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Global uniqueness and money non-neutrality in a Walrasian dynamics without rational expectations.
Giraud, Gaël; Tsomocos, Dimitrios - Maison des Sciences Économiques, Université Paris 1 … - 2004
We define a non-tâtonnement dynamics in continuous-time for pure-exchange economies with outside and inside fiat money … can use them to pay their own debts only in the next period. Provided there is enough inside money, monetary trade curves … converge towards Pareto optimal allocations; money has a positive value along each trade curve, except on the optimal rest …
Persistent link: https://www.econbiz.de/10005510643
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Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process.
Giraud, Gaël; Tsomocos, Dimitrios P. - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2010
We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …
Persistent link: https://www.econbiz.de/10008461118
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Banks' balance-sheet costs, monetary policy, and the ON RRP
Afonso, Gara; Cipriani, Marco; La Spada, Gabriele - 2022
investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …
Persistent link: https://www.econbiz.de/10013465412
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The neutral rate of interest in Canada
Mendes, Rhys R. - 2014
A measure of the neutral policy interest rate can be used to gauge the stance of monetary policy. We define the neutral rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects of all cyclical shocks have dissipated. This is a...
Persistent link: https://www.econbiz.de/10010406295
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
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Monetary Policy Transmission to Mortgages in a Negative Interest Rate Environment
Amzallag, Adrien - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10012892476
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Monetary Policy Transmission to Mortgages in a Negative Interest Rate Environment
Amzallag, Adrien - 2018
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10012928343
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Monetary policy disconnect
Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020
Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...
Persistent link: https://www.econbiz.de/10012387237
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Monetary policy transmission to mortgages in a negative interest rate environment
Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10011975610
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2013
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013095177