credit market, in which participant households use non-state contingent nominal contracts (NSCNC). A second, small group of … households only uses cash, supplied by the monetary authority, and cannot participate in the credit market. There is an aggregate … the private credit market and thus overcome the NSCNC friction via a counter-cyclical price level rule. The counter …

-- The risk and term structure of interest rates -- Stocks, stock markets, and market efficiency -- Derivatives: futures …

quantities. The feedback is caused by credit market imperfections, which dynamically affect how efficiently labour and capital …

interbank money market. The proposed model shows that the implementation of swap programmes to exchange government bonds for … determinants for policy effectiveness are the market value of the collateral on defaulted loans, the risk premium on the interbank … money market, the composition of banks' balance sheet liabilities and the degree of banking competition. The quantitative …