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Duopolistic Competition and Monetary Policy
Ueda, Kozo - 2021
A standard macroeconomic model based on monopolistic competition (Dixit-Stiglitz) does not account for the strategic … price stickiness. (2) The real effect of monetary policy under duopolistic competition is larger than that in a Dixit …
Persistent link: https://www.econbiz.de/10013241990
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Imperfect Bank Competition, Borrower Adverse Selection, and the Transmission of Monetary Policy
Cantillo, Miguel - 2023
This paper studies bank competition with borrower adverse selection. In the model, expected non-performing loan costs … are high when credit is granted in booms, when risk free rates are low, or when competition is strong. I prove that full … competition is suboptimal due to this last effect; that more competition improves the transmission of monetary policy, and that …
Persistent link: https://www.econbiz.de/10014355959
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Macro-prudential policies, moral hazard and financial fragility
Arango, Carlos A.; Valencia, Oscar M. - 2015
This paper presents a DSGE model with banks that face moral hazard in management. Banks receive demand deposits and fund investment projects. Banks are subject to potential withdrawals by depositors which may force them into early liquidation of their investments. The likelihood of this...
Persistent link: https://www.econbiz.de/10011279767
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Are direct investments by the Federal Reserve a good idea? : a corporate finance perspective
Chen, Hong; Frank, Murray Z. - In: The quarterly journal of finance 6 (2016) 3, pp. 1-48
Persistent link: https://www.econbiz.de/10011531486
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Unconventional credit policy in an economy under zero lower bound
Pozo, Jorge; Rojas, Youel - 2021
In this paper we develop a simple two-period model that reconciles credit demand and supply frictions. In this stylized but realistic model credit and deposit markets are interlinked and credit demand and credit supply frictions amplify each other in such a way that produces in equilibrium very...
Persistent link: https://www.econbiz.de/10012590148
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Unconventional credit policy in an economy under Zero Lower Bound
Pozo, Jorge; Rojas, Youel - 2021
Persistent link: https://www.econbiz.de/10012625504
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Unconventional credit policy in an economy under zero lower bound
Pozo, Jorge; Rojas, Youel - 2022
Persistent link: https://www.econbiz.de/10013202852
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Why bank money creation?
Gersbach, Hans; Zelzner, Sebastian - 2022 - This version: April 20, 2022
We provide a rationale for bank money creation in our current monetary system by investigating its merits over a system with banks as intermediaries of loanable funds. The latter system could result when CBDCs are introduced. In the loanable funds system, households limit banks' leverage ratios...
Persistent link: https://www.econbiz.de/10013187924
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Unconventional credit policy in an economy with supply and demand credit frictions
Pozo, Jorge; Rojas, Youel - 2020
Persistent link: https://www.econbiz.de/10012420202
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Should investors rely on central bank asset purchases to backstop markets?
Ellis, Colin - In: Journal of risk management in financial institutions 16 (2022/2023) 1, pp. 13-20
Persistent link: https://www.econbiz.de/10014293028