This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as...
Christoph Große Steffen, Philipp Engler
Frankfurt am Main,
21.07.2014
- 22.07.2014| Fiscal Policy and Macroeconomic Performance: Joint Conference. Deutsche Bundesbank, Stiftung Geld und Währung, Kiel Institute for the World Economy, University of Kiel
Kati Schindler, Valeria Groppo
Berlin,
17.07.2014
| Seminar Series on Research in Development Economics: Extreme Weather Events and Child Health: Evidence from Mongolia: Development Economics Network Berlin
Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
Kuta, Bali, Indonesien,
16.07.2014
- 18.07.2014| EcoMod2014: International Conference on Economic Modeling
Songül Tolan
Berlin,
16.07.2014
- 04.07.2014| Cluster-Seminar Öffentliche Finanzen und Lebenslagen: The Role of Time Preferences in Educational Decision Making
Daniel Huppmann, Jonas Egerer
Barcelona, Spanien,
13.07.2014
- 18.07.2014| 20th Conference of the International Federation of Operational Research Societies
Daniel Huppmann
Berlin,
08.07.2014
| Modeling Advances of Resource Markets in Times of the Fossil Renaissance: Project Workshop "RESOURCES" and "Green Paradox". Universität Potsdam, DIW Berlin, and PIK
Roman Mendelevitch
Berlin,
08.07.2014
| Modeling Advances of Resource Markets in Times of the Fossil Renaissance: Project Workshop "RESOURCES" and "Green Paradox". Universität Potsdam, DIW Berlin, and PIK
Philipp M. Richter
Berlin,
08.07.2014
| Modeling Advances of Resource Markets in Times of the Fossil Renaissance: Project Workshop "RESOURCES" and "Green Paradox". Universität Potsdam, DIW Berlin, and PIK