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Assessing House Prices with Prudential and Valuation Measures

Andrle, Michal - 2019

In this paper we provide tools for assessing the house prices and housing valuation. Wedevelop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach.The borrowing capacity of households, together with their down payment, implies how muchhousing they can attain. In...

Persistent link: https://www.econbiz.de/10012888689

Fundamental and Speculative Demands for Housing

Lian, Weicheng - 2019

This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...

Persistent link: https://www.econbiz.de/10012888765

Determinants of Currency Composition of Reserves : A Portfolio Theory Approach with an Application to RMB

Lu, Yinqiu - 2019

. Incorporating reserve tranching, we have developed in this paper a central bank's reserve portfolio choice model to analyze the …

Persistent link: https://www.econbiz.de/10012889141

Sovereigns and Financial Intermediaries Spillovers

Tabarraei, Hamid - 2019

We examine the spillover effects between sovereigns and banks in a model with a heterogeneous banking system. An increase in sovereign's default risk affects financial intermediaries through two channels in this model. First, banks' funding costs might increase, inducing higher interest rates on...

Persistent link: https://www.econbiz.de/10012889148

Mr. Taylor and the Central Bank : Two Inference Exercises

Luna, Francesco - 2019

interested in identifying the Central Bank's behavior and one by the Central Bank, which tries to infer how the economy works and … theory to model these inference exercises and to assess their general possibility of success. So, is it possible to infer …/learn the central bank's policy rule? The answer is a qualified positive and depends on the 'complexity' of the economy and on …

Persistent link: https://www.econbiz.de/10012889157

International Trade and Corporate Market Power

Gonzalez-Garcia, Jesus - 2020

This paper examines the effect of international trade on corporate market power in emerging market economies and developing countries, with a special focus on sub-Saharan Africa. The analysis is based on a large firm-level dataset, tariff data by sector and aggregate indicators of international...

Persistent link: https://www.econbiz.de/10012826015

Leaning Against the Wind : A Cost-Benefit Analysis for an Integrated Policy Framework

Brandao-Marques, Luis - 2020

This paper takes a new approach to assess the costs and benefits of using different policy tools-macroprudential, monetary, foreign exchange interventions, and capital flow management-in response to changes in financial conditions. The approach evaluates net benefits of policies using quadratic...

Persistent link: https://www.econbiz.de/10012826027

Optimal Fiscal Spending and Reserve Accumulation Policies Under Volatile Aid

Moldovan, Ioana - 2019

This paper assesses the optimal setting of fiscal spending and foreign exchange rate intervention policies in response to volatile foreign aid, in a small open economy model that incorporates typical features of low-income countries. Within a class of policy rules, it jointly considers the...

Persistent link: https://www.econbiz.de/10012866907

Pledged Collateral Market's Role in Transmission to Short-Term Market Rates

Singh, Manmohan - 2019

central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now …

Persistent link: https://www.econbiz.de/10012868472

International Bank Lending Channel of Monetary Policy

Albrizio, Silvia - 2019

shocks on bilateral cross-border bank lending. We find robust evidence that an increase in funding costs following an … exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. The …

Persistent link: https://www.econbiz.de/10012858392