ElasticSearch Score: 7.722074
How do banks' interconnections in the euro area contribute to the vulnerability of the banking system? We study both the direct interconnections (banks lend to each other) and the indirect interconnections (banks are exposed to similar sectors of the economy). These complex linkages make the banking system more vulnerable to contagion risks.
ElasticSearch Score: 7.6752496
We study how the distribution of information supply by the news media affects the macroeconomy. We find that media coverage focuses particularly on the largest firms, and that firms’ equity financing and investment increase after media coverage. But these equity and investment responses are largest among small, rarely covered firms. Our quantitative studies highlight that the aggregate effects of media coverage depend crucially on how that coverage is allocated.
ElasticSearch Score: 7.6392255
October 18, 2007
There have been a number of significant economic and financial developments since the time of the July Monetary Policy Report Update.
ElasticSearch Score: 7.6293006
We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result.
ElasticSearch Score: 7.3007436
April 14, 2005
The global economy has been unfolding largely as expected, and prospects for continued robust growth are quite favourable, especially over the near term.
ElasticSearch Score: 7.2807
This paper studies the implications of model uncertainty for wealth distribution in a tractable general equilibrium model with a borrowing constraint and robustness à la Hansen and Sargent (2008). Households confront model uncertainty about the process driving the return of the risky asset, and they choose robust policies.
ElasticSearch Score: 7.2594113
May 19, 1999
Six months ago, at the time of the last Monetary Policy Report, the global economic and financial environment was volatile and highly uncertain because of the adverse situation in Asia and the fallout from the Russian debt moratorium.
ElasticSearch Score: 7.241694
October 20, 2005
The global economy has continued to grow at a robust pace since the July Monetary Policy Report Update.
ElasticSearch Score: 7.227817
We introduce behavioral learning equilibria (BLE) into DSGE models with boundedly rational agents using simple but optimal first order autoregressive forecasting rules. The Smets-Wouters DSGE model with BLE is estimated and fits well with inflation survey expectations. As a policy application, we show that learning requires a lower degree of interest rate smoothing.
ElasticSearch Score: 7.1502247
April 15, 2004
The Canadian economy continues to adjust to developments in the global economy.