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Money is the root of asset bubbles
Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024
This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is …
Persistent link: https://www.econbiz.de/10014467370
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House Prices, Credit Growth, and Excess Volatility : Implications for Monetary and Macroprudential Policy
Gelain, Paolo - 2016
economic model that captures the links between asset prices, credit expansion, and real economic activity. Standard DSGE models … used to dampen the resulting excess volatility, including a direct response to house price growth or credit growth in the … to house price growth or credit growth can stabilize some economic variables, it can significantly magnify the volatility …
Persistent link: https://www.econbiz.de/10013007544
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - In: Intervention. European Journal of Economics and … 09 (2012) 2, pp. 233-254
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …
Persistent link: https://www.econbiz.de/10014363152
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - In: European Journal of Economics and Economic Policies: … 9 (2012) 2, pp. 333-254
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …
Persistent link: https://www.econbiz.de/10010711791
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Bubbles, Bank Credit and Macroprudential Policies
Derviz, Alexis - 2013
uncertainty. Positive/negative bubbles arise when prior public beliefs about the aggregate productivity of producers (business … uncollateralized credit. We find that this kind of policy is more successful in suppressing equity price swings than moderating output …
Persistent link: https://www.econbiz.de/10013081636
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The term structure of expectations and bond yields
Crump, Richard K.; Eusepi, Stefano; Mönch, Emanuel - 2016
How much do term premiums matter for explaining the dynamics of the term structure of interest rates? A lot. We characterize the expected path of nominal and real short-rates as well as inflation using the universe of U.S. surveys of professional forecasters covering more than 500 survey-horizon...
Persistent link: https://www.econbiz.de/10011477349
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Monetary policy with diverse private expectations
Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - 2015 - This version, January 26, 2015
We study the impact of diverse beliefs on conduct of monetary policy. We use a New Keynesian Model solved with a quadratic approximation. Aggregation renders the belief distribution an aggregate state variable. Diverse expectations change standard results about a smooth trade-off between...
Persistent link: https://www.econbiz.de/10010496147
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A New Keynesian Model with Diverse Beliefs
Kurz, Mordecai - 2011
Persistent link: https://www.econbiz.de/10013119844
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Monetary Policy with Diverse Private Expectations
Kurz, Mordecai - 2015
We study the impact of diverse beliefs on conduct of monetary policy. We use a New Keynesian Model solved with a quadratic approximation. Aggregation renders the belief distribution an aggregate state variable. Diverse expectations change standard results about a smooth trade-off between...
Persistent link: https://www.econbiz.de/10013024741
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The term structure of expectations
Crump, Richard K.; Eusepi, Stefano; Mönch, Emanuel; … - 2021
Economic theory predicts that intertemporal decisions depend critically on expectations about future outcomes. Using the universe of professional survey forecasts for the United States, we document the behavior of the entire term structure of expectations for output growth, inflation, and the...
Persistent link: https://www.econbiz.de/10012660381