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The Insurance Premium in the Interest Rates of Interlinked Loans in a Small-scale Fishery
Riekhof, Marie-Catherine - 2016
. A simple theoretical model predicts that interest rates of interlinked loans increase with income volatility when … insurance premia exist. Based on data from a small-scale fishery in India, calculations show that on average, lenders receive 25 …
Persistent link: https://www.econbiz.de/10011753328
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Monetary Policy, Regulation and Volatile Markets
Calverley, John P.; Restoy, Fernando; Thuesen, Jesper … - 2008
and supervisory arrangements adequate when market volatility increases and financial institutions come under stress? In …
Persistent link: https://www.econbiz.de/10011689935
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Interpreting the great moderation: Changes in the volatility of economic activity at the macro and micro levels
Davis, Steven J.; Kahn, James A. - 2008
We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements … are declines in firm-level volatility and aggregate volatility-most dramatically in the durable goods sector-but with no …
Persistent link: https://www.econbiz.de/10010283570
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Fatal fluctuations? Cyclicality in infant mortality in India
Bhalotra, Sonia - 2007
This paper investigates the impact of macroeconomic shocks on infant mortality in India and investigates likely …
Persistent link: https://www.econbiz.de/10010268267
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Does broad money matter for interest rate policy?
Brückner, Matthias; Schabert, Andreas - 2002
This paper presents a business cycle model with financial intermediation encompassing the conventional New Keynesian model. Households’ financial wealth comprises cash and interest bearing deposits. When deposits provide transaction services, real broad money, which is predetermined, affects...
Persistent link: https://www.econbiz.de/10010301214
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Monetary Policy under a Fiscal Theory of Sovereign Default
Schabert, Andreas - 2009
This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...
Persistent link: https://www.econbiz.de/10010325802
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Exchange Rate Policy under Sovereign Default Risk
Schabert, Andreas - 2011
We examine monetary policy options for a small open economy where sovereign default might occur due to intertemporal insolvency. Under interest rate policy and floating exchange rates the equilibrium is indetermined. Under a fixed exchange rate the equilibrium is uniquely determined and...
Persistent link: https://www.econbiz.de/10010325864
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Circuit theory extended: The role of speculation in crises
Lancastle, Neil - 2012
This paper asks why modern finance theory and the efficient market hypothesis have failed to explain long-term carry trades; persistent asset bubbles or zero lower bounds; and financial crises. It extends Keen (Solving the Paradox of Monetary Profits, 2010) and the Theory of the Monetary Circuit...
Persistent link: https://www.econbiz.de/10010309299
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Circuit theory extended: The role of speculation in crises
Lancastle, Neil - In: Economics: The Open-Access, Open-Assessment E-Journal 6 (2012) 2012-34, pp. 1-27
This paper asks why modern finance theory and the efficient market hypothesis have failed to explain long-term carry trades; persistent asset bubbles or zero lower bounds; and financial crises. It extends Godley and Lavoie (Monetary Economics: An Integrated Approach to Credit, Money, Income,...
Persistent link: https://www.econbiz.de/10010310322
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Long-run price elasticities of demand for credit: Evidence from a countrywide field experiment in Mexico
Karlan, Dean; Zinman, Jonathan - 2013
The long-run price elasticity of demand for credit is a key parameter for intertemporal modeling, policy levers, and lending practice. We use randomized interest rates, offered across 80 regions by Mexico's largest microlender, to identify a 29-month dollars-borrowed elasticity of -1.9. This...
Persistent link: https://www.econbiz.de/10010369060