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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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Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations
Peersman, Gert; Wagner, Wolf - C.E.P.R. Discussion Papers - 2015
Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …
Persistent link: https://www.econbiz.de/10011262887
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Inefficient Provision of Liquidity
Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2011
We study an economy where the lack of a simultaneous double coincidence of wants creates the need for a relatively safe asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of liquidity is inefficient. The reason is that liquidity...
Persistent link: https://www.econbiz.de/10009246599
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A DSGE model of banks and financial intermediation with default risk
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011
This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...
Persistent link: https://www.econbiz.de/10009293986
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When Credit Bites Back: Leverage, Business Cycles, and Crises
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2011
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10009365001
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Money and the Size of Transactions
Zeira, Joseph - C.E.P.R. Discussion Papers - 2005
Consumers make transactions of different sizes over time. This paper shows that this fact, together with transaction costs of various assets, can help in developing a theory of liquidity. Assets with different cost structures are used to purchase different sizes of transactions. This can explain...
Persistent link: https://www.econbiz.de/10005666420
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The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition
Kierzenkowski, Rafal - C.E.P.R. Discussion Papers - 2002
This Paper examines the consequences of interactions between the bank lending channel and the traditional interest rate … system with sterilized intervention and a pure floating rate system, we establish that the bank lending channel can generate … spread between the loan rate and the central bank's intervention rate are found to be a good indicator of amplification and …
Persistent link: https://www.econbiz.de/10005666443
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Consumption and Credit Constraints: International evidence
Bacchetta, Philippe; Gerlach, Stefan - C.E.P.R. Discussion Papers - 1997
If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit conditions as well as to income. Moreover, the ‘excess sensitivity’ may vary over time. Using data for Canada, France, Japan, the United Kingdom and the United States, we find a...
Persistent link: https://www.econbiz.de/10005666583
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Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market
DellAriccia, Giovanni; Igan, Deniz; Laeven, Luc - C.E.P.R. Discussion Papers - 2008
This paper studies the relationship between the recent boom and current delinquencies in the subprime mortgage market. Specifically, we analyze the extent to which this relationship can be explained by a decrease in lending standards that is unrelated to improvements in underlying economic...
Persistent link: https://www.econbiz.de/10005666586
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A Peek Inside The Black Box: The Monetary Transmission Mechanism In Japan
Bayoumi, Tamim; Morsink, James - C.E.P.R. Discussion Papers - 2000
other sources for a shortfall in bank borrowing, and that business investment is especially sensitive to monetary shocks. We …
Persistent link: https://www.econbiz.de/10005666763