Monetary Policy, Inflation and Rational Asset Price Bubbles
In: Journal of Money, Credit and Banking, Forthcoming
17 Ergebnisse
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In: Journal of Money, Credit and Banking, Forthcoming
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In: Journal of Monetary Economics, Band 115, S. 94-112
In: Bank of England Working Paper No. 732 (revised in October 2020)
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Working paper
In: Globalization and Monetary Policy Institute Working Paper No. 361
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Working paper
In: Journal of economic dynamics & control, Band 56, S. 20-33
ISSN: 0165-1889
In: EEREV-D-22-01391
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In: FRB Atlanta Working Paper No. 2022-12
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In: Globalization and Monetary Policy Institute Working Paper No. 347
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Working paper
In: American Economic Journal: Macroeconomics, Band 11(3), Heft 2019
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Working paper
In: American economic review, Band 106, Heft 5, S. 560-564
ISSN: 1944-7981
We describe a general equilibrium model in which an agency problem arises because bankers must exert an unobserved and costly effort to perform their task. Suppose aggregate banker net worth is too low to insulate creditors from bad outcomes on their balance sheet. Then, banks borrow too much in equilibrium because there is a pecuniary externality associated with bank borrowing. Social welfare is increased by imposing a binding leverage restriction on banks. We formalize this argument and provide a numerical example.
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A tighter monetary policy is generally associated with higher real interest rates on deposits and loans, weaker performance of equities and real estate, and slower growth in employment and wages. How does a household's exposure to monetary policy vary with its age? The size and composition of both household income and asset portfolios exhibit large variation over the life cycle in Japanese data. We formulate an overlapping-generations model that reproduces these observations and use it to analyze how household responses to monetary policy shocks vary over the life cycle. Both the signs and the magnitudes of the responses of a household's net worth, disposable income, and consumption depend on its age.
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In: NBER Working Paper No. w18688
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In: Yale Program on Financial Stability Case Study 2014-2A-V1
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