Casares Polo, Miguel

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https://academica-e.unavarra.es/handle/2454/48813

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Casares Polo

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Miguel

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Economía

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-3672-4196

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88580

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2468

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Start date: 2019 × Subject: Business cycles ×

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Now showing 1 - 2 of 2
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    PublicationOpen Access
    Loan production and monetary policy
    (Cambridge University Press, 2019) Casares Polo, Miguel; Deidda, Luca; Galdón Sánchez, José Enrique; Economía; Ekonomia
    The authors examine optimal monetary policy in a New Keynesian model with unemployment and financial frictions where banks produce loans using equity as collateral. Firms and households demand loans to finance externally a fraction of their flows of expenditures. Our findings show amplifying business-cycle effects of a more rigid loan production technology. In the monetary policy analysis, the optimal rule clearly outperforms a Taylor-type rule. The optimized interest-rate response to the external finance premium turns significantly negative when either banking rigidities are high or when financial shocks are the only source of business cycle fluctuations.
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    PublicationOpen Access
    A portfolio-choice model to analyze the recent gross capital flows between Canada and the US
    (2019) Casares Polo, Miguel; Villar Olano, Alba del; Economía; Ekonomia
    We calibrate a two-country New Keynesian model with endogenous portfolio choice and valuation effects to discuss the determinants of the increase in Canadian Net Foreign Assets with the US observed after 2012. Furthermore, we discuss the shocks that may explain the “reversed two-way” capital flows pattern recently characterizing the Canada-US asset trading: Canada has a negative position on bond holdings owned by US investors while a positive balance emerges on its equity holdings from US firms. The combination of a global technology shock, the US fiscal contraction, an adverse wage-push shock in the US and the greater monetary stimulus in the US than in Canada (QE) provide insights to describe the recent capital flows between Canada and the US. Both the QE and the negative wage-push shock in the US play a crucial role as explanatory factors through substantial valuation effects.