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Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680

In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a … small fraction of non-Ricardian households and, consequently, a relatively small multiplier for public transfers. We provide …

Persistent link: https://www.econbiz.de/10011529025

Financial stability policies and bank lending : quasi-experimental evidence from Federal Reserve interventions in 1920-21

Rieder, Kilian - 2020

I estimate the comparative causal effects of monetary policy "leaning against the wind" (LAW) and macroprudential policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was still decentralized, four Federal Reserve Banks...