Results 61 to 70 of about 501 (184)

Banking with Inside Money: An Efficiency Analysis

Journal of Money, Credit and Banking, EarlyView.
Abstract We show that banks do not decentralize the first best in a nominal Diamond–Dybvig economy with inside money. Furthermore, state‐contingent deposit contracts do not expand the consumption possibility set to include the first best either. Central banks can improve welfare but only for savers and only with unconventional monetary policy. Finally,
DAVID RIVERO, HUGO RODRÍGUEZ MENDIZÁBAL   +1 more
wiley   +1 more source

Central Bank Digital Currency with Collateral‐Constrained Banks

Journal of Money, Credit and Banking, EarlyView.
Abstract We analyze risks to bank intermediation following the introduction of a central bank digital currency (CBDC) competing with commercial bank deposits as households' source of liquidity. We revisit the equivalence of payment systems result, introducing a collateral constraint on banks' borrowing from the central bank.
HANFENG CHEN, MARIA ELENA FILIPPIN
wiley   +1 more source

Policy mix under stress: review of economic reactions to fiscal and monetary policies using DSGE

Entrepreneurship and Sustainability Issues
The paper aims to review the studies with a particular emphasis on the response of selected economies to the central bank's monetary policy and the government's fiscal policy during various economic shocks developed using DSGE models. Countries generally
Joanna Stawska, Paulo Reis Mourao
doaj   +1 more source

Output Gap Uncertainty, Sovereign Risk Premia and the Contingent Importance of the Bond Vigilantes

Metroeconomica, EarlyView.
ABSTRACT This paper investigates the implications of output gap uncertainty for the conduct of fiscal policy using a small‐scale macroeconomic model with boundedly rational agents. Specifically, agents use an adaptive updating mechanism to approximate the unobservable potential output that suffers, similarly to the Hodrick and Prescott (1997) filter ...
Christian R. Proaño, Jonas Dix
wiley   +1 more source

Preferred habitat and the term structure of interest rates in DSGE models

Journal of Applied Economics, 2019
The aim of the present study is to use an alternative approach to derive the term structure of interest rates in DSGE models, which is based on the theory of preferred habitat.
Celso J. Costa
doaj   +1 more source

The Role of Labour Market Institutions in Shaping Euro Area Monetary Policy Transmission

Oxford Bulletin of Economics and Statistics, EarlyView.
ABSTRACT We examine how labour market institutions shape monetary policy transmission in euro area countries. A theoretical model suggests that higher union density flattens the Phillips curve, amplifying output responses while dampening the inflation effects of monetary shocks. This is empirically confirmed using an interacted panel VAR.
Maximilian Boeck, Christian Glocker
wiley   +1 more source

Data revisions and DSGE models [PDF]

Journal of Econometrics, 2014
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
openaire   +2 more sources

Predictive performance of DSGE model for small open economy – the case study of Czech Republic

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2013
Multivariate time series forecasting is applied in a wide range of economic activities related to regional competitiveness and is the basis of almost all macroeconomic analysis.
Tomáš Jeřábek, Jakub Trojan, Radka Šperková   +2 more
doaj   +1 more source

What Are The Drivers of Labor Productivity in Italy?

Oxford Bulletin of Economics and Statistics, EarlyView.
ABSTRACT This paper introduces a novel sign restriction identification within a structural Bayesian vector autoregression (VAR) to analyse how labour productivity responds to supply and demand shocks and to quantify the contribution of shocks to cyclical fluctuations.
Josué Diwambuena, Francesco Ravazzolo
wiley   +1 more source

Is There an Information Channel of Monetary Policy?

Oxford Bulletin of Economics and Statistics, EarlyView.
ABSTRACT Exploiting the heteroskedasticity of the changes in short‐term and long‐term interest rates and exchange rates around the FOMC announcement, we identify three structural monetary policy shocks. We eliminate the predictable part of the shocks and study their effects on financial variables and macro variables.
Oliver Holtemöller, Alexander Kriwoluzky, Boreum Kwak   +2 more
wiley   +1 more source