Kim, Jaehong - 2015
We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by …
Persistent link: https://www.econbiz.de/10011420573
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Money: A market microstructure approach
Krueger, Malte - 2008
The current discussion about the future of the financial system draws heavily on a set of theories known as the 'New Monetary Economics'. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure...
Persistent link: https://www.econbiz.de/10010327314
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The quality of eligible collateral and monetary stability: An empirical analysis
Lehmbecker, Philipp - 2008
The central banking literature regards central bank independence and a transparent monetary policy as best suited to …, entailing severe perturbations of the international financial system. This paper focuses on central bank lending and … was answered by central bank officials. For the period 1990 to 2003 and a sample of 62 countries a robust negative and …
Persistent link: https://www.econbiz.de/10010327321