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Documents de recerca, 12 registres trobats
Documents de recerca 12 registres trobats  1 - 10següent  anar al registre:
1.
57 p, 970.4 KB The paradox of global thrift / Fornaro, Luca ; Romei, Federica ; Barcelona Graduate School of Economics
This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and fiscal policies to stabilize the economy. [...]
Barcelona Graduate School of Economics 2016 (Economics and Business Working Papers Series ; 1609)  
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2.
40 p, 579.3 KB The effect of firm cash holding on monetary policy / Adão, Bernardino ; Silva, André C.
Firm cash holdings increased substantially from 1980 to 2013. The overall distribution of firm cash holdings changed in the same period. We study the implications of these changes for monetary policy. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
2015 (Ademu Working Papers Series ; 11)  
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3.
28 p, 320.3 KB Tax reform with endogenous borrowing limits and incomplete asset markets / Ábrahám, Árpád ; Cárceles Poveda, Eva
This paper studies different income tax reforms in an infinite horizon economy with a progressive labor income tax code, incomplete markets and endogenous borrowing constraints on asset holdings. The endogenous limits are determined at the level at which households are indifferent between defaulting and paying back their un-secured debt. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
2016 (Ademu Working Papers Series ; 13)  
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4.
71 p, 849.6 KB Unemployment (fears) and deflationary spirals / Den Haan, Wouter J. ; Rendah, Pontus ; Riegler, Markus
The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features - in isolation - dampen them. During recessions, fears of unemployment stir up precautionary sentiments which induces agents to save more. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
2015 (Ademu Working Papers Series ; 8)  
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5.
16 p, 254.2 KB The new economic component of EMU : a lawful and effective design? / Kilpatrick, Claire
This analysis aims to set out clearly and succinctly the legal arrangements for macro-economic governance in EMU, legal challenges to that regime and different ways of assessing that new regime. It focuses on changes introduced from 2010, the year when the euro area crisis, and the response to it, began, and on changes to the law other than those concerning provision of sovereign debt loan assistance. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
2016 (Ademu Working Papers Series ; 7)  
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6.
62 p, 834.3 KB Policy spillovers and synergies in a monetary union / Arce, Óscar ; Hurtado, Samuel ; Thomas, Carlos
We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its 'periphery'. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
2016 (ADEMU Working Papers Series ; 6)  
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7.
56 p, 1.5 MB Fiscal consolidation in a disinflationary environment : price vs. quantity-based measures / Pappa, Evi ; Sajedi, Rana ; Vella, Eugenia
An important feature of the current economic conditions in the EU, which challenges the design and implementation of macroeconomic policy, is inflation uncertainty. With monetary policy at the zero lower bound, and inflation well below its target, a key issue for policy makers is the effect /nthis has on the transmission of fiscal policy. [...]
2016 (Ademu Working Papers Series ; 3)  
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8.
57 p, 736.6 KB Exit expectations and debt crises in currency unions? / Kriwoluzky, Alexander ; Müller, Gernot J. ; Wolf, Martin
Membership in a currency union is not irreversible. Exit expectations may emerge during sovereign debt crises, because exit allows countries to reduce their liabilities through a currency redenomination. [...]
2016 (Ademu Working Papers Series ; 5)  
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9.
59 p, 770.5 KB Does austerity pay off? / Born, Benjamin ; Müller, Gernot J. ; Pfeifer, Johannes
We investigate if a reduction of government consumption lowers the sovereign default premium. For this purpose we build a new data set for 38 emerging and developed economies. Results vary along three dimensions. [...]
2016 (Ademu Working Papers Series ; 4)  
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10.
55 p, 666.3 KB Bank opacity and financial crises / Jungherr, Joachim
This paper studies a model of endogenous bank opacity. In the model, bank opacity is costly for society because it reduces market discipline and encourages banks to take on too much risk. This is true even in the absence of agency problems between banks and the ultimate bearers of the risk. [...]
2016 (Ademu Working Papers Series ; 2)  
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