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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies

Berentsen, Aleksander; Waller, Christopher Jude - 2010

When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in …

Persistent link: https://www.econbiz.de/10010277131

Investigating the monetary policy of central banks with assessment indicators

Bluhm, Marcel - 2011

This paper outlines a new method for using qualitative information to analyze the monetary policy strategy of central banks. Quantitative assessment indicators that are extracted from a central bank's public statements via the balance statistic approach are employed to estimate a Taylor-type...

Persistent link: https://www.econbiz.de/10010308560

Der Informationsgehalt des Geldmengenziels der Deutschen Bundesbank-Ergebnisse einer Umfrage aus dem Jahr 1998-

Frey, Rainer - 1999

Die Geldmenge war die Zielgröße der Deutschen Bundesbank bis Ende des Jahres 1998. Die Zentralbank versuchte mit der quantiativen Festlegung dieser Zielgröße der Öffentlichkeit mitzuteilen, welchen geldpolitischen Kurs sie verfolgte. Das vorliegende Arbeitspapier erörtert die Frage,...

Persistent link: https://www.econbiz.de/10010319347

The Design of a 'Two-Pillar' Monetary Policy Strategy

Dai, Meixing - 2009

In this paper, it is argued that money supply in a narrow sense and repo interest rate are two independent monetary policy instruments when the effect of interest rate policy cannot be efficiently transmitted to the economy through the monetary and financial markets. In this case, the control of...

Persistent link: https://www.econbiz.de/10010298610

Opting out of the great inflation: German monetary policy after the breakdown of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10010298759

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008

Persistent link: https://www.econbiz.de/10010303730

Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

Persistent link: https://www.econbiz.de/10011605066

The narrow channel of quantitative easing: Evidence from YCC down under

Lucca, David O.; Wright, Jonathan H. - 2022

affects prices of both government and other bonds via "broad" transmission channels, but only government bond prices through … "narrow" liquidity channels. YCC seemingly worked well in 2020 while the market expected short rates to stay at zero for long … Australia purchased most of the outstanding amount of the targeted government bond, and its yield dislocated from other …

Persistent link: https://www.econbiz.de/10013432943

Money cycles

Clausen, Andrew; Strub, Carlo - 2010

Classical models of money are typically based on a competitive market without capital or credit. They then impose exogenous timing structures, market participation constraints, or cash-in-advance constraints to make money essential. We present a simple model without credit where money arises...

Persistent link: https://www.econbiz.de/10010316880

Money, credit and banking

Berentsen, Aleksander; Camera, Gabriele; Waller, … - 2005

? liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing …

Persistent link: https://www.econbiz.de/10010277060