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Public and Private Information in Monetary Policy Models

Amato, Jeffery D.; Shin, Hyun Song - 2013

This paper examines the impact of public information in an economy where agents also have diverse private information. Since disclosures by central banks are an important source of public information, we are able to assess how the words of central bankers shape expectations, in addition to their...

Persistent link: https://www.econbiz.de/10014062631

Collateral scarcity premia in euro area repo markets

Ferrari, Massimo; Guagliano, Claudia; Mazzacurati, Julien - 2017

Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers and market participants would find it more costly to trade, with a negative impact on market liquidity and the real economy through increased financing costs. The role of...

Persistent link: https://www.econbiz.de/10011978326

Duopolistic Competition and Monetary Policy

Ueda, Kozo - 2021

A standard macroeconomic model based on monopolistic competition (Dixit-Stiglitz) does not account for the strategic … price stickiness. (2) The real effect of monetary policy under duopolistic competition is larger than that in a Dixit …

Persistent link: https://www.econbiz.de/10013241990

Imperfect Bank Competition, Borrower Adverse Selection, and the Transmission of Monetary Policy

Cantillo, Miguel - 2023

This paper studies bank competition with borrower adverse selection. In the model, expected non-performing loan costs … are high when credit is granted in booms, when risk free rates are low, or when competition is strong. I prove that full … competition is suboptimal due to this last effect; that more competition improves the transmission of monetary policy, and that …

Persistent link: https://www.econbiz.de/10014355959

Macroeconomics of financial speculation

Simsek, Alp - 2021

Persistent link: https://www.econbiz.de/10012430359

The Informational Content of Prices When Policy Makers React to Financial Markets

Siemroth, Christoph - 2018

When can policy makers use policy-relevant information from financial market prices and how does policy affect price informativeness? I analyze a novel setting with noise where a policy maker tries to infer information about a state variable from prices to improve policy decisions, and policy in...

Persistent link: https://www.econbiz.de/10012937900

Towards a New Keynesian Theory of the Price Level

Barrdear, John - 2015

Modifying the standard New-Keynesian model to replace firms' full information and sticky prices with flexible prices and dispersed information, and imposing mild and plausible restrictions on the monetary authority's decision rule, produces the striking results that (i) there exists a unique and...

Persistent link: https://www.econbiz.de/10013018871

Monetary policy under imperfect information and consumer confidence

Brenneisen, Jan-Niklas - 2020 - This version: July 23, 2020.

Although it is generally accepted that consumer confidence measures are informative signals about the state of the economy, theoretical macroeconomic models designed for the analysis of monetary policy typically do not provide a role for them. I develop a framework with asymmetric information in...

Persistent link: https://www.econbiz.de/10012269096

Managing Expectations

Lindstädt, René; Staton, Jeffrey K. - 2010

Followers of law, politics and business commonly relate stories of individuals who appear to predict an expected self-performance level below what they believe likely. Candidates, attorneys and firms sometimes seem to under-predict their own capacities. Insofar as individuals typically construct...

Persistent link: https://www.econbiz.de/10014047090

Coordination and Policy Traps

Angeletos, George-Marios; Hellwig, Christian; Pavan, … - 2004

This paper examines the ability of a policy maker to fashion equilibrium outcomes in an environment where market participants play a coordination game with heterogeneous information. We consider a simple model of regime change that embeds many applications examined in the literature. In...

Persistent link: https://www.econbiz.de/10014084640

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