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On the monetary measures of global liquidity

Hashmi, Israr Ahmad Shah; Bhatti, Arshad Ali - In: Financial innovation : FIN 5 (2019) 19, pp. 1-23

This study constructs and examines the dynamics of theoretical and atheoretical measures of global liquidity, using … economic activity and the lag of cyclical components of the measures of global liquidity to gauge the strength of their … financial and liquidity conditions, and policy stance. Their cyclical components are also strongly associated with those of …

Persistent link: https://www.econbiz.de/10012266648

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10009636549

Macro-prudential policy on liquidity : what does a DSGE model tell us?

Chadha, Jagjit; Corrado, Luisa - 2011

regulating the banking system, in particular for liquidity and capital holdings. Within the context of a micro … macroeconomic shocks alongside hocks to the expected liquidity of banks and to the efficiency of the banking sector. We focus on the … cycle. Overall we find some rationale for Basel III in providing commercial banks with an incentive to hold a greater stock …

Persistent link: https://www.econbiz.de/10008989902

A note on money and the conduct of monetary policy

Chadha, Jagjit; Corrado, Luisa; Holly, Sean - 2013

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the basic rationale for this development using a simple model of money and credit in which we explore the conditions under which money matters directly for the conduct of policy....

Persistent link: https://www.econbiz.de/10009744620

Stabilisation policy in a model of consumption, housing collateral and bank lending

Chadha, Jagjit; Corrado, Germana; Corrado, Luisa - 2013

We decompose aggregate consumption by modelling both savers and their links to collateral constrained borrowers through a bank which prices credit risk. Savers own both firms and the commercial bank while borrowers require loans from the commercial bank to effect their consumption plans. The...

Persistent link: https://www.econbiz.de/10009787418

Macro-Prudential Policy on Liquidity : What Does a DSGE Model Tell Us?

Chadha, Jagjit S. - 2011

regulating the banking system, in particular for liquidity and capital holdings. Within the context of a micro … standard macroeconomic shocks alongside shocks to the expected liquidity of banks and to the efficiency of the banking sector … banks. Overall we find some rationale for Basel III in providing commercial banks with an incentive to hold liquid assets …

Persistent link: https://www.econbiz.de/10013125800

A Note on Money and the Conduct of Monetary Policy

Chadha, Jagjit S. - 2013

Prior to the fi nancial crisis mainstream monetary policy practice had become disconnected from money. We outline the basic rationale for this development using a simple model of money and credit in which we explore the conditions under which money matters directly for the conduct of policy....

Persistent link: https://www.econbiz.de/10013082114

Monetary Equilibrium and Price Stickiness Reconsidered : A Reply to Bagus and Howden

Luther, William J. - 2014

Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...

Persistent link: https://www.econbiz.de/10013066751

Consumption Dynamics, Housing Collateral and Stabilisation Policies : A Way Forward for Policy Co-Ordination?

Chadha, Jagjit S. - 2018

We decompose aggregate consumption of heterogeneous consumers by modelling both savers and their links to collateral constrained borrowers through a bank which prices credit risk. Savers own both firms and the commercial bank while borrowers require loans from the commercial bank to e¤ect their...

Persistent link: https://www.econbiz.de/10012920076

The Purchasing Power of Money in an Exchange Economy

Radwanski, Juliusz F. - 2021

Fiat money requires no backing to be accepted at a uniquely determined positive value. I show this using an equilibrium model with realistic frictions and rational households allowed to freely interact in a competitive environment. The model portrays a modern 'cashless' economy relying on...

Persistent link: https://www.econbiz.de/10013239778

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