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Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023

drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints …

Persistent link: https://www.econbiz.de/10014247967

Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets

Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023

in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …

Persistent link: https://www.econbiz.de/10014247971

What Purpose Do Corporations Purport? Evidence from Letters to Shareholders

Rajan, Raghuram Govind; Ramella, Pietro; Zingales, Luigi - National Bureau of Economic Research - 2023

Using natural language processing, we identify corporate goals stated in the shareholder letters of the 150 largest companies in the United States from 1955 to 2020. Corporate goals have proliferated, from less than one on average in 1955 to more than 7 in 2020. While in 1955, profit...

Persistent link: https://www.econbiz.de/10014247976

When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts

Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022

We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country's access to external borrowing. In turn, access to borrowing...

Persistent link: https://www.econbiz.de/10013334513

Cross-border Spillovers : How US Financial Conditions affect M&As Around the World

Bergant, Katharina; Mishra, Prachi; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023

We find that financial conditions in the core have significant spillover effects on cross-border mergers and acquisitions (M&As). On average, a 1 percentage point easing of the IMF US Financial Conditions Index is associated with approximately a 10% higher volume of cross-border M&As. The...

Persistent link: https://www.econbiz.de/10014287336

An Analysis of Pandemic-Era Inflation in 11 Economies

Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2024

In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...

Persistent link: https://www.econbiz.de/10014544809

What Caused the US Pandemic-Era Inflation?

Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2023

We answer the question posed by the title by specifying and estimating a simple dynamic model of prices, wages, and short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of product-market and labor-market shocks on prices and...

Persistent link: https://www.econbiz.de/10014322804

Financial Integration and Monetary Policy Coordination

Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2023

Financial integration generates macroeconomic spillovers that may require international monetary policy coordination. We show that individual central banks may set nominal interest rates too low or too high relative to the cooperative outcome. We identify three sufficient statistics that...

Persistent link: https://www.econbiz.de/10014447329