Essays On Financial Policy With Incomplete Markets
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Essays On Financial Policy With Incomplete Markets
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Author : Piero Gottardi
language : en
Publisher:
Release Date : 1991
Essays On Financial Policy With Incomplete Markets written by Piero Gottardi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Essays On Incomplete Financial Markets
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Author : Alessandro Citanna
language : en
Publisher:
Release Date : 1995
Essays On Incomplete Financial Markets written by Alessandro Citanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
Essays In Incomplete Markets And Financial Intermediation
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Author : Enrique Lucio Kawamura
language : en
Publisher:
Release Date : 1999
Essays In Incomplete Markets And Financial Intermediation written by Enrique Lucio Kawamura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
These essays attempt to analyze information and coordination problems arising in economies with financial intermediaries and incomplete markets, as well as some policy implications for banking systems.
Essays On Incomplete Markets
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Author : Jung-moh Chang
language : en
Publisher:
Release Date : 2007
Essays On Incomplete Markets written by Jung-moh Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The Role Of Fiscal Policy In An Incomplete Markets Framework
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Author : Charles P. Thomas
language : en
Publisher:
Release Date : 1993
The Role Of Fiscal Policy In An Incomplete Markets Framework written by Charles P. Thomas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Fiscal policy categories.
Financial Markets And Incomplete Information
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Author : Sudipto Bhattacharya
language : en
Publisher: Rowman & Littlefield Publishers
Release Date : 1989
Financial Markets And Incomplete Information written by Sudipto Bhattacharya and has been published by Rowman & Littlefield Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
Major themes in theoretical financial economics since 1973 are presented through reprinted articles, each followed by a substantial essay by a leading scholar in the field. These original papers were written expressly for these volumes and provide a critical discussion and overview of the topic. The books thus present a broad spectrum of viewpoints with an emphasis on the work on valuation, economics of uncertainty, and taxation which pertains to the problems of financial markets and corporations.
Essays On Monetary Policy
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Author : Christoph Himmels
language : en
Publisher:
Release Date : 2012
Essays On Monetary Policy written by Christoph Himmels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This thesis consists of three essays on optimal monetary policy. In the first essay I study time-consistent monetary policy in an small open economy model with incomplete financial markets. I demonstrate the existence of two discretionary equilibria. The model is capable of explaining periods of different exchange rate volatilities as well as the transition between those regimes. Following a shock the economy can be stabilised either `quickly' or `slow', where both dynamic paths satisfy the conditions of optimality and time-consistency. I also show that a policy of partially targeting the exchange rate results in far worse welfare outcomes relative to a strict inflation targeting policy. In the second essay, I analyse how a policy maker can avoid expectation traps and coordination failures. Using a framework developed by Schaumburg and Tambalotti (2007) and Debortoli and Nunes (2010) in which a policy maker may or may not default on past promises I show that already mild degrees of precommitment are sufficient to generate uniqueness of the Pareto-preferred equilibrium. In the last chapter, I examine optimal monetary policy from an empirical perspective. I estimate a simple small open economy model separately for a policy maker acting under commitment and discretion and find that the data favours the commitment approach. Furthermore, the data suggest that the Bank of Canada did not target the nominal exchange rate in the inspected time period.
Essays On Financial Markets And Monetary Policy
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Author : Benjamin Knox
language : en
Publisher:
Release Date : 2021
Essays On Financial Markets And Monetary Policy written by Benjamin Knox and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Banking Monetary Policy And The Political Economy Of Financial Regulation
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Author : Gerald A. Epstein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2014-07-31
Banking Monetary Policy And The Political Economy Of Financial Regulation written by Gerald A. Epstein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-31 with Business & Economics categories.
The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the
Essays On Asset Pricing And Financial Institutions
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Author : Patrick Christian Kiefer
language : en
Publisher:
Release Date : 2018
Essays On Asset Pricing And Financial Institutions written by Patrick Christian Kiefer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Forecasts of risk prices at alternative time scales can be used to consolidate history dependence in asset return time series. The resulting Markovian structure identifies a martingale component in the latent transition dynamics. I apply the model to U.S. stock markets and find the concentration of return volatility on the martingale component - the spectral gap - is countercyclical, and predicts annual market returns out-of-sample (o.o.s.) with an R-squared of 10.8%. Value (HML) predictability is concave and front-heavy, peaking at a one-year 14.7% o.o.s. R-squared. In contrast, the momentum predictability term structure is convex, insignificant on the short end, but accelerates to 31.4% o.o.s. R-squared at the three-year horizon. I form timing portfolios to investigate the risk content of the aggregate forecasts. Incremental gains from timing value are compensation for bearing systematic shocks to time-varying expected returns. Exposure to the market timing portfolio is cross-sectionally priced, while gains from timing size (SMB) are not. The findings provide new restrictions for parametric asset pricing theories. Incomplete human capital markets induce unexpected rebalancing costs that are mitigated by a bank. Ex-ante, the bank exchanges risky endowments for demandable liabilities. An ex-post withdrawal corresponds to exercising a put option on the market, used to resolve an unexpected portfolio choice problem. Portfolio choice opens a risk aversion channel that distinguishes our predictions from Diamond and Dybvig (1983) and related models. In these models, deposits resolve consumption-timing tensions by accommodating the investor's intertemporal elasticity of substitution (IES). The inclusion of risk-based incentives allow us to characterize the endogenous link between the intermediary balance sheet and the preference-based pricing kernel. Moreover, ex-post rebalancing incentives relax enforcement problems for ex-ante optimal policies in incomplete markets. This provides a justification for the coexistence of intermediation and market institutions.