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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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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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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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Financial factors in economic fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10003973320
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Unconventional Monetary Policy and Bank Lending Relationships
Cahn, Christophe - 2019
How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the ECB's 2011-12 Long-Term Refinancing Operations (LTROs) affected lending to firms discontinuously across credit ratings (within banks) to make four contributions. (i) We show the...
Persistent link: https://www.econbiz.de/10012900335
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Unconventional Monetary Policy, Bank Lending, and Security Holdings : The Yield-Induced Portfolio Rebalancing Channel
Paludkiewicz, Karol - 2019
Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank lending and security holdings. Using a difference-in-differences regression setup and holding the security composition of each bank constant at its level in January 2014, well...
Persistent link: https://www.econbiz.de/10012898444
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Unconventional Monetary Policy and Bank Lending Relationships
Cahn, Christophe - 2020
We explore how banks transmit central bank liquidity injections using unique variation in the ECB's 2011-12 Very Long-Term Refinancing Operations (VLTROs) which affected lending to firms discontinuously across credit ratings (i.e., within banks). We show that banks transmit liquidity differently...
Persistent link: https://www.econbiz.de/10012854286
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Monetary Policy at Work : Security and Credit Application Registers Evidence
Peydró, José-Luis - 2020
Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...
Persistent link: https://www.econbiz.de/10012854350
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Bank Asset Quality and Monetary Policy Pass-Through
Byrne, David; Kelly, Robert J. - 2021
The funding mix of European firms is weighted heavily towards bank credit, which underscores the importance of efficient pass-through of monetary policy actions to lending rates faced by firms. Euro area pass-through has shifted from being relatively homogenous to being fragmented and incomplete...
Persistent link: https://www.econbiz.de/10013315057
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Financial Factors in Economic Fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2021
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10013316211