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Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
ponencias de eventos, etc. -
» Resultado: 3 registros
| Registro 1 de 3 | |
| Autor: | Gertler, Mark L. |
| Título: | Monetary policy and asset price volatility |
| Fuente: | Economic Review. v.84, n.4. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 17-51 |
| Año: | 1999 |
| Resumen: | Over the past twenty years the world’s major central banks have been largely successful at bringing inflation under control. While it is premature to suggest that inflation is no longer an issue of great concern, it is quite conceivable that the next battles facing central bankers will lie on a different front. One development that has already concentrated the minds of policymakers is an apparent increase in financial instability, of which one important dimension is increased volatility of asset prices. In a presentation at the Federal Reserve Banks of Kansas City’s 1999 symposium, "New Challenges for Monetary Policy," Bernanke and Gertler examined the role that asset prices should play in monetary policy. They concentrated on three issues: why policymakers should care about asset price volatility, how asset price volatility affects the economy, and how monetary policy should respond to changes in asset prices. |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 2 de 3 | |
| Autor: | Bernanke, Ben-S - Gertler, Mark - |
| Título: | Inside the Black Box: The Credit Channel of Monetary Policy Transmission |
| Fuente: | Journal of Economic Perspectives. v.9, n.4. American Economic Association |
| Páginas: | pp. 27-48 |
| Año: | fall 1995 |
| Resumen: | The ’credit channel’ theory of monetary policy transmission holds that informational frictions in credit markets worsen during tight-money periods. The resulting increase in the external finance premium--the difference in cost between internal and external funds--enhances the effects of monetary policy on the real economy. The authors document the responses of GDP and its components to monetary policy shocks and describe how the credit channel helps explain the facts. They discuss two main components of this mechanism, the balance sheet and bank lending channels. The authors argue that forecasting exercises using credit aggregates are not valid tests of this theory. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 3 de 3 | |
| Autor: | Bernanke, Ben - Gertler, Mark - |
| Título: | Agency Costs, Net Worth, and Business Fluctuations |
| Fuente: | American Economic Review. v.79, n.1. American Economic Association |
| Páginas: | pp. 14-31 |
| Año: | Mar. 1989 |
| Resumen: | This paper develops a simple neoclassical model of the business cycle in which the condition of borrowers’ balance sheets is a source of output dynamics. The mechanism is that higher borrower net worth reduces the agency costs of financing real capital investments. Business upturns improve net worth, lower agency costs, and increase investment, which amplifies the upturn; vice versa, for downturns. Shocks that affect net worth (as in a debt-deflation) can initiate fluctuations. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
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