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Optimal Macroprudential Policy and Asset Price Bubbles
Biljanovska, Nina - 2019
An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond...
Persistent link: https://www.econbiz.de/10012862442
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Narrative-driven fluctuations in sentiment: Evidence linking traditional and social media
Macaulay, Alistair; Song, Wenting - 2023
This paper studies the role of narratives for macroeconomic fluctuations. We micro-found narratives as directed acyclic graphs and show how exposure to different narratives can affect expectations in an otherwise standard macroeconomic model. We capture such competing narratives in news media's...
Persistent link: https://www.econbiz.de/10014544559
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Volatility spillovers of Federal Reserve and ECB balance sheet expansions to emerging market economies
Apostolou, Apostolos; Beirne, John - 2017
This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
Persistent link: https://www.econbiz.de/10011636172
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Assessing the impact of demand shocks on the US term premium
Barnett, Russell; Zmitrowicz, Konrad - 2018
During and after the Great Recession of 2008-09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more...
Persistent link: https://www.econbiz.de/10011873794
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Narrative-driven fluctuations in sentiment : evidence linking traditional and social media
Macaulay, Alistair; Song, Wenting - 2023 - Last updated: April 14, 2023
This paper studies the role of narratives for macroeconomic fluctuations. We micro-found narratives as directed acyclic graphs and show how exposure to different narratives can affect expectations in an otherwise standard macroeconomic model. We capture such competing narratives in news media's...
Persistent link: https://www.econbiz.de/10014253790
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Foreign capital, inflation, sterilization, crowding-out and growth : some illustrative models
Singh, Nirvikar; Srinivasan, Thirukodikaval N. - 2004
This paper discusses some puzzles in the contemporary macroeconomic scene in India, from the perspective of public finance and economic development. These include a fiscal deficit higher than it was during the 1991 crisis, but without a large current account deficit or rise in inflation or...
Persistent link: https://www.econbiz.de/10011520530
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The effectiveness of monetary policy instruments under dollarization : a cross-country analysis
Park, Hail; Son, Jong Chil - In: Asia-Pacific journal of accounting & economics : … 30 (2023) 4, pp. 1029-1046
Persistent link: https://www.econbiz.de/10014319637
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Macroeconomic effects of China's financial policies
Chen, Kaiji; Zha, Tao - 2018
The Chinese economy has undergone three major phases: the 1978-97 period marked as the SOE-led economy, the 1998-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government financial policies, defined as a set of...
Persistent link: https://www.econbiz.de/10011928237
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Slowdown in emerging markets : rough patch or prolonged weakness?
Didier, Tatiana; Kose, M. Ayhan; Ohnsorge, Franziska; … - 2015
Emerging markets (EM) face their fifth consecutive year of slowing growth and a possibly longer period of sluggish … responses to the growth slowdown in EM. It reports three main results. First, the slowdown is synchronous and protracted … productivity growth, bouts of policy uncertainty, and an erosion of policy buffers. Both structural and cyclical factors have …
Persistent link: https://www.econbiz.de/10011439473
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Fiscal and monetary policies in complex evolving economies
Dosi, Giovanni; Fagiolo, Giorgio; Napoletano, Mauro; … - 2014
. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always …
Persistent link: https://www.econbiz.de/10010403730