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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Monetary policy implications of financial frictions in the Czech republic
 Ryšánek, Jakub ; Tonner, Jaromír ; Vašíček, Osvald
As the global economy seems to be recovering from the 2009 financial crisis, we find it desirable to look back and analyze the Czech economy ex post. We work with a Swedish New Keynesian model of a small open economy which embeds financial frictions in light of the financial accelerator literature.
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Sand in the wheels: a dynamic global-game approach
 Mathevet, L. ; Steiner, Jakub
We study the impact of frictions on the prevalence of systemic crises. Agents privately learn about a fixed payoff parameter, and repeatedly adjust their investments while facing transaction costs in a dynamic global game. The model has a rich structure of externalities: payoffs may depend on the volume of aggregate investment, on the concentration of investment, or on its volatility. We examine how small frictions, including those similar to the Tobin tax, affect the equilibrium. We identify conditions under which frictions discourage harmful behavior without compromising investment volume. The analysis is driven by a robust invariance result: the volume of aggregate investment (measured in a pivotal contingency) is invariant to a large family of frictions.
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