Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy

Punnoose JACOB, Anella MUNRO
The Basel III net stable funding requirement, scheduled for adoption in 2018, requires banks to use a minimum share of long-term wholesale funding and deposits to fund their assets. This paper introduces a stable funding requirement (SFR) into a small open economy DSGE model featuring a banking sect...
Keywords: DSGE models, prudential policy, monetary policy, small open economy, sticky interest rates, Banks, wholesale funding
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Annual Conference

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Household Finance

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May 2023

A Housing Portfolio Channel of QE Transmission

Dominik BODDIN, Daniel Marcel TE KAAT, Chang MA, Alessandro REBUCCI
We document and quantify a housing portfolio channel of quantitative easing (QE) transmission. We identify this channel using household-level and regional data from Germany. We show that QE induces households with larger initial bond holdings to rebalance more their portfolios toward housing and par...
Keywords: Asset Market Segmentation, Buy-to-let, Germany, Housing Returns, Household Portfolio Rebalancing, Quantitative Easing, Rental Yields.
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

A Household Housing Portfolio Channel of QE Transmission

Alessandro REBUCCI, Chang MA, Dominik BODDIN, Daniel Marcel TE KAAT
We propose a household housing portfolio channel of quantitative easing (QE) transmission. QE induces households to rebalance portfolios from bonds to houses, lowering their expected future returns and thus stimulating consumption and output. We document this channel using both regional and househol...
Keywords: Asset Market Segmentation, Buy-to-let, Germany, Housing Returns, Household Portfolio Rebalancing, Qu
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Annual Conference

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Economic Transformation of Asia

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May 2017

A General Equilibrium Model of Formalization in a Dualistic Economy with Evidence from Indonesia

Yuming FU, Wen-Chi LIAO, Yuwei LIU
Informal-sector employment is pervasive in developing economy cities. The informal sector contributes little to public finance and has low productivity due to the lack of access to trade support and export market, which is available in the formal sector. We study cross-region variations in employmen...
Keywords: Informal sector, Spatial equilibrium, Formalization cost, Export
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

A First Look at China’s Consumption after Coronavirus

Wenlan QIAN
With countries engaging in distancing and mobility-restriction measures to contain the spread of COVID-19, a central policy debate lies in the tradeoff between stringent public health interventions and the severe economic ramifications that come with those interventions…...
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