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Macroeconomic Effects of Federal Reserve Forward Guidance
Campbell, Jeffrey R. - 2014
A large output gap accompanied by stable inflation close to its target calls for further monetary accommodation, but the zero lower bound on interest rates has robbed the Federal Open Market Committee (FOMC) of the usual tool for its provision. We examine how public statements of FOMC intentions...
Persistent link: https://www.econbiz.de/10013065191
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Bringing financial stability into monetary policy
Leeper, Eric M.; Nason, James Michael - 2015
This paper arms central bank policy makers with ways to think about interactions between financial stability and monetary policy. We frame the issue of whether to integrate financial stability into monetary policy operating rules by appealing to the observation that in actual economies financial...
Persistent link: https://www.econbiz.de/10011294262
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2002
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...
Persistent link: https://www.econbiz.de/10014110704
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Exchange Rate Volatility and the Credit Channel in the Emerging Markets : A Vertical Perspective
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2004
Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10014071372
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A 'Vertical' Analysis of Monetary Policy in Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
During emerging market crises, domestic agents might have sufficient collateral to borrow from the other domestic agents, but they are unable to borrow from foreigners because the country, as a whole, lacks international collateral. In this setting, we show that an (ex-post) optimizing central...
Persistent link: https://www.econbiz.de/10014118568
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...
Persistent link: https://www.econbiz.de/10014121253
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Disorganization and financial collapse
Marin, Dalia; Schnitzer, Monika - 2000
alleviate the hold-up problem. We argue further that barter creates a hostage which allows to deal with disorganization when …, inter-firms arrears and barter in transition economies are connected. Based on a survey of 165 barter deals in the Ukraine … shortage the financial shortage and barter have each an important effect on output growth. …
Persistent link: https://www.econbiz.de/10009781618
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The macro view
Balling, Morten (ed.); Berk, Jan Marc (ed.);  … - Colloquium The Quest for Stability <2009, Utrecht>; … - 2010
On September 3-4, 2009, SUERF and Utrecht University School of Economics jointly organized the 28th SUERF Colloquium on "The Quest for Stability" in Utrecht, the Netherlands. The papers contained in this SUERF Study jointly published with DNB and Rabobank are based on contributions to this...
Persistent link: https://www.econbiz.de/10011706504
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International propagation of financial shocks in a search and matching environment
Isoré, Marlène - 2011 - First draft: April 30, 2010, This version: April 13, 2011
This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in one country raises unemployment rates via credit rationing in both countries. The expenditure-switching channel, whereby asymmetric monetary shocks traditionally lead to negative...
Persistent link: https://www.econbiz.de/10011346436
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Essays on money demand and monetary policy transmission in Europe
Rondorf, Ulrike - 2011
Persistent link: https://www.econbiz.de/10009412188