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Trading Frenzies and Their Impact on Real Investment
Goldstein, Itay; Ozdenoren, Emre; Yuan, Kathy - C.E.P.R. Discussion Papers - 2010
We study a model where a capital provider learns from the price of a firm’s security in deciding how much capital to provide for new investment. This feedback effect from the financial market to the investment decision gives rise to trading frenzies, where speculators all wish to trade like...
Persistent link: https://www.econbiz.de/10008530385
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Capital Flows, Push versus Pull Factors and the Global Financial Crisis
Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011
finds that common shocks--key crisis events as well as changes to global liquidity and risk--have exerted a large effect on …
Persistent link: https://www.econbiz.de/10009207523
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Liquidity, Risk and the Global Transmission of the 2007-08 Financial Crisis and the 2010-11 Sovereign Debt Crisis
Chudik, Alexander; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2012
The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR …
Persistent link: https://www.econbiz.de/10011083738
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Bubbles and Central Banks: Historical Perspectives
Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...
Persistent link: https://www.econbiz.de/10011249380
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008692318
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A global monetary tsunami? On the spillovers of US Quantitative Easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012
prices dwarfed those of Fed announcements, underlining the importance of the market repair and liquidity functions of Fed …
Persistent link: https://www.econbiz.de/10011083739
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10005504355
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The Impact of Liquidity Regulation on Bank Intermediation
Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012
We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …
Persistent link: https://www.econbiz.de/10011084639
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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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