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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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Vertical Differentiation in Monetary Search-Theorectic Models-Revisited
Chang, Chia-Ying - 2010
In this article, the discussion on quality levels in the monetary search theoretical model is extended. By having quality levels endogenously determined, we found that whether money holders have quality preferences is crucial to the results. While the effect of the fraction of money on quality...
Persistent link: https://www.econbiz.de/10013149151
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Loss Averse Depositors and Monetary Policy Around Zero
Stettler, Christian - 2020
Recent experience from Europe and Japan shows that commercial banks generally pass negative short-term policy rates on to wholesale depositors, such as insurances and pension funds. Yet, they refrain from charging negative rates to ordinary retail customers. This paper asks whether the existing...
Persistent link: https://www.econbiz.de/10012837225
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Sticky Prices, Coordination and Enforcement
Driscoll, John C.; Ito, Harumi - 2003
Price-setting models with monopolistic competition and costs of changing prices exhibit coordination failure: in … sticky-price models may more generally depend on the kind of imperfect competition assumed …
Persistent link: https://www.econbiz.de/10014075823
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News shocks, monetary policy, and amplification effects in New Keynesian macroeconomics
Offick, Sven - 2015
Persistent link: https://www.econbiz.de/10011431930
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Bank competition with product differentiation under different monetary policy rules
Toolsema, L. A. - 2001
Persistent link: https://www.econbiz.de/10001619218
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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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On Uniqueness of Time-Consistent Markov Policies for Quasi-Hyperbolic Consumers Under Uncertainty
Balbus, Lukasz - 2016
We give a set of sufficient conditions for uniqueness of a time-consistent Markov stationary consumption policy for a quasi-hyperbolic household under uncertainty. To the best of our knowledge, this uniqueness result is the first presented in the literature for general settings, i.e. under...
Persistent link: https://www.econbiz.de/10012979316
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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...
Persistent link: https://www.econbiz.de/10012057290
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Product quality, measured inflation and monetary policy
Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2022
This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and ampliffes the economy's response to productivity shocks. This leads to...
Persistent link: https://www.econbiz.de/10013277166