منابع مشابه
Monetary policy with asset price shocks and financial globalization
This papers studies how the stabilization role of monetary policy in response to asset price shocks changes with the globalization of financial markets. Changes in asset prices affect production through a credit channel and monetary policy can stabilize the macro-economy with counter-cyclical interventions. The paper shows that, as financial markets become internationally integrated, stabilizat...
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A positive shock to funding, such as a major donation, causes an optimizing university to raise its admissions standards and reduce tuition charges net of financial aid across all student categories. However, the shock’s effect on enrollment may not be uniform. Student categories given little weight in the university’s objective function may be treated as “inferior goods,” that is, positive sho...
متن کاملFinancial frictions and shocks
This paper aims to quantify the extent to which sources of economic uctuations generate in the nancial markets. First, a novel identi cation method is introduced into a Bayesian VAR model in order to identify a nancial type shock which we refer to as a `risk news' shock. We identify the risk news shock in macroeconomic time series for the US, while simultaneously identifying other standard macr...
متن کاملIncomplete Markets, Idiosyncratic Shocks and Optimal Monetary Policy
A widespread result in monetary policy literature is that the price level should be stabilized and, as corollary, the nominal interest rate should vary with the Wicksellian determinants of the real interest rate. The present paper studies how this result is altered when the representative agent assumption is abandoned and financial wealth heterogeneity across households is introduced. I derive ...
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In practice, central banks have been confronted with a trade-o¤ between stabilising ination and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil shock leads to large output drops. To reconcile this apparent contradiction, this paper investigates how ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1619224