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  1. Inflation risk and the finance-growth nexus
    Autor*in: Corhay, Alexandre; Tong, Jincheng
    Erschienen: [2021]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This paper shows that the effect of inflation on asset prices and real aggregates depends on the financial intermediation sector. When firms finance using nominal long-term debt issued by financial intermediaries, unexpected changes in inflation lead... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper shows that the effect of inflation on asset prices and real aggregates depends on the financial intermediation sector. When firms finance using nominal long-term debt issued by financial intermediaries, unexpected changes in inflation lead to a wealth transfer across sectors. Higher inflation decreases firms' real liabilities and default risk, which helps reduce debt overhang. However, it hurts intermediaries' balance sheet, leading to a contraction in credit. We show theoretically that the ultimate effect of inflation depends on the tightness of financing constraints in the intermediation sector. We find strong empirical evidence consistent with these results. We also show that an inflation policy responding to both financial and real variables can help stabilize our economy

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: [Rotman School of Management working paper ; no. 3795679]
    Schlagworte: Inflation; asset prices; credit risk; debt deflation; financial intermediation; monetarypolicy; general equilibrium model; recursive preferences
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. Trend inflation, asset prices and monetary policy
    Autor*in: Nutahara, Kengo
    Erschienen: 2021.6
    Verlag:  The Canon Institute for Global Studies, [Tokyo]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 819
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CIGS working paper series ; no. 21, 004, E
    Schlagworte: Trend inflation; asset prices; equilibrium indeterminacy; monetary policy; deflation; sticky price
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. The price of money
    now collateral policy affects the yield curve
    Autor*in: Nyborg, Kjell G.; Woschitz, Jiri
    Erschienen: 2021
    Verlag:  Swiss Finance Institute, Geneva

    Central-bank collateral policy governs the convertibility of assets into central-bank money provided directly by the central bank. Focusing on government bonds, we develop clean identification of variation in such convertibility by exploiting... mehr

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    Resolving-System (kostenfrei)
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    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Central-bank collateral policy governs the convertibility of assets into central-bank money provided directly by the central bank. Focusing on government bonds, we develop clean identification of variation in such convertibility by exploiting differential treatment of same-country government bonds in the euro area. Combining difference-in-differences analysis with yield-curve modeling on four separate events, we show that reduced convertibility lifts yields, but with the effect tapering off at longer maturities. Our findings imply that central-bank money is priced in the market and that a central bank can move and shape the yield curve through collateral policy

     
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    Sprache: Englisch
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 74
    Schlagworte: Yield curve; central bank; collateral policy; monetary policy; haircuts; repo; asset prices; liquidity; central-bank money; government bonds
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  4. Wealth inequality and return heterogeneity during the COVID-19 pandemic
    Autor*in: Kartashova, Katya; Zhou, Xiaoqing
    Erschienen: October 2021
    Verlag:  Federal Reserve Bank of Dallas, Research Department, Dallas

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 686
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working paper / Federal Reserve Bank of Dallas, Research Department ; 2114
    Schlagworte: COVID-19; wealth inequality; asset prices; returns to wealth; heterogeneity,racial wealth gap
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen