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Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies

Aslı Demirgüç-Kunt and Luis Servén.

in The World Bank Research Observer

February 2010; p ublished online February 2010 .

Journal Article. Subjects: Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Financial Regulation; Banking; Corporate Governance. 14710 words.

The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western...

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Are bank capital ratios pro-cyclical? New evidence and perspectives

Michael Brei and Leonardo Gambacorta.

in Economic Policy

April 2016; p ublished online March 2016 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit; Financial Regulation. 19898 words.

This paper analyses how the new Basel III leverage ratio and risk-weighted regulatory capital ratio behave over the cycle. The analysis proposes a set-up to test for the cyclical properties...

Assessing inflation targeting through intervention analysis

Alvaro Angeriz and Philip Arestis.

in Oxford Economic Papers

April 2008; p ublished online April 2008 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit. 8771 words.

The aim of this paper is to deal with the empirical aspects of the ‘new’ monetary policy framework, known as Inflation Targeting. Applying Intervention Analysis to multivariate Structural...

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Asset price and monetary policy: the effect of expectations formation

Nan-Kuang Chen, Han-Liang Cheng and Hsiao-Lei Chu.

in Oxford Economic Papers

April 2015; p ublished online December 2014 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit. 10242 words.

This article studies the stabilization effect of monetary policy reacting to asset price, accounting for the expectations formation effect of policy regime shift, in a DSGE model calibrated...

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Asymmetric Terms-of-Trade Shocks in a Monetary Union: An Application to West Africa

Benjamin Carton, Agnès Bénassy-Quéré, Gilles Dufrénot and Loïc Batté.

in Journal of African Economies

November 2010; p ublished online July 2010 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Non-renewable Resources and Conservation; Monetary Policy, Central Banking, and the Supply of Money and Credit. 9861 words.

We propose a two-country dynamic stochastic general equilibrium model of a monetary union facing asymmetric terms-of-trade shocks, calibrated on Nigeria and West African Economic and...

At the crossroads: the euro and its central bank guardian (and saviour?)

Jörg Bibow.

in Cambridge Journal of Economics

May 2013; p ublished online April 2013 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards). 9542 words.

This paper investigates the role of the European Central Bank (ECB) in the (mal)functioning of Europe’s Economic and Monetary Union (EMU), focusing on the German intellectual and historical...

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Bank Corporate Loan Pricing Following the Subprime Crisis

João A. C. Santos.

in The Review of Financial Studies

June 2011; p ublished online November 2010 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Corporate Governance. 12608 words.

The massive losses that banks incurred with the meltdown of the subprime mortgage market have raised concerns about their ability to continue lending to corporations. We investigate these...

Bank Liquidity, Interbank Markets, and Monetary Policy

Xavier Freixas, Antoine Martin and David Skeie.

in The Review of Financial Studies

August 2011; p ublished online April 2011 .

Journal Article. Subjects: Banking; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit. 16661 words.

A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the...

Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

Manuel Adelino and Miguel A. Ferreira.

in The Review of Financial Studies

July 2016; p ublished online January 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Investment Banking; Financial Regulation; National Budget, Deficit, and Debt. 16940 words.

We study the causal effect of bank credit rating downgrades on the supply of bank lending. The identification strategy exploits the asymmetric impact of sovereign downgrades on the ratings...

Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards

Angela Maddaloni and José-Luis Peydró.

in The Review of Financial Studies

June 2011; p ublished online June 2011 .

Journal Article. Subjects: Economics; Banking; Financial Regulation; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit. 19069 words.

Using a unique dataset of the Euro-area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards for household and corporate loans....

Banking Sector Efficiency in Sub-Saharan Africa

François Boutin-Dufresne, Oral Williams and Tomasz A. Zawisza.

in Journal of African Economies

June 2015; p ublished online October 2014 .

Journal Article. Subjects: Banking; Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 10779 words.

This paper examines the determinants of net interest margins (NIMs) in four regional blocks in Sub-Saharan Africa (SSA). Using bank-level data, we find that countries with a high level of...

Bond Supply and Excess Bond Returns

Robin Greenwood and Dimitri Vayanos.

in The Review of Financial Studies

March 2014; p ublished online January 2014 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Economics; National Budget, Deficit, and Debt. 23179 words.

We examine empirically how the supply and maturity structure of government debt affect bond yields and expected returns. We organize our investigation around a term-structure model in which...

A bright future can be ours! Macroeconomic policy for non-eurozone Western countries

J. W. Nevile and Peter Kriesler.

in Cambridge Journal of Economics

November 2014; p ublished online March 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomics and Monetary Economics. 10422 words.

Radical changes in macroeconomic policy could produce a brighter future. The neoclassical myth that a free-market economy inevitably moves to an equilibrium position determined solely by...

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Business Cycle Dynamics under Rational Inattention

Bartosz Maćkowiak and Mirko Wiederholt.

in The Review of Economic Studies

October 2015; p ublished online August 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit. 15744 words.

We develop a dynamic stochastic general equilibrium (DSGE) model with rational inattention and compare its predictions to data. Households and decision-makers in firms have limited...

California shrugged: fountainhead of the Great Recession

Ashok Bardhan and Richard Walker.

in Cambridge Journal of Regions, Economy and Society

November 2011; p ublished online March 2011 .

Journal Article. Subjects: Urban, Rural, and Regional Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit. 9045 words.

California was the epicentre of the current Great Recession. Due to its economic structure, open economy, political institutions and other factors, it has a starring role in the four-fold...

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Capital inflows, financial repression, and macroeconomic policy in India since the reforms

Partha Sen.

in Oxford Review of Economic Policy

June 2007; p ublished online January 2007 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; International Factor Movements and International Business; International Finance; Macroeconomic Aspects of International Trade and Finance. 9763 words.

Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in...

Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures

Viral V. Acharya and Tanju Yorulmazer.

in The Review of Financial Studies

November 2008; p ublished online December 2007 .

Journal Article. Subjects: Banking; Financial Regulation; Corporate Regulation; Monetary Policy, Central Banking, and the Supply of Money and Credit; Welfare Economics. 16795 words.

As the number of bank failures increases, the set of assets available for acquisition by surviving banks enlarges but the total liquidity available with surviving banks falls. This results...

Central bank communication and output stabilization

Marco Hoeberichts, Mewael F. Tesfaselassie and Sylvester Eijffinger.

in Oxford Economic Papers

April 2009; p ublished online July 2008 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Monetary Policy, Central Banking, and the Supply of Money and Credit. 5657 words.

Central banks around the world have a reputation for being secretive about their operations and market assessments. It is sometimes argued that central banks need flexibility and therefore...

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Central Banking in Sub-Saharan Africa: Introduction and Overview

Olu Ajakaiye and Stephen A. O'Connell.

in Journal of African Economies

May 2011; p ublished online May 2011 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit. 4389 words.

African central banks have covered an extraordinary distance since the early 1990s—closing the gap, in the process, between their own policy challenges and those of richer-country central...

Central banks and financial stability: rediscovering the lender-of-last-resort practice in a finance economy

Laurent Le Maux and Laurence Scialom.

in Cambridge Journal of Economics

January 2013; p ublished online August 2012 .

Journal Article. Subjects: Financial Regulation; Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit. 9156 words.

The purpose of our paper is to assess whether central banks have adopted new practices of lending in last resort during the 2007–09 financial crisis. We compare the current period with the...

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