-
作者：Mertens, Karel
作者单位：Cornell University
摘要：Establishing the existence and nature of changes in the conduct and transmission of monetary policy is key in understanding the remarkable macroeconomic performance of the US since the mid-1980s. This paper presents evidence on a phenomenon of disintermediation occurring during the major recessions in the 1960s and 1970s, but absent ever since, and shows that disintermediation is closely linked to the existence of deposit rate ceilings under regulation Q. In a monetary DSGE model that incorpor...
-
作者：He, Ping; Huang, Lixin; Wright, Randall
作者单位：University of Pennsylvania; University System of Georgia; Georgia State University; Tsinghua University
摘要：An important function of banks is to issue liabilities, like demand deposits, that are relatively safe and liquid. We introduce a risk of theft and a safe-keeping role for banks into modern monetary theory. This provides a general equilibrium framework for analyzing banking in historical and contemporary contexts. The model can generate the concurrent circulation of cash and bank liabilities as media of exchange, or inside and outside money. It also yields novel policy implications. For exampl...
-
作者：Shimer, Robert
作者单位：University of Chicago
-
作者：Focarelli, Dario; Pozzolo, Alberto Franco; Casolaro, Luca
作者单位：University of Molise; Sapienza University Rome; European Central Bank; Bank of Italy
摘要：To verify if a delegated monitor can certify its ability to perform its assigned tasks, we test whether syndicated loans in which a larger share of the facility is retained by the arranger have lower interest rates. For a large sample of syndicated loans in over 80 countries we find that this certification effect exists and is greater for facilities characterized by greater due diligence and monitoring efforts. Further, for listed companies the announcement effect of the new loan on the stock ...
-
作者：Van den Heuvel, Skander J.
作者单位：University of Pennsylvania
摘要：Capital requirements are the cornerstone of modern bank regulation, yet little is known about their welfare cost. This paper measures this cost and finds that it is surprisingly large. I present a simple framework, which embeds the role of liquidity creating banks in an otherwise standard general equilibrium growth model. A capital requirement limits the moral hazard on the part of banks that arises due to deposit insurance. However, this capital requirement is also costly because it reduces t...
-
作者：Capistran, Carlos
作者单位：Bank of Mexico
摘要：Inflation forecasts of the Federal Reserve seem to have systematically under-predicted inflation from the fourth quarter of 1968 until Volcker's appointment as Chairman, and to systematically over-predict it afterwards until the second quarter of 1998. Furthermore, under quadratic loss, commercial forecasts seem to have information not contained in those forecasts. To investigate the Cause of this apparent irrationality, this paper recovers the loss function implied by Federal Reserve's inflat...
-
作者：Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：No, unless technology shocks account for virtually all of the fluctuations in output. (C) 2008 Published by Elsevier B.V.
-
作者：King, Robert G.
-
作者：Krugman, Paul
作者单位：Princeton University
摘要：In responding to Nelson and Schwartz's [2008. The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman's Who was Milton Friedman?. journal of Monetary Economics 55, this issue] critique of my Who Was Milton Friedman, I focus on three central economic topics: (i) whether it is reasonable to claim that the Federal Reserve caused the Great Depression: (ii) whether monetary policy had the power to engineer an economic recovery after the onset of the d...
-
作者：Cogley, Timothy; Sargent, Thomas J.
作者单位：University of California System; University of California Davis; New York University
摘要：By positing learning and a pessimistic initial prior, we build a model that disconnects a representative consumer's subjective attitudes toward risk from the high price of risk that a rational-expectations econometrician would deduce from financial market data. We follow Friedman and Schwartz [1963. A Monetary History of the United States, 1857-1960. Princeton University Press, Princeton, NJ] in hypothesizing that the Great Depression heightened fears of economic instability. We use a robustne...
