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Optimal Time-Consistent Macroprudential Policy

Bianchi, Javier - 2015

Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions taken in "good times" affect collateral prices during a crisis. We show that agents in a competitive equilibrium borrow more than a financial...

Persistent link: https://www.econbiz.de/10013014251

Optimal Time-Consistent Macroprudential Policy

Bianchi, Javier - 2020

Persistent link: https://www.econbiz.de/10012856012

Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy

Bianchi, Javier - 2015

The unconventional shocks and non-linear dynamics behind the high volatility of financial markets present a challenge for the implementation of macroprudential policy. This paper introduces two of these unconventional shocks, news shocks about future fundamentals and regime changes in global...

Persistent link: https://www.econbiz.de/10013018427

Robust Optimal Macroprudential Policy

Montamat, Giselle; Roch, Francisco - 2021

We consider how fear of model misspecification on the part of the planner and/or the households affects welfare gains from optimal macroprudential taxes in an economy with occasionally binding collateral constraints as in Bianchi (2011). On the one hand, there exist welfare gains from...

Persistent link: https://www.econbiz.de/10013226440

Forward Guidance, Information Frictions and Optimal Monetary Policy : A General Equilibrium Analysis with a Public Sector

Sun, Rui; Zhao, Yikai - 2021

This paper analyzes the optimal monetary policy in a model with a public sector when firms choose prices under incomplete information, and the government can not observe the current state perfectly. We accommodate the notion of Odyssean forward guidance in a framework with a public sector. The...

Persistent link: https://www.econbiz.de/10013226866

Hemlock for policy response : monetary policy, exchange rates and labour unions in SEE and CIS during the crisis

Jovanovic, Branimir; Petreski, Marjan - 2012

Persistent link: https://www.econbiz.de/10009559082

Hemlock for policy response : monetary policy, exchange rates and labour unions in SEE and CIS during the crisis

Jovanovic, Branimir; Petreski, Marjan - 2012

on the output gap, but on the wage gap, which stresses the relevance of the labour unions for the inflation dynamics in … responded counter-cyclically during the crisis in countries with weak trade unions, differently from countries with strong … unions: in crisis times, weak economy drags wages down in low-unionized countries and monetary policy relaxes in these …

Persistent link: https://www.econbiz.de/10011374356

The Role of Contracting Schemes for the Welfare Costs of Nominal Rigidities Over the Business Cycle

Paustian, Matthias - 2016

Persistent link: https://www.econbiz.de/10012991225

Welfare effects of business cycles and monetary policies in a small open emerging economy

Mohimont, Jolan - 2019

This paper evaluates the welfare cost of business cycles and the effects of monetary policies in a DSGE model tailored to a small open emerging economy. The model generates rich business cycle fluctuations, features labor market idiosyncratic risks and accounts for imperfect financial and...

Persistent link: https://www.econbiz.de/10012124514

An Analytical Approach to the Welfare Cost of Business Cycles and the Benefit from Activist Monetary Policy

Kiley, Michael T. - 2002

Typical dynamic general-equilibrium (DGE) models with stochastic productivity, consumers with state-separable (expected utility) preferences, and capital accumulation imply a small welfare cost of business cycles and a small market price of risk (i.e., equity premium). I present an analytical...

Persistent link: https://www.econbiz.de/10014122520

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