Essays on banking, monetary policy and open economy macroeconomics
BORIS DOI
Abstract
This thesis consists of four separate and self-contained chapters on banking, monetary policy and open economy macroeconomics and thus each chapter has its own bibliography. In the first chapter I develop a theoretical, partial equilibrium banking model to analyze the impact of reserve rate policy on banks insolvency risk when banks are constraint by a zero lower bound on their deposit rate. In the second chapter, the analysis adopts a broader, international perspective. I develop a nominal general equilibrium open economy model to examine the effects of foreign flight to safety shocks—modeled as unexpected increases in demand for Swiss government bonds—by simulating their impact on the Swiss economy. In the third chapter, I combine elements from the preceding two chapters in a real open economy model featuring a banking sector. In this framework, both domestic government bonds and bank deposits serve as liquid, near-money assets that provide transactional services. The issuance of these assets generates seignorage revenues for the domestic economy, its government and banking sector and I simulate the effects of fiscal and monetary policy shocks, as well as income shocks, on seignorage revenues. The fourth chapter consists of a mimeograph that presents the theoretical model which is used and extended in the third chapter. In the next paragraphs I present a brief summary of each chapter, its main findings and its contribution.
Year of graduation
2025
Theses Type
dissertation
Language(s)
en
Author(s)
Driussi, Lorenz |
Faculty/Graduate School
Institute
Access(Rights)
open.access
Primary OA Publication
true