Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot

... of New York Staff Reports What Fiscal Policy Is Effective at Zero Interest Rates? Gauti B. Eggertsson Staff Report no. 402 November 2009 This paper presents preliminary findings and is being distributed ... adjustment of investment, which is a key difference from Christiano (2004). This assumption is consistent with the interpretation that this d isturbance...

Ngày tải lên: 29/03/2014, 13:20

... reserves, central bank liquidity facilities, money multiplier Keister: Federal Reserve Bank of New York (e-mail: todd.keister@ny.frb.org). McAndrews: Federal Reserve Bank of New York (e-mail: jamie.mcandrews@ny.frb.org).We ... expertise in evaluating certain types of loan applications. Whatever the underlying source of this difference, suppose that Bank B has...

Ngày tải lên: 16/02/2014, 12:20

... those of the authors and are not necessar- ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the ... Facility,” Federal Reserve Bank of New York Economic Policy Review, forthcoming. Bernanke, Ben S. (1983): "Nonmonetary Effects of the Financial Crisis i...

Ngày tải lên: 22/03/2014, 21:20

... Comparison of equations (3A) and (3B) shows that the marginal benefit of risk taking is lower in the case of risk sensitive debt (as R X >0), leading to a lower choice of risk when debt is risk ... those of the authors and are not necessar- ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissio...

Ngày tải lên: 22/03/2014, 21:20

... that the fraction of impatient depositors is always . At date 1, bank j can liquidate  ij of the investment for a salvage rate of return s at d ate 1 and no further return at date 2. The bank ... is r: The return on storage is the rate  i at which liquid assets can be lent at date 1, since banks can store liquid assets at date 0, lend them at date 1, and will...

Ngày tải lên: 29/03/2014, 13:20

Ngày tải lên: 29/03/2014, 13:20

... Minneapolis Patrick J. Kehoe ∗ Federal Reserve Bank of Minneapolis andUniversityofMinnesota Ellen R. M cG ratta n ∗ Federal Reserve Bank of Minneapolis andUniversityofMinnesota ABSTRACT We propose a ... the time allocation parameter ψ =2.24. We c hoose the depreciation rate δ, the discount factor β,andgrowth rates γ and γ n so that, on an annualized basis, depreciation is 4....

Ngày tải lên: 29/03/2014, 20:20

... Asia Focus is a periodic newsletter issued by the Country Analysis Unit of the Federal Reserve Bank of San Francisco. The information contained in this newsletter is meant to provide ... partial privatization of state-owned banking institutions, and measures to strengthen the capitalization of Vietnamese banks. This Asia Focus report provides an over- view of Vietnam’s...

Ngày tải lên: 06/03/2014, 10:20

... 15. Bank reserve balances decreased $118 billion, offset by a $110 billion increase in Treasury deposits with Federal Reserve banks (part of “Other”). Assets: Lending to nonbanks—TALF, ... $4.8 billion. The TALF facility (part of lending to nonbank credit markets) declined by $0.4 billion. Source: Federal Reserve Board Source: Federal Reserve Board Financi...

Ngày tải lên: 15/03/2014, 20:20

... available.Losseswillhavetobe  98 Singh(2011)providesevidence of howthispracticefluctuateswiththecreditcycle. 99 This is consistentwiththehypothesis of psychologiststhatmosthumanssufferfrom“disastermyopia”.This couldbetheresult of survivalstrategiesbecominghardwiredovermillions of years of ev...

Ngày tải lên: 22/03/2014, 23:20