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Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks
Georgiadis, Georgios - 2017
-border financial spillover channels have not become a standard element of structural monetary models. Against this background, we … hypothesise that New Keynesian DSGE models that do not feature powerful financial spillover channels confound the effects of … models that do not account for powerful financial spillover channels are contaminated by a common global component; the …
Persistent link: https://www.econbiz.de/10012953383
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Spillovers of US unconventional monetary policy : quantitative easing, spreads, and international financial markets
Yildirim, Zekeriya; Ivrendi, Mehmet - In: Financial innovation : FIN 7 (2021), pp. 1-38
This study investigates the international spillover effects of US unconventional monetary policy (UMP) - frequently … purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects …
Persistent link: https://www.econbiz.de/10012798677
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Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks
Georgiadis, Georgios; Jancokova, Martina - 2017
-border financial spillover channels have not become a standard element of structural monetary models. Against this background, we … hypothesise that New Keynesian DSGE models that do not feature powerful financial spillover channels confound the effects of … models that do not account for powerful financial spillover channels are contaminated by a common global component; the …
Persistent link: https://www.econbiz.de/10014121008
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The Impossible Trinity and Financial Markets – An Examination of Inflation Volatility Spillovers
Bosupeng, Mpho - 2015
has set her inflation target between 3-6% and this study attempts to determine inflation spillover effects from the United …
Persistent link: https://www.econbiz.de/10013015045
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Inequality-constrained monetary policy in a financialized economy
Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023
We study how income inequality affects monetary policy through the inequality-household debt channel. We design a minimal macro Agent-Based model that replicates several stylized facts, including two novel ones: falling aggregate saving rate and decreasing bankruptcies during the household's...
Persistent link: https://www.econbiz.de/10013548811
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Investigating the zero lower bound on the nominal interest rate under financial instability
Carrillo, Julio A.; Poilly, Céline - 2014
This paper studies the effects of three financial shocks in the economy: a net-worth shock, an uncertainty or risk shock, and a credit-spread shock. We argue that only the latter can push the nominal interest rate against its zero lower bound. Further, a recessionary shock to the net worth or...
Persistent link: https://www.econbiz.de/10010243420
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Is a Stable Financial System Possible?
Turnbull, Shann - 2019
Three conditions are suggested for establishing a stable financial system: 1. Only digital money is used. 2. The Internet of Things (IoT) uses a sustainable service of nature essential to maintain the well being of the environment and humans in each region of the planet to automatically...
Persistent link: https://www.econbiz.de/10012894728
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Monetary Exchange in Over-the-Counter Markets : A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
Lagos, Ricardo - 2014
We develop a model of monetary exchange in over-the-counter markets to study the effects of monetary policy on asset prices and standard measures of financial liquidity, such as bid-ask spreads, trade volume, and the incentives of dealers to supply immediacy, both by participating in the...
Persistent link: https://www.econbiz.de/10013054305
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Is a Stable Financial System Possible?
Turnbull, Shann - 2018
Three conditions are suggested for establishing a stable financial system: 1. Only digital money is used. 2. The Internet of Things (IoT) uses a sustainable service of nature essential to maintain the well being of the environment and humans in each region of the planet to automatically...
Persistent link: https://www.econbiz.de/10012931273
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Limited Participation, Nominal Volatility, and Risk Sharing : Monetary Union and Financial Development
Gaytan, Alejandro - 2006
This paper explores the effects of nominal volatility and limited participation in asset markets on the risk sharing possibilities available to agents. When the set of financial assets is a decision of agents and is constrained by the resources available for investment, limited participation and...
Persistent link: https://www.econbiz.de/10014058402