Search Results

Showing results 1 to 3 of approximately 3.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:Government Bonds 

Working Paper
Why Are Banks Not Recapitalized During Crises?

I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. Low-capital banks optimally tilt their government bond portfolio toward domestic securities, linking their destiny to that of the sovereign. If the sovereign risk is sufficiently high, low-capital banks reduce private lending to further increase their holdings of domestic government bonds, lowering sovereign yields and supporting the home sovereign debt capacity. The model rationalizes, in the context of the eurozone periphery, the increase in domestic government bond holdings, the reduction ...
Finance and Economics Discussion Series , Paper 2017-084

Journal Article
Safe-Haven Performance in the Age of Bitcoin

In past periods of financial stress, investors seeking “safe havens” have shifted toward government bonds and gold. In recent years, some have questioned whether Bitcoin could also serve as a safe haven. We compare the behavior of government bonds, gold, and Bitcoin from January 1995 through February 2020 and find that the 10-year Treasury note behaved like a safe haven consistently, gold occasionally, and Bitcoin never. During March 2020, however, none of the assets can be classified with confidence as a safe haven.
Economic Bulletin , Issue April 15, 2020 , Pages 4

Working Paper
Should Capital Be Taxed?

We design an infinite-horizon heterogeneous-agents and incomplete-markets model to demonstrate analytically that in the absence of any redistributional effects of government policies, optimal capital tax is zero despite capital overaccumulation under precautionary savings and borrowing constraints. Our result indicates that public debt is a better tool than capital taxation to restore aggregate productive efficiency.
Working Papers , Paper 2020-033

FILTER BY year

FILTER BY Content Type

FILTER BY Author

Chen, Yunmin 1 items

Chien, YiLi 1 items

Crosignani, Matteo 1 items

Maniff, Jesse Leigh 1 items

Minhas, Sabrina 1 items

Rodziewicz, David 1 items

show more (4)

FILTER BY Jel Classification

C61 1 items

E22 1 items

E44 1 items

E62 1 items

F33 1 items

G21 1 items

show more (4)

FILTER BY Keywords

PREVIOUS / NEXT