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The Bank, the Bank-Run, and the Central Bank: The Impact of Early Deposit Withdrawals in a New Keynesian Framework
Totzek, Alexander - 2008
Currently, private trust in commercial banks declines as a consequence of today´s financial crisis. As past crises, e … in a New Keynesian framework with commercial banks in order to analyze the implications of a loss of confidence. In …
Persistent link: https://www.econbiz.de/10010298768
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Banks and early deposit withdrawals in a new Keynesian framework
Totzek, Alexander - 2009
markets and financial institutions in business cycle models emerged. By modelling commercial banks as a third type of economic …
Persistent link: https://www.econbiz.de/10010299743
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Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest …
Persistent link: https://www.econbiz.de/10012260596
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Foreign banks and The bank lending channel
Denderski, Piotr; Paczos, Wojciech - 2017
We provide new evidence on the bank lending channel of monetary policy using bank-level data of 440 banks from eleven … CEE transition economies between 1998 and 2012. Our findings are: i) banks adjust their loans to changes in host country …’s monetary policy, ii) foreign-owned banks are less responsive to monetary policy of a host country than domestic-owned banks in …
Persistent link: https://www.econbiz.de/10011689468
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On the existence and prevention of asset price bubbles
Enders, Zeno; Hakenes, Hendrik - 2010
We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of traders. In a bubble, the price of an asset rises dynamically above its steady-state value, justified by rational expectations about future price developments. The larger the...
Persistent link: https://www.econbiz.de/10010286704
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Self-fulfilling liquidity dry-ups
Malherbe, Frédéric - 2010
Secondary markets for long-term assets might be illiquid due to adverse selection. In a model in which moral hazard is confined to project initiation, I find that: (1) when agents expect a liquidity dry-up on such markets, they optimally choose to self-insure through the hoarding of...
Persistent link: https://www.econbiz.de/10011506705
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International propagation of financial shocks in a search and matching environment
Isoré, Marlène - 2011 - First draft: April 30, 2010, This version: April 13, 2011
This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in …
Persistent link: https://www.econbiz.de/10011346436
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On the existence and prevention of speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2014
We develop a parsimonious model of bubbles based on the assumption of imprecisely known market depth. In a speculative bubble, traders drive the price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously unknown date, the...
Persistent link: https://www.econbiz.de/10010393456
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Market depth, leverage, and speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2021
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously...
Persistent link: https://www.econbiz.de/10012418275
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Tackling the volatility paradox: spillover persistence and systemic risk
Kubitza, Christian - 2021 - This version: April 13, 2021
This paper proposes Spillover Persistence as a measure for financial fragility. The volatility paradox predicts that fragility builds up when volatility is low, which challenges existing measures. Spillover Persistence tackles this challenge by exploring a novel dimension of systemic risk: loss...
Persistent link: https://www.econbiz.de/10012499703