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Central bank haircut policy
Chapman, James; Chiu, Jonathan; Molico, Miguel - 2010
We present a model of central bank collateralized lending to study the optimal choice of the haircut policy. We show that a lending facility provides a bundle of two types of insurance: insurance against liquidity risk as well as insurance against downside risk of the collateral. Setting a...
Persistent link: https://www.econbiz.de/10008659919
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Shotgun wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - In: Annual review of economics 12 (2020), pp. 659-690
Persistent link: https://www.econbiz.de/10012404598
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Shotgun Wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - 2020
Persistent link: https://www.econbiz.de/10012243805
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Fiscal seigniorage “Laffer-curve effect” on Central Bank autonomy in India
Chakraborty, Lekha - 2015
Persistent link: https://www.econbiz.de/10011397728
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Tax efficiency, seigniorage and Central Bank Conservativeness
Ferré, Montserrat; Garcia, Judit; Manzano Tovar, Carolina - In: Journal of macroeconomics 56 (2018), pp. 218-230
Persistent link: https://www.econbiz.de/10012127675
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Unconventional monetary policies and central bank profits : seigniorage as fiscal revenue in the aftermath of the global financial crisis
Bibow, Jörg - 2018
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …
Persistent link: https://www.econbiz.de/10011910944
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Fiscal implications of the ECB's public sector purchase programme (PSPP)
Lehment, Harmen - 2018
purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the … PSPP not only led to partly negative seigniorage gains, but also produced super-seigniorage gains resulting from negative …
Persistent link: https://www.econbiz.de/10011880129
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10011605300
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Money and prices under uncertainty
Nakajima, Tomoyuki; Polemarchakis, Herakles - 2001
Monetary and fiscal policy do not determine the stochastic path of prices: in the absence of financial policy, there remains indeterminacy indexed by an arbitrary probability measure over the set of states of the world. With an interest rate policy, and only if the asset market is complete,...
Persistent link: https://www.econbiz.de/10010318888
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Money and indeterminacy over an infinite horizon
Bloise, G.; Drèze, J. H.; Polemarchakis, H. M. - 2002
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. Competitive...
Persistent link: https://www.econbiz.de/10010318994