(Un)anticipated monetary policy in a DSGE model with a shadow banking system : [Version 21 Juni 2012]

Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions

Leucena - uma arborea de uso múltiplo, para a região semi-árida do Nordeste brasileiro.

Produção e características das sementes; Semeadura; Plantio no campo

Licuri Syagrus coronata (Mart.) Becc.

Taxonomia; características da planta; distribuição geográfica; fisiologia do licuri. propagação e produtividade. potencial e importância econômica.bitstream/CPATSA/36697/1/SDC199.pd

Monetary policy shocks in a DSGE model with a shadow banking system

This paper is motivated by the recent financial crisis and addresses whether a “too low for too long” interest rate policy may generate a boom-bust cycle. We suggest a model in which a microfounded shadow banking sector is included in an otherwise state-of-the-art DSGE model. When faced with perverse incentives, financial intermediaries within the shadow banking sector can divert a fraction of stockholders’ profits for their own benefits and extend credit at a discounted rate. The model predicts that long periods of accommodative monetary policy do create the preconditions for, but do not cause per se, a boom-bust cycle. Rather, it is the combination of a persistent monetary ease with microeconomic distortions in the financial system that causes a boom-bust.monetary policy; DSGE model; shadow banking system; boom-bust

Foliar analysis of species of the genus Prosopis in the Brazilian semi-arid region.

This paper presents foliar nutrient concentrations in species of the genus Prosopis, as well as a regression equation for productivity as a function of nutrient content