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Stabilizing an unstable economy : on the choice of proper policy measures
Asada, Tōichirō; Chiarella, Carl; Flaschel, Peter; … - 2009
recessions. Modern stability analysis is brought to bear to demonstrate the stabilizing effects of those suggested policies …
Persistent link: https://www.econbiz.de/10003905077
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Stabilizing an unstable economy : on the choice of proper policy measures
Asada, Tōichirō; Chiarella, Carl; Flaschel, Peter; … - 2010
the boom and purchases assets in recessions. Modern stability analysis is brought to bear to demonstrate the stabilizing …
Persistent link: https://www.econbiz.de/10003985522
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The Effects of Government Bond Purchases on Leverage Constraints of Banks and Non-Financial Firms
Kuehl, Michael - 2016
This paper investigates how government bond purchases affect leverage-constrained banks and non-financial firms by utilising a stochastic general equilibrium model. My results indicate that government bond purchases not only reduce non-financial firms' borrowing costs, amplified through a...
Persistent link: https://www.econbiz.de/10012981484
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The effects of government bond purchases on leverage constraints of banks and non-financial firms
Kühl, Michael - 2016
This paper investigates how government bond purchases affect leverage-constrained banks and non-financial firms by utilising a stochastic general equilibrium model. My results indicate that government bond purchases not only reduce non-financial firms' borrowing costs, amplified through a...
Persistent link: https://www.econbiz.de/10011541061
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The Valuation of Inherent Return (Bitcoin, Gold, Oil) Vs. Fiat Return Assets (Stocks, Bonds) – A Common Principle
Van Erlach, Julian - 2022
Economic assets can be classified into two broad categories: those earning an inherent return and those earning a fiat money return. This article shows that both are valued according to the same general principle based on GDP (a constant equal to expected long term real per capita GDP growth)...
Persistent link: https://www.econbiz.de/10013405892
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Financial globalization and monetary policy
Devereux, Michael B. (contributor);  … - 2008
Recent data show substantial increases in the size of gross external asset and liabilitypositions. The implications of these developments for optimal conduct of monetarypolicy are analyzed in a standard open economy model which is augmented to allowfor endogenous portfolio choice. The model...
Persistent link: https://www.econbiz.de/10003770964
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A Portfolio Model of Quantitative Easing
Christensen, Jens Henrik Eggert - 2016
This paper presents a portfolio model of asset price effects arising from large-scale asset purchases by central banks — commonly known as quantitative easing (QE). Two financial frictions, segmentation of the market for central bank reserves and imperfect asset substitutability, give rise to...
Persistent link: https://www.econbiz.de/10012992570
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The true nature of the portfolio balance channel of quantitative easing policy
Jakl, Jakub - In: Národohospodářský obzor : časopis věnovaný … 19 (2019) 2, pp. 95-117
incorporates counterfactual analysis approach rather than analysis of direct change of prices and yields of given assets and uses … sectoral data regression analysis of asset holdings of different investors in the Eurozone. This study addresses questions … the Eurozone to reallocate their funds. The series of obtained regression estimates and counterfactual analysis graphic …
Persistent link: https://www.econbiz.de/10012026893
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Optimal investment and equilibrium pricing under ambiguity
Anthropelos, Michail; Schneider, Paul - 2021
We consider portfolio selection under nonparametric alpha-maxmin ambiguity in the neighbourhood of a reference distribution. We show strict concavity of the portfolio problem under ambiguity aversion.Implied demand functions are nondifferentiable, resemble observed bid-ask spreads, and are...
Persistent link: https://www.econbiz.de/10012800006
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...
Persistent link: https://www.econbiz.de/10009763863