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Reserves, liquidity and money : an assessment of balance sheet policies

Chadha, Jagjit; Corrado, Luisa; Meaning, Jack - 2012

of non-conventional monetary policies has provided some evidence on the efficacy of liquidity and asset purchases for … balance sheet operations supply (remove) liquidity to a financial market that is otherwise short (long) of liquidity and hence … reserves ; monetar & fiscal policy instruments ; Basel III. …

Persistent link: https://www.econbiz.de/10009533594

Accounting for the great recession in the UK : real business cycles and financial frictions

Chadha, Jagjit; Warren, James - 2012

Using the business cycle accounting (BCA) framework pioneered by Chari, Kehoe and McGratten (2006) we examine the 2008-09 recession in the UK. There has been much commentary on the financial causes of this recession, which we might have expected to shock the equation governing the intertemporal...

Persistent link: https://www.econbiz.de/10009533614

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

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

Evolução da política do recolhimento compulsório no Brasil pós-real

Cavalcanti, Marco Antônio Freitas de Hollanda; Vonbun, … - 2013

intensively, with the main objective of providing liquidity to the banking system, but also as a tool for aggregate demand …

Persistent link: https://www.econbiz.de/10010230124

Non-conventional monetary policies : QE and the DSGE literature

Caglar, Evren; Chadha, Jagjit; Meaning, Jack; Warren, James - 2011

dated government bonds with borrowed central bank reserves and so has increased the liquidity of the non-bank financial … liquidity premium embedded in long term bonds and/or (ii) adopting countercyclical subsidies to bank capital able and/or (iii …

Persistent link: https://www.econbiz.de/10008989889

New instruments of monetary policy

Chadha, Jagjit; Holly, Sean - 2011

substantial quantities of liquidity into the financial system and seen their balance sheets expand to multiples of GDP. We outline …'s budget constraint. We briefly outline the recent experience with QE and draw a distinction between liquidity and …

Persistent link: https://www.econbiz.de/10008989899

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

Reconnecting money to inflation : the role of the external finance premium

Chadha, Jagjit (contributor); Corrado, Luisa (contributor); … - 2008

We re-connect money to inflation using Goodfriend and McCallum's (2007) model where banks supply loans to cash-in-advance constrained consumers on the basis of the value of collateral provided and the monitoring skills of banks. We show that when shocks to monitoring and collateral dominate...

Persistent link: https://www.econbiz.de/10003784931

The Low Inflation 'Puzzle' and Financial Crises

Carr, Douglas - 2019

Low and unresponsive inflation has been termed a “puzzle.” The paper describes a formula for which these conditions have been a prediction since early 2016.The Money Value Formula analyzes the unit value of a currency solely as a function of long lags of monetary aggregates. The Formula...

Persistent link: https://www.econbiz.de/10012858878