Author: Piero Gottardi
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 260

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Author: Jung-moh Chang
Publisher:
ISBN:
Category :
Languages : en
Pages : 112

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Author: Enrique Lucio Kawamura
Publisher:
ISBN: 9780599427532
Category :
Languages : en
Pages : 161

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These essays attempt to analyze information and coordination problems arising in economies with financial intermediaries and incomplete markets, as well as some policy implications for banking systems.

Author: Charles P. Thomas
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 48

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Author: Peter Michael DeMarzo
Publisher:
ISBN:
Category :
Languages : en
Pages : 254

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Author: Cesar Saturnino Salinas Depaz
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 0

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Book Description
This dissertation consists of three chapters about how access to financial markets and composition of the labor market determine aggregate macroeconomic outcomes. The first chapter examines the macroeconomic consequences of credit uncertainty using a structural vector autoregression model with stochastic volatility (SVAR-SV). Credit supply conditions in the U.S. is captured by the banks' reports on how credit standards for approving loans have change over time (Bank Lending Standards). The empirical analysis shows that the volatility of macroeconomic and financial variables rises in response to an increase in the credit uncertainty shock. The economic activity falls and credit growth and related interest rates decrease persistently. Moreover, credit volatility shocks explain around 10% of the FEV of endogenous variables. A dissagregated analysis shows that the effect of these shocks are mainly explained by their effects on the corporate business sector. The second chapter studies the role of time-varying credit limits through the lens of a life cycle incomplete markets model calibrated for the U.S. Changes in credit card limits are explained by observable household characteristics and the estimated unobservable variation is quite large. The quantitative exercise shows that even though young households are more indebted in an economy with stochastic borrowing limits, aggregate consumption is not greatly affected by transitory or persistent shocks of this type. However, in the presence of these shocks, households lose the ability to self-insure against other uninsurable idiosyncratic shocks, e.g., labor income shocks. A disaggregated analysis shows that the loss of self-insurance capacity is mainly explained by the effects that stochastic borrowing limits have on the wealth distribution, the precautionary savings channel households have to face unexpected risks. The third chapter studies the role of informal markets to explain economic and demographic variables during a pandemic. The quantitative exercise shows that lockdown policies are less effective in economies with large informal markets, infection and death rates will not decrease as much as formal economies. Moreover, the size of the recession would be exacerbated because informal activities are not counted in the calculation of the GDP. To generate similar results to an economy with only formal markets, the economy with informal markets must implement more severe containment policies.

Author: Ralph Harris
Publisher: London : Institute of Economic Affairs
ISBN:
Category : Economic history
Languages : en
Pages : 178

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"Principal writings of Arthur Seldon: p. 151-152.

Author: Christoph Himmels
Publisher:
ISBN:
Category :
Languages : en
Pages :

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This thesis consists of three essays on optimal monetary policy. In the first essay I study time-consistent monetary policy in an small open economy model with incomplete financial markets. I demonstrate the existence of two discretionary equilibria. The model is capable of explaining periods of different exchange rate volatilities as well as the transition between those regimes. Following a shock the economy can be stabilised either `quickly' or `slow', where both dynamic paths satisfy the conditions of optimality and time-consistency. I also show that a policy of partially targeting the exchange rate results in far worse welfare outcomes relative to a strict inflation targeting policy. In the second essay, I analyse how a policy maker can avoid expectation traps and coordination failures. Using a framework developed by Schaumburg and Tambalotti (2007) and Debortoli and Nunes (2010) in which a policy maker may or may not default on past promises I show that already mild degrees of precommitment are sufficient to generate uniqueness of the Pareto-preferred equilibrium. In the last chapter, I examine optimal monetary policy from an empirical perspective. I estimate a simple small open economy model separately for a policy maker acting under commitment and discretion and find that the data favours the commitment approach. Furthermore, the data suggest that the Bank of Canada did not target the nominal exchange rate in the inspected time period.

Author: Sudipto Bhattacharya
Publisher: Rowman & Littlefield Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 384

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Book Description
Major themes in theoretical financial economics since 1973 are presented through reprinted articles, each followed by a substantial essay by a leading scholar in the field. These original papers were written expressly for these volumes and provide a critical discussion and overview of the topic. The books thus present a broad spectrum of viewpoints with an emphasis on the work on valuation, economics of uncertainty, and taxation which pertains to the problems of financial markets and corporations.