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

04.01.2022: Toni Whited – Bank market power and monetary policy transmission: evidence from a structural estimation

Presenter: Toni Whited Affiliation: University of Michigan, Ross School of Business. Paper: Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation (Journal of Finance, forthcoming). Date: January 4, 2022 Time: 13:00 GMT Abstract: We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a … Read more

28.12.2021: Cynthia Wu – Average inflation targeting: time inconsistency and intentional ambiguity

Presenter: Cynthia Wu Affiliation: University of Notre Dame, Department of Economics Paper: Average Inflation Targeting: Time Inconsistency and Intentional Ambiguity Date: December 28, 2021. Time: 13:00 GMT We study the implications of the Fed’s new policy framework of average inflation targeting (AIT) and its ambiguous communication. The central bank has the incentive to deviate from … Read more

14.12.2021: Jean Tirole – Industrial monetary policy

Presenter: Jean Tirole Affiliation: Toulouse School of Economics Paper: Industrial Monetary Policy (link available soon) Date: December 14, 2021 Time: 13:00 GMT Abstract: We consider “industrial monetary policies”: Liquidity support policies through which authorities shape the location and continuation of economic activity on their soil, with consequences for banks’ international specialization, place of incorporation, charter … Read more

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