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Which financial frictions? : parsing the evidence from the financial crisis of 2007-09

Adrian, Tobias; Colla, Paolo; Shin, Hyun Song - 2011

The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during...

Persistent link: https://www.econbiz.de/10009411381

Money, liquidity, and monetary policy

Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2009

In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a...

Persistent link: https://www.econbiz.de/10003812553

The effects of the saving and banking glut on the US economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

We use a quantitative equilibrium model with houses, collateralized debt, and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one-fourth and one-third of the increase...

Persistent link: https://www.econbiz.de/10010202659

The changing nature of financial intermediation and the financial crisis of 2007-09

Adrian, Tobias; Shin, Hyun Song - 2010

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the...

Persistent link: https://www.econbiz.de/10003948811

Global trends in interest rates

Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2018

The trend in the world real interest rate for safe and liquid assets fluctuated close to 2 percent for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have...

Persistent link: https://www.econbiz.de/10011904671

Credit supply and the housing boom

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2015

The housing boom that preceded the Great Recession was the result of an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices,...

Persistent link: https://www.econbiz.de/10010482958

Investment shocks and the relative price of investment

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...

Persistent link: https://www.econbiz.de/10003948199

Menu costs at work : restaurant prices and the introduction of the Euro

Hobijn, Bart (contributor); Ravenna, Federico (contributor); … - 2004 - [Elektronische Ressource]

"Restaurant prices in the Euro area saw an unprecedented increase after the introduction of the Euro. We use an … costs. The extension we use involves the state-dependent decision of firms about when to adopt the Euro. Two main mechanisms … drive the result. First, our model concentrates otherwise staggered price increases around the introduction of the Euro …

Persistent link: https://www.econbiz.de/10002521760