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X-WR-CALDESC:Events for Department of Economics | IP Paris
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DTSTART:20240331T010000
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DTSTART:20241027T010000
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DTSTART;TZID=Europe/Helsinki:20240527T121500
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SUMMARY:Ivan SHCHAPOV (Ecole Polytechnique-CREST) "Monetary Tightening\, Quantitative Easing\, and Financial Stability"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 27 Mai 2023 \nSalle 3001 \nIvan SHCHAPOV (Ecole Polytechnique-CREST) “Monetary Tightening\, Quantitative Easing\, and Financial Stability” \nAbstract: This paper analyses central bank balance sheet policies in a framework with banks facing occasionally-binding leverage constraints and endogenous disruptions in financial intermediation. Whilst central bank balance sheet expansions are effective in stabilising the economy conditional on a financial stress episode\, they increase the likelihood of such episodes and their duration. Balance sheet expansions induce financial intermediaries to take on more risk and slow their recapitalisation over a stress episode. In a tightening cycle\, stabilisation properties of balance sheet policies are maintained but come at a significant cost to price stability. \nJean-Baptiste MICHAU (CREST) \n
URL:https://econ.ip-paris.fr/event/ivan-shchapov-ecole-polytechnique-crest-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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