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Much ado about nothing : a study of differential pricing and liquidity of short and long term bonds
Driessen, Joost; Nijman, Theodore E.; Simon, Zorka - 2018
Are yields of long-maturity bonds distorted by demand pressure of clientele investors, regulatory effects, or default, flight-to-safety or liquidity premiums? Using data on German nominal bonds between 2005 and 2015, we study the differential pricing and liquidity of short and long maturity...
Persistent link: https://www.econbiz.de/10011940016
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Central Bank Swap Lines : Micro-level Evidence
Ferrara, Gerardo; Mueller, Philippe; Viswanath-Natraj, … - 2022
In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 pandemic. These policies lowered the ceiling on covered interest rate parity violations and reduced volatility following settlement of swap line auctions. We then combine...
Persistent link: https://www.econbiz.de/10013289210
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Long-term investment, the cost of capital and the dividend and buyback puzzle
Blundell-Wignall, Adrian; Roulet, Caroline - In: Financial market trends (2013) 104, pp. 39-52
Persistent link: https://www.econbiz.de/10010200916
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The risk spread, investment, and monetary policy transmission : evidence on the role of asymmetric information
Schaller, Huntley; Ng, Serena - 1993 - Rev
Persistent link: https://www.econbiz.de/10000858898
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Monetary Easing, Leveraged Payouts and Lack of Investment
Acharya, Viral V.; Plantin, Guillaume - 2022
, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …
Persistent link: https://www.econbiz.de/10013322932
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Monetary Easing, Leveraged Payouts and Lack of Investment
Acharya, Viral V. - 2019
, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …
Persistent link: https://www.econbiz.de/10012480414
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Monetary Easing, Leveraged Payouts and Lack of Investment
Acharya, Viral V. - 2020
, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …
Persistent link: https://www.econbiz.de/10012846842
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Collateral and Monetary Policy
Singh, Manmohan - 2013
Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing(QE) efforts, the...
Persistent link: https://www.econbiz.de/10013075545
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Uncovering Covered Interest Parity : The Role of Bank Regulation and Monetary Policy
Bräuning, Falk - 2017
We analyze the factors underlying the recent deviations from covered interest parity. We show that these deviations can be explained by tighter post-crisis bank capital regulations that made the provision of foreign exchange swaps more costly. Moreover, the recent monetary policy and related...
Persistent link: https://www.econbiz.de/10012951417
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Some Alternative Monetary Facts
Stella, Peter; Singh, Manmohan; Bhargava, Apoorv - 2021
In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve correlations between money and inflation as established in the 20th century...
Persistent link: https://www.econbiz.de/10013243075