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Trusting the bankers: A new look at the credit channel of monetary policy
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - In: Review of Economic Dynamics 18 (2015) 4, pp. 979-1002
Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan conditions due to bank, firm...
Persistent link: https://www.econbiz.de/10012210866
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Trusting the Bankers: A New Look at the Credit Channel of Monetary Policy
Ciccarelli, Matteo; Maddaloni, Angela; Peydro, Jose Luis - In: Review of Economic Dynamics
Monetary policy has real effects through credit supply and demand, and since these changes are mostly unobserved, the complete identification of the credit channel is generally unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan...
Persistent link: https://www.econbiz.de/10011103251
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The limits of internal devaluation : Switzerland during the Great Depression
Rosenkranz, Peter; Straumann, Tobias; Woitek, Ulrich - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-17
During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by...
Persistent link: https://www.econbiz.de/10013542075
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International and historical dimensions of the financial crisis of 2007 and 2008
Dwyer, Gerald P.; Lothian, James R. - In: Journal of International Money and Finance 31 (2012) 1, pp. 1-9
the course of this episode, unlike the Great Depression, policies were not contractionary and the recessions were less …
Persistent link: https://www.econbiz.de/10010577044
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Einige Anmerkungen zum Wesen der Deflation aus Sicht der Finanzstabilität
Bleich, Dirk; Bleich, Torsten; Fendel, Ralf - In: Zeitschrift fuer Wirtschaftspolitik 62 (2013) 2, pp. 143-158
that deflation periods necessarily go hand in hand with recessions. Thus, costs of deflation might be much lower than …
Persistent link: https://www.econbiz.de/10010820114
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Interest rates, government purchases and the Taylor rule in recessions and expansions
López-Villavicencio, Antonia - In: Journal of Macroeconomics 38 (2013) PB, pp. 382-392
seems more reluctant to decrease the fund’s rate during recessions. On the contrary, monetary authorities react … not lead to an increase in interest rates, and thus there is not necessary a “crowding-out” effect in recessions. …
Persistent link: https://www.econbiz.de/10011065304
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The road to global economic recovery, 2009
Krugman, Paul - In: REVISTA DE ECONOMÍA DEL CARIBE (2009)
These document contains three parts: the first part focuses on the lessons that have been learnt from the 2007-2009 crisis and how economic authorities handled the shock suffered in most variables. The conclusion is that Government intervention through fiscal policy is the only wayto offset the...
Persistent link: https://www.econbiz.de/10008527500
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DSGE models and their use at the ECB
Smets, Frank; Christoffel, Kai; Coenen, Günter; Motto, … - In: SERIEs - Journal of the Spanish Economic Association 1 (2010) 1/2, pp. 51-65
Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class of models for addressing questions regarding the...
Persistent link: https://www.econbiz.de/10010317065
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Spain in the euro: A general equilibrium analysis
Andrés, Javier; Hurtado, Samuel; Ortega, Eva; Thomas, … - In: SERIEs - Journal of the Spanish Economic Association 1 (2010) 1/2, pp. 67-95
Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class ofmodels for addressing questions regarding the...
Persistent link: https://www.econbiz.de/10010317112
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DSGE models and their use at the ECB
Smets, Frank; Christoffel, Kai; Coenen, Günter; Motto, … - In: SERIEs : Journal of the Spanish Economic Association 1 (2010) 1/2, pp. 51-65
Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class of models for addressing questions regarding the...
Persistent link: https://www.econbiz.de/10009355421