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Optimal monetary policy in a new Keynesian model with habits in consumption

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - 2009

While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10011605122

Nominal and real interest rates during an optimal disinflation in New Keynesian models.

Hagedorn, Marcus - 2008

Central bankers’ conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest...

Persistent link: https://www.econbiz.de/10011604924

Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation

Hein, Eckhard - 2002

shown that major elements of Marx.s economic theory fall in the camp of monetary analysis and the implications for Marx ….s theory of capital accumulation are derived. First, Marx.s theory of labour value has to be considered a .monetary theory of … follows, that any .real theory. of crisis and stagnation, as the falling rate of profit theory of crisis, cannot be sustained …

Persistent link: https://www.econbiz.de/10010306782

Reserve requirements and economic stabilization

Bindseil, Ulrich - 1997

Persistent link: https://www.econbiz.de/10010478835

Die Stabilisierungswirkungen von Mindestreserven

Bindseil, Ulrich - 1997

This paper focuses on the quest ion whether reserve requirements can contribute anything to the stabilization of financial markets and economic activity ...

Persistent link: https://www.econbiz.de/10010478836

Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates

Claeys, Sophie; Hainz, Christa - 2006

Policy makers often decide to liberalize foreign bank entry but at the same time restrict the mode of entry. We study how different entry modes affect the interest rate for loans in a model in which domestic banks possess private information about their incumbent clients but foreign banks have...

Persistent link: https://www.econbiz.de/10011604699

Tacit collusion under interest rate fluctuations

Dal Bó, Pedro - 2002

In contrast to the existing literature on repeated games that assumes a Þxed discount factor, I study an environment in which it is more realistic to assume a ßuctuating discount factor. In a repeated oligopoly, as the interest rate changes, so too does the degree to which Þrms discount the...

Persistent link: https://www.econbiz.de/10010318903

Acquisition versus greenfield: The impact of the mode of foreign bank entry on information and bank lending rates

Claeys, Sophie; Hainz, Christa - 2007

Policy makers often decide to liberalize foreign bank entry but put limitations on the mode of entry. We study how different entry modes affect the lending rate set by foreign and domestic banks. Our model captures two essential features of banking competition in emerging markets: Domestic banks...

Persistent link: https://www.econbiz.de/10010320758

In- and out-of-sample specification analysis of spot rate models: Further evidence for the period 1982-2008

Cai, Lili; Swanson, Norman R. - 2011

We review and construct consistent in-sample specification and out-of-sample model selection tests on conditional distributions and predictive densities associated with continuous multifactor (possibly with jumps) and (non)linear discrete models of the short term interest rate. The results of...

Persistent link: https://www.econbiz.de/10010282832

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 Eurosystem. The study also goes into the major economic policy...

Persistent link: https://www.econbiz.de/10011506708

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