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Macroprudential Supervision and Monetary Policy in the Post-crisis World
financial system modern tools policy-monetary policy macroprudential financial supervision
2011/8/21
Until two years ago, it was believed that the financial system as a whole was self-correcting and that modern tools of stabilization policy-monetary policy in particular-were sufficient to prevent sev...
A Macroeconomic Policy Game for a Monetary Union with Adaptive Expectations
Dynamic game Nash equilibrium Pareto solution Macroeconomics .
2011/8/21
We consider a dynamic game model of a two-country monetary union. Governments (fiscal policies) pursue national goals while the common central bank’s monetary policy aims at union-wide objectives. For...
MONETARY POLICY WITH INVESTMENT–SAVING IMBALANCES
monetary policy financial crises dynamic model different types
2011/8/21
Financial instability is the new challenge for monetary policy. Most studies indicate that financial crises follow prolonged unwinding of investment–saving imbalances (ISI). These phenomena are not co...
Decision interactions of the monetary and fiscal authorities in the choice of policy mix
equilibrium monetary-fiscal games independent decisions monetary policy
2011/8/21
This article presents an analysis of the states of equilibrium and Pareto optimality of the solutions in the monetary-fiscal games between the fiscal and monetary authorities each having either two or...
IS A BENIGN DOLLAR POLICY WISE?
United States' dollar policy affect the value Federal Reserve Board
2011/8/21
In this article, the author considers the United States' dollar policy and whether or not it is wise. The author believes that the U.S. practices what it believes to be a benign dollar policy because ...
Is There a Cost Channel of Monetary Policy Transmission? An Investigation into the Pricing Behavior of 2,000 Firms
monetary transmission cost channel working capital
2011/8/21
The paper exploits a unique panel, covering some 2,000 Italian manufacturing firms and 14 years of data on individual prices and individual interest rates paid on several types of debt, to address the...
Uninsured Countercyclical Risk: An Aggregation Result and Application to Optimal Monetary Policy
uninsured risk sticky prices optimal monetary policy
2011/8/21
We consider an incomplete-markets economy with capital accumulation and endogenous labor supply. Individuals face countercyclical idiosyncratic labor and asset risk. We derive conditions under which t...
The Current Financial Crisis, Monetary Policy, and Minsky's Structural Instability Hypothesis
central banking financial crisis, minsky monetary policy securitization structural instability.
2011/8/21
The object of this work is to evaluate the monetary policy issues that arose during the financial crisis of 2007-8 according to Minsky's thought. It is argued that Minsky's idea of structural instabil...
Variations Across Canadian Regions in the Sensitivity to U.S. Monetary Policy
Vector autoregression Impulse response function Monetary policy Canadian regional employment
2011/8/21
This paper contributes to the research on regional economic responses to monetary policy shocks in two ways. First, rather than just model the Canadian economy at the national level, we examine the im...
Monetary policy rules and U.S. monetary policy
monetary policy monetary policy rule neutral rate of interest
2011/8/21
An inflation-augmented Atesoglu monetary policy rule is introduced. The Atesoglu rule is based on an estimate of the neutral rate of interest of Keynes. Actual Fed monetary policy and policy implied b...
Do Exchange Rates Respond to Day-to-Day Changes in Monetary Policy Expectations When No Monetary Policy Changes Occur?
expectations monetary policy Federal funds futures exchange rates
2011/8/21
This paper addresses whether exchange rates respond to changes in expectations of future U.S. monetary policy when no actual monetary policy changes occur. We employ data on Federal funds futures cont...
INSURANCE POLICIES FOR MONETARY POLICY IN THE EURO AREA
monetary policy model uncertainty policy parameters investigate the implications
2011/8/21
In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilit...
'Core' and 'Periphery' in a Monetary Union: A Macroeconomic Policy Game
Monetary union Asymmetric union Dynamic game Numerical solutions Nash equilibrium Pareto solution Fiscal policy Monetary policy
2011/8/21
We develop a dynamic game model of a two-country monetary union to study strategic interactions between macroeconomic policy makers, namely the central bank and governments. In this union, the governm...
Financial services and the elderly poor: Development and implementation of sustainable intervention strategies
elderly poor consumer fi nancial education fi nancial services marketing impoverished market segments
2011/8/21
Given the significance of the elderly consumer market in the development of successful and comprehensive marketing strategies, it is imperative that marketing decision-makers and policymakers better u...
Collateral Spread and Financial Development
financial development collateral spread acceptable collateral stronger institutions
2011/8/21
We show that institutions that promote financial development ease borrowing constraints by lowering the collateral spread and shifting the composition of acceptable collateral towards firm-specific as...