Showing 81 - 90 of 110
Persistent link: https://www.econbiz.de/10007635428
This paper shows that the Japanese foreign exchange interventions in 2003/04 seem to have lowered long-term interest rates in a wide range of countries, including Japan. It seems that this decline was triggered by the investment of the intervention proceeds in US bonds and that a global...
Persistent link: https://www.econbiz.de/10013065337
How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We...
Persistent link: https://www.econbiz.de/10013073075
Persistent link: https://www.econbiz.de/10008668285
Persistent link: https://www.econbiz.de/10008668630
Persistent link: https://www.econbiz.de/10003949462
Persistent link: https://www.econbiz.de/10008648229
This paper considers the effect of systemic financial crises on aggregate consumption. Using a sample of 23 countries over 32 years, we find that consumption growth seems lower during banking crises, crises following credit booms and crises following house price booms. Moreover, the response to...
Persistent link: https://www.econbiz.de/10010199407
Since the onset of the financial crisis, consumption has fallen in many economies. This paper presents a small-scale DSGE model with occasionally binding credit constraints. Indebted households start facing credit constraints when the value of their main asset, which we assume to be housing,...
Persistent link: https://www.econbiz.de/10010199603
This research attempts to answer two particular questions: a) what factors drive SME credit constraints in the Irish economy and b) what is the impact of such constraints on the macro-economy, in particular on employment and investment. We find that constraints decrease with firm size while...
Persistent link: https://www.econbiz.de/10010199684