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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014314330
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CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model
Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014354929
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Financial stability policies and bank lending : quasi-experimental evidence from Federal Reserve interventions in 1920-21
Rieder, Kilian - 2020
I estimate the comparative causal effects of monetary policy "leaning against the wind" (LAW) and macroprudential policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was still decentralized, four Federal Reserve Banks...
Persistent link: https://www.econbiz.de/10012318753
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Commercial Real Estate and Macrofinancial Stability During COVID-19
Deghi, Andrea; Mok, Junghwan; Tsuruga, Tomohiro - 2022
The COVID-19 pandemic crisis has severely shocked the commercial real estate (CRE) sector, which could have important implications for macro-financial stability going forward because of the large size of the sector and its strong interconnectedness with the real economy. Using a novel...
Persistent link: https://www.econbiz.de/10013299035
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Nonlinear Credit Dynamics, Regime Switches in the Output Gap and Supervisory Shocks
Lucidi, Francesco Simone - 2019
Over the last two decades the intensity of credit standards' tightening during economic contractions has exceeded their easing during expansions among euro area banks. This mechanism is fed by the boom-bust cycle of credit that, as much research has shown, is linked to financial instability with...
Persistent link: https://www.econbiz.de/10012865060
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Policy Stability and Economic Growth : Lessons from the Great Recession
Haldane, Andrew; Minford, Patrick; Radia, Amar; Taylor, … - 2021
The recovery from the recession after the financial crisis, in both the UK and the US, has been very slow compared with other similar events in history. During the period before the financial crash and afterwards, monetary policy deviated from the very effeective rules-based approach of the...
Persistent link: https://www.econbiz.de/10013225300
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A Critical Analysis of Monetary Policy in the context of India’s current economic slowdown
Thimmavajjala, Pavan Kumar - 2022
Policy that has been pursued so far. Like many countries in the West, we also adopted an Inflation Targeting Framework in … 2016 by amending the RBI Act and went for explicit inflation targets till 2021. However, this paper finds that experience … Inflation Targeting …
Persistent link: https://www.econbiz.de/10013406648
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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011636803
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Liquidity, Inflation and Asset Prices in a Time-Varying Framework for the Euro Area
Baumeister, Christiane - 2010
inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity … (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle …
Persistent link: https://www.econbiz.de/10013137632
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Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert - 2008
inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity … (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle …
Persistent link: https://www.econbiz.de/10011610148