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Doves for the rich, hawks for the poor? : distributional consequences of monetary policy
Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016
frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …
Persistent link: https://www.econbiz.de/10011563007
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Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy
Gornemann, Nils - 2017
frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …
Persistent link: https://www.econbiz.de/10013210409
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Central Bank Independence and Macro-Prudential Regulation
Ueda, Kenichi - 2012
We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new time inconsistency problem may arise. Ex-ante, the central bank chooses the...
Persistent link: https://www.econbiz.de/10013107404
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Asset Prices and Aggregate Demand in a "Covid-19" Shock : A model of Endogenous Risk Intolerance and LSAPs
Caballero, Ricardo J. - 2020
In this paper we: (i) provide a model of endogenous risk intolerance and serve aggregate demand contractions following … addressing these contractions. The key mechanism stems from heterogeneous risk tolerance: as a recessionary shock hits the … economy and brings down asset prices, risk-tolerant agents' wealth share declines and their leverage rises endogenously. This …
Persistent link: https://www.econbiz.de/10012836868
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The optimal conduct of central bank asset purchases
Darracq Pariès, Matthieu; Kühl, Michael - 2017
We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks' asset allocation between loans and bonds, and households face transaction costs when...
Persistent link: https://www.econbiz.de/10011685100
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Optimal Liquidation in Dark Pools
Kratz, Peter - 2015
We consider a large trader liquidating a portfolio using a transparent trading venue with price impact and a dark pool with execution uncertainty. The optimal execution strategy uses both venues continuously, with dark pool orders over-/underrepresenting the portfolio size depending on return...
Persistent link: https://www.econbiz.de/10013010936
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The Optimal Conduct of Central Bank Asset Purchases
Darracq Paries, Matthieu - 2017
We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks asset allocation between loans and bonds, and households face transaction costs when...
Persistent link: https://www.econbiz.de/10012965539
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The Optimal Conduct of Central Bank Asset Purchases
Darracq Paries, Matthieu - 2017
We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks' asset allocation between loans and bonds, and households face transaction costs when...
Persistent link: https://www.econbiz.de/10012951375
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A New Approach for Modeling and Understanding Optimal Monetary Policy
Romaniuk, Katarzyna - 2010
Persistent link: https://www.econbiz.de/10013142771
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A Financial Approach to Optimal Interest Rate Rules : Multiple Objectives and Asymmetries
Romaniuk, Katarzyna - 2010
The dominant approach to monetary policy builds on simple linear policy rules, assumed to describe the systematic response of central banks to various shocks. The last financial crisis has shown that in difficult times central banks follow more sophisticated strategies. We argue in this paper...
Persistent link: https://www.econbiz.de/10013146323