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A policy model to analyze macroprudential regulations and monetary policy
Alpanda, Sami; Cateau, Gino; Meh, Césaire Assah - 2014
We construct a small-open-economy, New Keynesian dynamic stochastic generalequilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...
Persistent link: https://www.econbiz.de/10010238951
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The Great Moderation and the Financial Cycle
Lucke, Friedrich - 2022
We show that the defining features of the Great Moderation were a shift from output volatility to medium-term fluctuations and a shift in the origin of those fluctuations from the real to the financial sector. We discover a Granger-causal relationship by which financial cycles attenuate...
Persistent link: https://www.econbiz.de/10014264907
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Central bank collateral frameworks
Nyborg, Kjell G. - 2015
by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …
Persistent link: https://www.econbiz.de/10011296085
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Money, credit, monetary policy, and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10012000041
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Money, credit, monetary policy and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10011959310
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Inside money in a Kaldor-Kalecki-Steindl fiscal policy model : the unit of account, inflation, leverage, and financial fragility
Hannsgen, Greg; Young-Taft, Tai - 2015
We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky … chartalist, respectively), the rate of wage inflation depends on either unemployment or the wage-setting policies of the … inflation affects aggregate demand through its impact on the value of assets and debts. Bank rates depend on an endogenous …
Persistent link: https://www.econbiz.de/10010529897
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Stability and identification with optimal macroprudential policy rules
Chatelain, Jean-Bernard; Ralf, Kirsten - 2014 - Preprint
This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...
Persistent link: https://www.econbiz.de/10010378907
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OECD forecasts during and after the financial crisis : a post mortem
Pain, Nigel; Lewis, Christine; Dang, Thai Thanh; Jin, Yosuke - 2014
This paper assesses the OECD’s projections for GDP growth and inflation during the global financial crisis and recovery … the slowdown and later the weak pace of the recovery – errors made by many other forecasters. At the same time, inflation …
Persistent link: https://www.econbiz.de/10010374419
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Long-term debt propagation and real reversals
Drehmann, Mathias; Juselius, Mikael; Korinek, Anton - 2023
We examine a propagation mechanism that arises from households' long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new borrowing generates a predictable hump-shaped path of future debt service. We...
Persistent link: https://www.econbiz.de/10014248726
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China's financial crisis : the role of banks and monetary policy
Le, Vo Phuong Mai; Matthews, Kent; Meenagh, David; … - 2015
This paper develops a model of the Chinese economy using a DSGE framework that accommodates a banking sector and money …
Persistent link: https://www.econbiz.de/10010465443