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Monetary Policy, Private Debt and Financial Stability Risks
(15.09.2017)
International Journal of Central Banking 3 ; September
International Journal of Central Banking 3 ; September
Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses ...
Evaluating Indicators for Use in Setting the Countercyclical Capital Buffer
(01.03.2018)
International Journal of Central Banking 2 ; March 2018
International Journal of Central Banking 2 ; March 2018
The European Systemic Risk Board (ESRB) recently issued a recommendation on the use of early warning indicators in macroprudential decisions involving the countercyclical capital buffer (Basel III framework). In addition ...
On the formation of inflation expectations in turbulent times: The case of the euro area
(22.01.2018)
Economic Modelling June
Economic Modelling June
Studying formation of inflation expectations in the euro area we propose a novel method, integrating rational, adaptive and sticky-information models. We find that in recent turbulent times, formation of inflation expectations ...
How much do non-performing loans hinder loan growth in Europe?
(26.05.2021)
European Economic Review July
European Economic Review July
The severe recessions following the global financial crisis of 2007–2008 left numerous European banks with acutely distressed loan books. In the subsequent recovery, bank lending in Europe has fallen dramatically behind ...
Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates
(15.09.2017)
International Journal of Central Banking 4 ; September
International Journal of Central Banking 4 ; September
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...
The interaction of monetary and macroprudential policies
(17.06.2019)
Journal of Money, Credit and Banking 4 ; June
Journal of Money, Credit and Banking 4 ; June
I analyze a New Keynesian dynamic stochastic general equilibrium (DSGE) model where the financing of productive investment is affected by a moral hazard problem. I solve for jointly Ramsey‐optimal monetary and macroprudential ...
The Risk-Taking Channel of Monetary Policy in the U.S. : Evidence from Corporate Loan Data
(27.01.2017)
Journal of Money, Credit and Banking 1 ; February
Journal of Money, Credit and Banking 1 ; February
To study the presence of a risk-taking channel in the U.S., we build a comprehensive data set from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and ...
Comments by Iikka Korhonen, on Capital Control and Monetary Policy in Asian Emerging Market Economies
(21.06.2018)
Asian Economic Papers 2 ; Summer 2018
Asian Economic Papers 2 ; Summer 2018