In this study, we theoretically investigate the potential role of the reference rate in stabilizing or destabilizing an interbank market with an environment where individual banks cannot fully identify the nature of underlying shocks affecting their interbank transactions. We show that a...

In general, the yield spread between long- and short-term bonds contains useful information for future economic activity and inflation. Particularly, it usually reflects market participants' expectations of future monetary policy and credit demand. However, it is becoming increasingly difficult...

Equilibrium nominal interest rates are useful indicators for both monetary policy authorities and market players. However, there are few studies which estimate Japan's equilibrium rate because of its persistent low interest rate. We overcome this challenge by using survey forecasts of interest...

This paper surveys the empirical analyses that examine the effects of the Bank of Japan (BOJ)'s quantitative easing policy (QEP), which was implemented from March 2001 through March 2006. The survey confirms a clear effect whereby the commitment to maintain the QEP fostered the expectations that...

In this paper, we carry out a historical evaluation of the financial accelerator effects, which were mainly generated by the changes in asset prices, operating on Japan's economy since the 1980s. For this purpose, we estimate a Japanese financial accelerator model, which is a modified version of...

This paper quantifies the welfare effects of the aggregate house price collapse during the U.S. Great Recession for leveraged and un-leveraged U.S. households. We calibrate a dynamic general equilibrium model to the U.S. economy and simulate the 2007-2009 Great Recession as a contemporaneous...

Bu çalışma para politikaları kararlarına ilişkin beklentilerindeki bir değişimin, finansal yatırım araçlarının fiyatları üzerindeki etkisini ve finansal yatırım araçları arasındaki etkileşimi incelemektedir. Çalışma, para politikası beklenti şokları ile finansal...

In this paper, we empirically investigate the Mundell-Fleming theoretical concept of an “impossible trinity” (trilemma) for Turkey, following the Aizenman, Chinn and Ito approach. However, we also introduce alternative empirical techniques in order to deal with possible misspecification...

This article reviews the functioning of prominent Credit Rating Agencies (CRAs) and suggests a better mechanism for rating. We start with the historical evolvement of the CRAs and the emergence of the three that are recognized first in the USA and then all round the world. The performance...

Fiyat istikrarının yanı sıra finansal istikrarı da gözeten bir para politikası çerçevesi çizmek mümkün. Bu makalede, önce, küresel krizden önce uygulanan (klasik) enflasyon hedeflemesi rejiminin finansal istikrarı da gözetecek biçimde nasıl yeniden tasarlanabileceği...