16.05.2022: Cristina Manea – Big techs and the credit channel of monetary policy

Presenter: Cristina Manea Affiliation: Deutsche Bundesbank, Research Centre Paper: Big Techs and the Credit Channel of Monetary Policy Date: May 16, 2022 Time: 13:00 GMT Abstract: We study how the entry of large technology firms such as Amazon, Alibaba or Facebook (“Big Techs”) into finance may affect the transmission of monetary policy. Our empirical analysis … Read more

10.05.2022: Alp Simsek – A note on temporary supply shocks with aggregate demand inertia

Presenter: Alp Simsek Affiliation: Yale University, Yale School of Management Paper: A Note on Temporary Supply Shocks with Aggregate Demand Inertia Date: May 10, 2022 Time: 13:00 GMT Abstract: We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to … Read more

02.05.2022: Carlos Vegh – Procyclical fiscal policy and asset market incompleteness

Presenter: Carlos A. Vegh Affiliation: Johns Hopkins University, School of Advanced International Studies and the Department of Economics. Paper: Procyclical Fiscal Policy and Asset Market Incompleteness. Date: May 2, 2022 Time: 10:30 GMT Abstract: We develop a model of the joint behavior of optimal tax rates and government spending over the business cycle to explain … Read more

12.04.2022: Jonathan Parker – A dynamic theory of lending standards

Presenter: Jonathan A. Parker Affiliation: MIT, Sloan School of Management Paper: A Dynamic Theory of Lending Standards Date: April 12, 2022 Time: 13:00 GMT Abstract: We develop a dynamic model of credit markets in which lending standards and the quality of potential borrowers interact. Banks privately choose lending standards: whether to pay to screen out … Read more

22.03.2022: Michèle Tertilt – Consumer credit with over-optimistic borrowers

Presenter: Michèle Tertilt Affiliation: University of Mannheim, Department of Economics. Paper: Consumer Credit with Over-Optimistic Borrowers. Date: March 22, 2022 Time: 13:00 GMT Abstract: Do cognitive biases call for regulation to limit the use of credit? We incorporate over-optimistic and rational borrowers into an incomplete markets model with consumer bankruptcy. Over-optimists face worse income risk … Read more

15.03.2022: Jordi Galí – Monetary policy and endogenous financial crises

Presenter: Jordi Galí Affiliation: Universitat Pompeu Fabra, Department of Economics, CREI and Barcelona GSE. Paper: Monetary Policy and Endogenous Financial Crises Date: March 15, 2022 Time: 13:00 GMT Abstract: We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New … Read more

22.02.2022: Lawrence H. Summers – The Fed’s strategy review: relevance for small open economies

Presenter: Lawrence H. Summers Affiliation: Harvard University Talk title: The Fed’s Strategy Review: Relevance for Small Open Economies. Date: February 22, 2022 Time: 13:30 GMT Click here to attend this seminar

08.02.2022: Şebnem Kalemli-Özcan – Five facts about the UIP premium

Presenter: Şebnem Kalemli-Özcan Affiliation: University of Maryland, Department of Economics. Paper: Five Facts about the UIP Premium. Date: February 8, 2022 Time: 13:00 GMT Abstract: We document five novel facts about Uncovered Interest Parity (UIP) deviations vis-à-vis the U.S. dollar for 34 currencies of advanced economies and emerging markets, using survey data on expected exchange … Read more

01.02.2022: Stephanie Schmitt-Grohé – Optimal bank reserve remuneration and capital control policy

Presenter: Stephanie Schmitt-Grohé Affiliation: Columbia University, Department of Economics Paper: Optimal Bank Reserve Remuneration and Capital Control Policy (slides) Date: February 1st, 2022 Time: 13:00 GMT Abstract: A central prediction of open economy models with a pecuniary externality due to a collateral constraint is that the unregulated economy overborrows relative to what occurs under optimal … Read more

11.01.2022: Ricardo Reis – How likely is an inflation disaster?

Presenter: Ricardo Reis Affiliation: London School of Economics and Political Science Paper: TBA. Date: January 11, 2022 Time: 13:00 GMT Abstract: The prices of inflation options hold the promise of giving the probability of inflation being either very high or very low at long horizons. To realize this promise requires making three adjustments to option … Read more

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