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Macroeconomic Equilibrium and Reform in a Transitional Economy
Dixon, Huw David - C.E.P.R. Discussion Papers - 1993
We build a general equilibrium macroeconomic model of a transitional economy to reflect five stylized facts. Among these are that central planning has left a legacy of highly concentrated industry and a residue of price controls and rationing. An `almost Classical' dichotomy obtains in the...
Persistent link: https://www.econbiz.de/10005067476
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Financial Shocks, Unemployment, and Public Policy
Driffill, John - C.E.P.R. Discussion Papers - 2013
This paper is based on presentation given at the June 2011 Conference of the Centre for Growth and Business Cycle Research at the University of Manchester. It reviews key features of the 2007-08 financial crisis, the subsequent 'great recession' and the European public debt problems; in the...
Persistent link: https://www.econbiz.de/10011083899
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Search and Matching in Macroeconomics
Yashiv, Eran - C.E.P.R. Discussion Papers - 2006
This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...
Persistent link: https://www.econbiz.de/10005792066
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The Cost of Banking Regulation
Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2006
We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to...
Persistent link: https://www.econbiz.de/10005792358
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Imperfect Competition and Macroeconomics: A Survey
Dixon, Huw David; Rankin, Neil - C.E.P.R. Discussion Papers - 1992
theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature …
Persistent link: https://www.econbiz.de/10005661642
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Two Monetary Tools: Interest Rates and Haircuts
Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10008642875
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Explaining Forward Exchange Bias .... Intra-day
Lyons, Richard K; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994
Intra-day interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the...
Persistent link: https://www.econbiz.de/10005124023
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Money Illusion and Housing Frenzies
Brunnermeier, Markus K; Julliard, Christian - C.E.P.R. Discussion Papers - 2007
A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example … account that inflation lowers future real mortgage costs. We decompose the price-rent ratio in a rational component — meant to … capture the proxy effect and risk premia — and an implied mispricing. We find that inflation and nominal interest rates …
Persistent link: https://www.econbiz.de/10005067397
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Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva; Blass, Asher; Yosha, Oved - C.E.P.R. Discussion Papers - 2002
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by tight money. We examine several interpretations and conclude that the impact is transmitted...
Persistent link: https://www.econbiz.de/10005504673
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The Wealth-Consumption Ratio
Lustig, Hanno; van Nieuwerburgh, Stijn; Verdelhan, Adrien - C.E.P.R. Discussion Papers - 2012
We derive new estimates of total wealth, the returns on total wealth, and the wealth effect on consumption. We estimate the prices of aggregate risk from bond yields and stock returns using a no-arbitrage model. Using these risk prices, we compute total wealth as the price of a claim to...
Persistent link: https://www.econbiz.de/10011083953