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We study the trading dynamics in an asset market where the quality of assets is private information of the owner and finding a counterparty takes time. When trading of a [...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limits, which measure the[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model. The model features[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The authors study the implications of fiscal policy behaviour for sovereign risk in a framework that determines a country’s fiscal limit, the point at which, for economic[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuat[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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7.
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Many studies in macroeconomics argue that financial frictions do not amplify the impacts of real shocks. This finding is based on models without endogenous default on loa[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the eco[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United Stat[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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This paper examines the interaction between monetary policy and macroprudential policy and whether policy makers should respond to financial imbalances. To address this i[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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