Sovereign illiquidity and recessions

Motivated by the striking increase in sovereign spreads and the subsequent recession in Europe during 2011, I examine the importance of sovereign debt liquidity in a New Keynesian environment with wage rigidities and nancial frictions a la Kiyotaki and Moore (2012). My main ndings imply that, indepe...

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Detalles Bibliográficos
Autor principal: Gutkowski, Violeta A.
Otros Autores: Universidad Torcuato Di Tella
Formato: Tesis de maestría acceptedVersion
Lenguaje:Inglés
Publicado: Universidad Torcuato Di Tella 2017
Materias:
Recesión > 2012 > Europa
Deuda pública > 2012 > Europa
Tesis
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/2330
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-2330
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
language Inglés
orig_language_str_mv eng
topic Recesión -- 2012 -- Europa
Deuda pública -- 2012 -- Europa
Tesis
spellingShingle Recesión -- 2012 -- Europa
Deuda pública -- 2012 -- Europa
Tesis
Gutkowski, Violeta A.
Sovereign illiquidity and recessions
description Motivated by the striking increase in sovereign spreads and the subsequent recession in Europe during 2011, I examine the importance of sovereign debt liquidity in a New Keynesian environment with wage rigidities and nancial frictions a la Kiyotaki and Moore (2012). My main ndings imply that, independently of credit risk, a decrease in the liquidity of government bonds has signi cant detrimental e ects on output, employment, investment, and equity prices. Therefore, this framework suggests that ECB policies taken in 2012 aimed at introducing liquidity seem to be the desired measures, at least temporally until conventional monetary policy became e ective again.
author2 Universidad Torcuato Di Tella
author_facet Universidad Torcuato Di Tella
Gutkowski, Violeta A.
format Tesis de maestría
acceptedVersion
author Gutkowski, Violeta A.
author_sort Gutkowski, Violeta A.
title Sovereign illiquidity and recessions
title_short Sovereign illiquidity and recessions
title_full Sovereign illiquidity and recessions
title_fullStr Sovereign illiquidity and recessions
title_full_unstemmed Sovereign illiquidity and recessions
title_sort sovereign illiquidity and recessions
publisher Universidad Torcuato Di Tella
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/2330
work_keys_str_mv AT gutkowskivioletaa sovereignilliquidityandrecessions
bdutipo_str Repositorios
_version_ 1764820544281116677

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