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Wyświetlanie pozycji 1-10 z 12
Quantitative Easing in the US and Financial Cycles in Emerging Markets
(2021-03)
Large international capital movements tend to be associated with strong fluctuations in asset prices and credit, contributing to domestic financial cycles and posing challenges for stabilization policies, especially in ...
A solution to the global identification problem in DSGE models
(2023-01)
We develop an analytical framework to study global identification in structural models with forward-looking expectations. Our identification condition combines the similarity transformation linking the observationally ...
Central bank credibility, long-term yields and the effects of monetary integration
(2021-01)
Forming a monetary union implies equalization of short-term interest rates across the member states as monetary policy is delegated to a common central bank, but also leads to integration of risk-free bond markets. In this ...
Crisis, contagion and international policy spillovers under foreign ownership of banks
(2016-03)
This paper checks how international spillovers of shocks and policies are modified when banks are foreign owned. To this end we build a two-country macroeconomic model with banking sectors that are owned by residents of ...
Is Poland at risk of the zero lower bound?
(2016-07)
In early 2015, the policy (open market operations) rate of Narodowy Bank Polski was reduced to an all-time low of 1.5%. At the same time, prices of consumer goods and services dropped by 1.5% in year-on-year terms. This ...
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
(2024-02)
During the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus ...
Demographics and the natural interest rate in the euro area
(2020-07)
We investigate the impact of demographics on the natural rate of interest (NRI) in the euro area, with a particular focus on the role played by economic openness, migrations and pension system design. To this end, we ...
Labor market institutions and the business cycle: The role of unemployment fears
(2023-12)
We study the effects of labor market institutions (LMIs) in a general equilibrium model with search and matching frictions, endogenous separations, nominal rigidities, and uninsurable unemployment risk. By contrasting the ...
Intergenerational redistributive effects of monetary policy
(2021-03)
This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle model with a rich asset structure as well as nominal and real rigidities calibrated to the euro area using ...
Monetary policy and COVID-19
(2021-07)
We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically ...