内容提要: 近些年来中国影子银行体系的爆发性增长引发了学界, 业界及监管层的广泛关注.
本文在一个DNK-DSGE 框架下引入了包含影子银行的金融中介体系, 将影子银行视为商业银行 …

We provide a theory of the determination of exchange rates based on capital flows in
imperfect financial markets. Capital flows drive exchange rates by altering the balance …

This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global
portfolio flows, differentiating across recipient region of the flows, type of flow and QE …

This paper assesses the financial market impact of ECB unconventional monetary policy
between 2007 and 2012. The paper looks at a broad range of asset prices and portfolio …

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS
European banks with sizeable holdings of GIIPS sovereign bonds declined relative to …

The traditional approach to international finance is to view capital flows as the financial
counterpart to savings and investment decisions, assuming further that the GDP boundary …

This paper explores the nature of macroeconomic spillovers from advanced economies to
emerging market economies (EMEs) and the consequences for independent use of …

Against the background of continued growth disappointments, depressed inflation
expectations, and declining real equilibrium interest rates, a number of central banks have …

Abstract We estimate the Smets–Wouters model featuring the Gertler–Karadi banking sector
on US data using real and financial observables. We investigate the gains from coordination …

We construct a two-country New Keynesian model in which US government debt has an
advantage as a superior collateral asset on the balance sheets of banks. The model can …