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Financial Frictions and the Great Productivity Slowdown
Duval, Romain - 2017
entered the crisis with weaker balance sheets experienced decline in total factorproductivity growth relative to their less … productivity growth. Furthermore, our resultsare not driven by more vulnerable firms being less productive or having experienced … slowerproductivity growth before the crisis, or differing from less vulnerable firms along otherdimensions …
Persistent link: https://www.econbiz.de/10012950421
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Banks' balance-sheet costs, monetary policy, and the ON RRP
Afonso, Gara; Cipriani, Marco; La Spada, Gabriele - 2022
In June 2022, the Federal Reserve started reducing the size of its balance sheet, which had expanded to just under $9 trillion in response to the COVID-19 pandemic. However, whereas banks' reserves at the Federal Reserve have decreased, the investment of money market funds (MMFs) at the Federal...
Persistent link: https://www.econbiz.de/10013465412
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Inequality and growth : Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession
Hein, Eckhard - 2018
role to play, if at all, but the interaction between distribution and growth is at the centre of Marxian and post …-Keynesian/Kaleckian approaches when it comes to explaining medium- to long-run trends of economic growth - and stagnation. In this contribution we … will thus provide Marxian and Kaleckian assessments of the distribution and growth regimes under finance …
Persistent link: https://www.econbiz.de/10011790517
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Liquidity regulation, the Central Bank, and the money market : conference paper
Scheubel, Beatrice; Körding, Julia - 2013 - This version: 15 February 2013
As reliance on excessively short-term wholesale funding has been one of the major causes for the 2007-2009 financial crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding without being clear on how such an approach will affect...
Persistent link: https://www.econbiz.de/10010342820
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Crisis and Global Imbalances : The Fragility of the Current International Monetary System
Ricci, Andrea - 2010
Global structural factors both monetary and real played a prominent role in the burst of the subprime crisis: 1) the so-called Bretton Woods II international monetary system; 2) the reduction of US real investment return compared with competing countries. We develop a two-country partial...
Persistent link: https://www.econbiz.de/10013135939
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Money and Inflation in the Euro Area During the Financial Crisis
Dreger, Christian - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset prices are allowed to enter the long run relationship. By...
Persistent link: https://www.econbiz.de/10013123358
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Friedman's Monetary Economics in Practice
Nelson, Edward - 2011
This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. Five major aspects of the policy response are: 1) discount window lending has been provided broadly to the financial system, at rates low relative to the market rates...
Persistent link: https://www.econbiz.de/10013124914
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Unconventional Monetary Policies and the Credit Market
Olmo, Jose - 2014
This paper analyzes the ability of unconventional monetary policies to reduce the spread between the credit and the short-term policy interest rates. We provide a theoretical framework based on the bank-lending channel that incorporates an interbank money market. The proposed model shows that...
Persistent link: https://www.econbiz.de/10013064163
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Fire Buys of Central Bank Collateral Assets
de Roure, Calebe - 2017
In times of financial distress, central banks provide unlimited liquidity to avoid fire sales. In response, banks raise their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire Buy premium. To avoid collateral scarcity, central...
Persistent link: https://www.econbiz.de/10012964444
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The Monetary Contraction of 2008/09 : Assessing UK Money Supply Measures in Light of the Financial Crisis
Evans, Anthony J. - 2010
Following the 2008/09 financial crisis renewed attention has been given to the ability of central banks to effectively monitor the quantity of money in circulation. We present a new definition of the money supply called “Austrian money supply” (MA) and apply it to the UK economy. Unlike...
Persistent link: https://www.econbiz.de/10013152539