Narrow search
Showing 1 - 10 of 16,264
Cover Image
Fundamental uncertainty, portfolio choice, and liquidity preference theory
Pasche, Markus - 2009
One of Keynes' core issues in his liquidity preference theory is how fundamental uncertainty affects the propensity to …
Persistent link: https://www.econbiz.de/10010267088
Cover Image
Fundamental uncertainty, portfolio choice, and liquidity preference theory
Pasche, Markus - 2009
One of Keynes’ core issues in his liquidity preference theory is how fundamental uncertainty affects the propensity to …
Persistent link: https://www.econbiz.de/10010299492
Cover Image
Learning, liquidity preference, and business cycle
Horii, Ryo; Ono, Yoshiyasu - 2004
This paper examines a mechanism of liquidity-preference fluctuations caused by changes in people's belief about a random liquidity shock. When observing the shock, they rationally update their belief so that the shock probability is higher; consequently they raise liquidity preference and reduce...
Persistent link: https://www.econbiz.de/10010332232
Cover Image
A contribution to the theory of financial fragility and crisis
Bhaduri, Amit - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10010286546
Cover Image
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 states may result in excessively low liquidity in bad...
Persistent link: https://www.econbiz.de/10010427485
Cover Image
The term structure of bond market liquidity conditional on the economic environment: An analysis of government guaranteed bonds
Schuster, Philipp; Uhrig-Homburg, Marliese - 2012
We analyze the term structure of illiquidity premiums as the difference between the yield curves of two major bond segments that are both government guaranteed but differ in their liquidity. We show that its characteristics strongly depend on the economic situation. In crisis times, illiquidity...
Persistent link: https://www.econbiz.de/10010310876
Cover Image
Über die Natur und das Wesen des Geldes: Johann Heinrich von Thünens unveröffentlichter Beitrag zur Geldtheorie
Nellinger, Ludwig - 2009
questions and preparing Thünen's theory of capital and interest. Thünen starts his analysis with a description of the … extended quantity theory of money by introducing the velocity of money transactions and formulating the correct algebraic … twentieth century and from the perspective of modern monetary theory, Thünen's drafts are an unexpected discovery and of …
Persistent link: https://www.econbiz.de/10010319238
Cover Image
Escaping from a combination of liquidity trap and credit crunch
Heinemann, Frank - 2008
This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...
Persistent link: https://www.econbiz.de/10010264478
Cover Image
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
Cover Image
Discretionary monetary policy and the zero lower bound on nominal interest rates
Adam, Klaus; Billi, Roberto M. - 2005
Ignoring the existence of the zero lower bound on nominal interest rates one considerably understates the value of monetary commitment in New Keynesian models. A stochastic forward-looking model with lower bound, calibrated to the U.S. economy, suggests that low values for the natural rate of...
Persistent link: https://www.econbiz.de/10010298267