Znanstveno-raziskovalni seminar
Raziskovalni center Ekonomske fakultete je organiziral znanstveno-raziskovalni seminar, ki je potekal v sredo, 10. februarja 2016. Dr. Eddie Gerba (London School of Economics) je predstavil članek: »Monetary Transmission Under Competing Corporate Finance Regimes«.
Podrobnejše informacije lahko najdete v spodnjem vabilu.
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The Research Centre of the Faculty of Economics cordially invites you to a research seminar on Wednesday, 10th February 2016 at 1 p.m. in room P-109 at the Faculty of Economics, University of Ljubljana.
Author: Eddie Gerba, Research Fellow, London School of Economics
Coauthor: Paul De Grauwe, John Paulson Chair in European Political Economy, London School of Economics
will present the article:
“Monetary Transmission Under Competing Corporate Finance Regimes”
»The behavioural agent-based framework of De Grauwe and Gerba (2015) is extended to allow for a counterfactual exercise on the role of banks for monetary transmissions. A bank-based corporate financing friction is introduced and the relative contribution of that friction to the effectiveness of monetary policy is evaluated. We find convincing evidence that the monetary transmission channel is stronger in the bank-based system compared to the market-based. Impulse responses to a monetary expansion are around the double of those in the market-based framework. The (asymmetric) effectiveness of monetary policy in counteracting busts is, on the other hand, relatively higher in the market-based model. The statistical fit of the bankbased behavioural model is also improved compared to the benchmark model. Lastly, we find that a market-based (bank-based) financing friction in a general equilirbium produces highly asymmetric (symmetric) distributions and more (less) pronounced business cycles.«
You can register for the free seminar by phone (01) 58-92-490, or via e-mail: research.seminars@ef.uni-lj.si by Tuesday, 9th February 2016.
We look forward to seeing you!