AMPF Papers

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Commissioned Paper

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Jun 2020

A Safe-Asset Perspective for an Integrated Policy Framework

Markus K. BRUNNERMEIER, Yuliy SANNIKOV, Sebastian MERKEL
Borrowing from Brunnermeier and Sannikov (2016a, 2019) this policy paper sketches a policy framework for emerging market economies by mapping out the roles and interactions of monetary policy, macroprudential policies, foreign exchange interventions, and capital controls. Safe assets are central in ...
Keywords: Safe asset, bubbles, international capital flows, capital controls, monetary policy, macroprudential
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AMPF Papers

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Policy Note

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May 2019

Crypto and Digital Currencies - Challenges to Central Banks

Beatrice Weder di Mauro
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AMPF Papers

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Policy Note

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May 2019

Digital Currencies and Fast Payment Systems

Darrell DUFFIE
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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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Accounting

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May 2022

Sequential Reporting Bias

Cyrus AGHAMOLLA, Ilan GUTTMAN, Evgeny PETROV
Firms with correlated fundamentals often issue reports sequentially, leading to information spillovers. The theoretical literature has investigated multi-firm reporting, but only when firms report simultaneously. We examine the implications of sequential reporting, where firms aim to maximize their ...
Keywords: Disclosure, information spillovers, reporting, manipulation, bias
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