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Sluggish Responses of Prices and Inflation to Monetary Shocks in an Inventory Model of Money Demand
Alvarez, Fernando - 2009
We examine the responses of prices and inflation to monetary shocks in an inventory-theoretic model of money demand. We show that the price level responds sluggishly to an exogenous increase in the money stock because the dynamics of households' money inventories leads to a partially offsetting...
Persistent link: https://www.econbiz.de/10012765744
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Interpreting Money-Supply and Interest-Rate Shocks as Monetary-Policy Shocks
Kasumovich, Marcel - 1998
In this paper two shocks are analysed using Canadian data: a money-supply shock ("M-shock") and an interest-rate shock ("R-shock"). Money-supply shocks are derived using long-run restrictions based on long-run propositions of monetary theory. Thus, an M-shock is represented by an orthogonalized...
Persistent link: https://www.econbiz.de/10014070880
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Financial shocks and their effects on velocity of money in agent-based model
Boháčik, Ján - In: Národohospodářský obzor : časopis věnovaný … 22 (2022) 4, pp. 241-266
The interaction of debt and economic performance has been getting more at-tention over the last few years. However, models making provision for debt are still out-numbered by models completely ignoring it. This paper is the first one to analyze therelationship between household debt (in the form...
Persistent link: https://www.econbiz.de/10014320106
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Uncertainty Shocks and Policymakers’ Behavior : Evidence from the Subprime Crisis Era
Donadelli, Michael - 2015
The subprime crisis produced bizarre movements in real and financial aggregates. In particular, the presence of an unusual relationship between quantitative easing policies and credit market conditions led to an unprecedented drop in the real economic activity. In a Brainard (1967)'s parameter...
Persistent link: https://www.econbiz.de/10013037786
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Shocking interest rate floors
Canetg, Fabio; Kaufmann, Daniel - 2019
We identify the dynamic causal effects of interest rate floor shocks, exploiting regular auctions of Swiss central bank debt securities (SNB Bills). A theoretical model shows that variation in the volume of, and yield on, central bank debt changes the interest rate floor. In addition, the model...
Persistent link: https://www.econbiz.de/10012006918
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Shocking interest rate floors
Canetg, Fabio; Kaufmann, Daniel - 2019
We identify the dynamic causal effects of interest rate floor shocks, exploiting regular auctions of Swiss central bank debt securities (SNB Bills). A theoretical model shows that variation in the volume of, and yield on, central bank debt changes the interest rate floor. In addition, the model...
Persistent link: https://www.econbiz.de/10012007704
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Public money as a store of value, heterogeneous beliefs and banks : implications of CBDC
Muñoz, Manuel A.; Soons, Oscar - 2024
The bulk of cash is held for store of value purposes, with such holdings sharply increasing in times of high economic … uncertainty and only a fraction of the population choosing to hoard cash. We develop a Diamond and Dybvig model with public money … are sufficiently pessimistic about bank stability hold cash. The introduction of a central bank digital currency (CBDC) as …
Persistent link: https://www.econbiz.de/10014473061
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US Monetary Policy Spillovers and Spillbacks
Thomas, Lina - 2023
I study spillovers of US monetary policy to the rest of the world, as well as spillbacks to the US economy in an empirical multi-country model over time. Within the multilateral framework, I distinguish the bilateral effect from the network effects that arise from interactions among recipient...
Persistent link: https://www.econbiz.de/10014256990
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Hyperinflation in Zimbabwe : Money Demand, Seigniorage and Aid Shocks
McIndoe Calder, Tara - 2010
Zimbabwe has recently experienced record hyperinflation of 80 billion percent a month. This paper uses new data from Zimbabwe to investigate money demand under hyperinflation using an ARDL estimation for the period 1980-2008. The results produce plausible convergence rates and long- run...
Persistent link: https://www.econbiz.de/10013143318
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Financial factors in economic fluctuations
Christiano, Lawrence; Rostagno, Massimo; Motto, Roberto - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10011605238