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Christiano, Lawrence J. (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001676634

Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge E. - 2021

What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what … ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time … the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a …

Persistent link: https://www.econbiz.de/10013248087

Government Policy, Credit Markets and Economic Activity

Christiano, Lawrence J. - 2011

The US government has recently conducted large scale purchases of assets and implemented policies that reduced the cost of funds to financial institutions. Arguably these policies have helped to correct credit market dysfunctions, allowing interest rate spreads to shrink and output to begin a...

Persistent link: https://www.econbiz.de/10013123690

The History and Economics of Safe Assets

Gorton, Gary B. - 2016

Safe assets play a critical role in an(y) economy. A “safe asset” is an asset that is (almost always) valued at face …

Persistent link: https://www.econbiz.de/10012993225

The Simple Analytics of Monetary Policy : A Post-Crisis Approach

Friedman, Benjamin M. - 2013

The standard workhorse models of monetary policy now commonly in use, both for teaching macroeconomics to students and for supporting policymaking within many central banks, are incapable of incorporating the most widely accepted accounts of how the 2007-9 financial crisis occurred and incapable...

Persistent link: https://www.econbiz.de/10013083392

Optimal Monetary Policy in a 'Sudden Stop'

Braggion, Fabio - 2010

In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply. We describe an environment in which this is the optimal monetary policy. The optimality of the immediate rise in the interest rate is an example of the theory of the second...

Persistent link: https://www.econbiz.de/10012759929

Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has it Changed the Theory of Monetary Policy?

Friedman, Benjamin M. - 2014

I argue in this paper that one of the two forms of hitherto unconventional monetary policy that many central banks have implemented in response to the 2007 financial crisis - large-scale asset purchases, or to put the matter more generically, use of the central bank's balance sheet as a distinct...

Persistent link: https://www.econbiz.de/10013053846

Optimal Monetary Policy in a Collateralized Economy

Gorton, Gary B. - 2016

, which have a convenience yield. In the new economy the quality of collateral matters: when Treasuries are scarce, the …

Persistent link: https://www.econbiz.de/10012983667

The Run on Repo and the Fed's Response

Gorton, Gary B. - 2018

The Financial Crisis began and accelerated in short-term money markets. One such market is the multi-trillion dollar sale-and-repurchase (“repo”) market, where prices show strong reactions during the crisis. The academic literature and policy community remain unsettled about the role of repo...

Persistent link: https://www.econbiz.de/10012913789

Getting Up to Speed on the Financial Crisis : a One-Weekend-Reader's Guide

Gorton, Gary B. - 2012

All economists should be conversant with "what happened?" during the financial crisis of 2007-2009. We select and summarize 16 documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...

Persistent link: https://www.econbiz.de/10013112036