This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

This paper examines optimal policy in a macroeconomic model with collateral constraints. Binding collateral constraints yield inefficient competitive equilibrium allocations because they distort the optimal utilization of real resources. I identify the set of policy instruments that can be used...

Die wirtschaftliche Entwicklung ist in Großbritannien seit über einem Jahrzehnt deutlich günstiger als im Euroraum. Bei höherem Wirtschaftswachstum waren Preisanstieg und Arbeitslosenquote geringer. Seit 1992 ist das Bruttoinlandsprodukt um 35 % und damit wesentlich stärker als im Euroraum...