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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10011083232
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Business Cycle Synchronization Since 1880
Artis, Michael J; Chouliarakis, George; Harischandra, PKG - C.E.P.R. Discussion Papers - 2011
This paper studies the international business cycle behaviour across 25 advanced and emerging market economies for which 125 years of annual GDP data are available. The picture that emerges is more fragmented than the one drawn by studies that focused on a narrower set of advanced market...
Persistent link: https://www.econbiz.de/10009003371
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Earnings Inequality and the Business Cycle
Barlevy, Gadi; Tsiddon, Daniel - C.E.P.R. Discussion Papers - 2004
Economists have long viewed recessions as contributing to increasing inequality. This conclusion is largely based on data from a period in which inequality was increasing over time, however. This Paper examines the connection between long-run trends and cyclical variation in earnings inequality....
Persistent link: https://www.econbiz.de/10005666956
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Globalization and Business Cycle Transmission
Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008
separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …
Persistent link: https://www.econbiz.de/10005792022
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Business cycle synchronization during US recessions since the beginning of the 1870s
Antonakakis, Nikolaos - In: Economics Letters 117 (2012) 2, pp. 467-472
. Using a dynamic measure of correlations, results depend on the globalization period under consideration. During the 2007 …
Persistent link: https://www.econbiz.de/10010580451
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010969257
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Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after...
Persistent link: https://www.econbiz.de/10010969301
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, Carmen M.; Rogoff, Kenneth S. - In: American Economic Review 104 (2014) 5, pp. 50-55
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the...
Persistent link: https://www.econbiz.de/10010815541
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419