Similar Search Results

Monetary Policy and Potential Output Uncertainty : A Quantitative Assessment

Delle Chiaie, Simona - 2012

I estimate a dynamic stochastic general equilibrium model where the policymaker and the private sector have imperfect knowledge about potential output. The estimation of the structural parameters and of the monetary authorities' objectives is key to assess the quantitative relevance of the...

Persistent link: https://www.econbiz.de/10013116556

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

Cukierman, Alex - 2011

This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...

Persistent link: https://www.econbiz.de/10013122330

The Equity Premium, Long-Run Risk, & Optimal Monetary Policy

Diercks, Anthony M. - 2015

In this study I examine the welfare implications of monetary policy by constructing a novel New Keynesian model that properly accounts for asset pricing facts. I find that the Ramsey optimal monetary policy yields an inflation rate above 3.5% and inflation volatility close to 1.5%. The same...

Persistent link: https://www.econbiz.de/10013014250

Monetary policy and inequality

Andersen, Asger Lau; Johannesen, Niels; Jørgensen, Mia … - 2022

We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary...

Persistent link: https://www.econbiz.de/10013347177

Systemic bank runs without aggregate risk : how a misallocation of liquidity may trigger a solvency crisis

Altermatt, Lukas; van Buggenum, Hugo; Voellmy, Lukas - 2022

well as with the provision of emergency liquidity by central banks …

Persistent link: https://www.econbiz.de/10014239452

Systemic Bank Runs without Aggregate Risk : How a Misallocation of Liquidity May Trigger a Solvency Crisis

Altermatt, Lukas; van Buggenum, Hugo; Voellmy, Lukas - 2022

redemption penalties as well as with the provision of emergency liquidity by central banks …

Persistent link: https://www.econbiz.de/10013406490

Fragility of safe asset markets

Eisenbach, Thomas M.; Phelan, Gregory - 2022

We model a safe asset market with investors valuing safety, investors valuing liquidity, and constrained dealers. While … safety investors and liquidity investors can interact symbiotically with offsetting trades in times of stress, we show that … liquidity investors' strategic interaction harbors the potential for selffulfilling fragility. Surprisingly, standard flight to …

Persistent link: https://www.econbiz.de/10013336346

Rare Disasters, the Natural Interest Rate and Monetary Policy

Cantelmo, Alessandro - 2021

This paper evaluates the impact of rare disasters on the natural interest rate and macroeconomic conditions by simulating a nonlinear New-Keynesian model. The model is calibrated using data on natural disasters in OECD countries. From an ex-ante perspective, disaster risk behaves as a negative...

Persistent link: https://www.econbiz.de/10013233163

The side effects of safe asset creation

Acharya, Sushant; Dogra, Keshav - 2018

We present an incomplete markets model to understand the costs and benefits of increasing government debt in a low interest rate environment. Higher risk increases the demand for safe assets, lowering the natural rate of interest below zero, constraining monetary policy at the zero lower bound,...

Persistent link: https://www.econbiz.de/10011806268

Markets, income and policy in a unified macroeconomic framework

Sun, Hongfei - 2011

framework to formalize a theory that the variety and the functioning of markets reflect the status of national income. In the …

Persistent link: https://www.econbiz.de/10008989513

1
2
3
4
5
6
7
8
9
10
Next
Last