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Heterogeneity, Redistribution, and the Friedman Rule
Bhattacharya, Joydeep; Haslag, Joseph; Martin, Antoine - 2004
We study several popular monetary models which generate a nondegenerate stationary distribution of money holdings. Across these environments, our principal finding is as follows: a monetary policy that sets long run nominal interest rates to zero (the Friedman rule) does not typically maximize...
Persistent link: https://www.econbiz.de/10014070837
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Monetary-fiscal interactions and redistribution in small open economies
Motyovszki, Gergö - 2020
Persistent link: https://www.econbiz.de/10012586862
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Redistribution and the monetary-fiscal policy mix
Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2020
We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly … regime counteract the deflationary forces during the recession. Moreover, redistribution produces a Pareto improvement under …
Persistent link: https://www.econbiz.de/10012388237
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Distributional consequences of conventional and unconventional monetary policy
Bielecki, Marcin; Brzoza-Brzezina, Michał; Kolasa, Marcin - 2020
Persistent link: https://www.econbiz.de/10012241827
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Monetary policy, financial constraints, and redistribution
Loenser, Christian; Schabert, Andreas - 2020 - Version: March 11, 2020
This paper examines how financial constraints affect redistribution via monetary policy. We explore a novel mechanism …
Persistent link: https://www.econbiz.de/10012270429
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The microfoundation of macroeconomic populism : the effects of economic inequality on public inflation aversion
Kim, Hyunwoo - In: Economics & politics 35 (2023) 1, pp. 65-96
Persistent link: https://www.econbiz.de/10014279824
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Redistribution and the monetary-fiscal policy mix
Bhattarai, Saroj; Lee, Jae-Won; Yang, Choongryul - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 817-853
We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to … effects of the CARES Act in a COVID recession. We find that transfer multipliers are larger, and that moreover, redistribution …
Persistent link: https://www.econbiz.de/10014362537
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Information Acquisition and Bond Market Liquidity
Doh, Hyunsoo - 2020
We develop a credit-risk model to study how information acquisition affects the liquidity in a secondary bond market. In our model, the creditors of a firm can acquire costly information about the firm and exploit the information advantage by selling their bonds to uninformed buyers. When a...
Persistent link: https://www.econbiz.de/10012839272
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...
Persistent link: https://www.econbiz.de/10010404154
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Heterogeneity, Redistribution, and the FriedmanRule
Bhattacharya, Joydeep; Haslag, Joseph H.; Martin, Antoine - Iowa State University of Science and Technology <Ames, … - 2004
We study several popular monetary models which generate a non-degenerate stationary distribution of money holdings. Across these environments, our principal finding is as follows: a monetary policy that sets long run nominal interest rates to zero (the Friedman rule) does not typically maximize...
Persistent link: https://www.econbiz.de/10009360925