This paper develops a simple dynamic stochastic general equilibrium (DSGE) model
capable of evaluating the effect of large purchases of treasuries by central banks. The model …

When the nominal interest rate reaches the zero lower bound (ZLB), a conventional
monetary policy, namely, the adjustment of short-term interest rate, may become impractical …

The predictive power of the yield curve slope, or the yield spread is well established in the
United States (US) and European Union (EU) countries since 1998. However, there exists a …

Evidence in favour of the ability of the term spread to forecast economic growth of the South
African economy is non-existent. This could be due to the term spread aggregating …

A re-evaluation of the role of interest rates is necessary in the wake of the Great Recession.
This paper will re-evaluate the interpretation and empirical use of the yield spread as a …

Es zeigt sich, dass vier Indikatoren überlegen sind: das Exportklima, die
Produktionserwartungen der inländischen Unternehmen des verarbeitenden Gewerbes, der …

Before the 2007-2008 global financial crisis, nominal short interest rates generally evolved
above the zero lower bound (ZLB) and the central banks in major developed countries …

This paper examines the effects of shocks to foreign official holdings of long-term US
Treasuries (FOHL) on macroeconomic aggregates using a dynamic general equilibrium …

The dissertation consists of four papers that aim at providing new contributions in the field of
macroeconomics, monetary policy and financial stability. The first paper proposes a new …

The first chapter studies conditions under which cryptocurrency is valued and under which it
coexists with fiat money, using search-theoretic models. A cryptocurrency economy is one in …