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  1. (Un)anticipated monetary policy in a DSGE model with a shadow banking system
    Author: Verona, Fabio; Martins, Manuel Mota Freitas; Drumond, Inês
    Published: 2012
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Edition: Version 21 Juni 2012
    Series: Working paper series / Institute for Monetary and Financial Stability ; 56
    Subjects: Zinspolitik; Investitionsfunktion; Investmentbank; Dynamisches Gleichgewicht; :z Geschichte 1953-2011
    Other subjects: (stw)1953-2011; (stw)Zinspolitik; (stw)Akzelerator; (stw)Investmentbank; (stw)Dynamisches Gleichgewicht; (stw)USA; DSGE model; shadow banking system; too low for too long; boom-bust; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  2. (Un)anticipated monetary policy in a DSGE model with a shadow banking system
    Author: Verona, Fabio; Martins, Manuel Mota Freitas; Drumond, Inês
    Published: 2012
    Publisher:  Johann Wolfgang Goethe-Univ., Frankfurt am Main

    Motivated by the US events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 464 (56)
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    No inter-library loan

     

    Motivated by the US events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97743
    Series: Working paper series / Institute for Monetary and Financial Stability ; 56
    Subjects: Zinspolitik; Akzelerator; Investmentbank; Dynamisches Gleichgewicht; USA; DSGE model; shadow banking system; too low for too long; boom-bust
    Scope: Online-Resource (57 S.), graph. Darst.