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Lessons from the 1930s' Great Depression

Crafts, Nicholas; Fearon, Peter - C.E.P.R. Discussion Papers - 2010

This paper provides a survey of the Great Depression comprising both a narrative account and adetailed review of the empirical evidence focusing especially on the experience of the United States. We examine the reasons for and the flawed resolution of the American banking crisis as well as the...

Persistent link: https://www.econbiz.de/10008682882

Currency Crisis and Unemployment: Sterling in 1931

Eichengreen, Barry; Jeanne, Olivier - C.E.P.R. Discussion Papers - 1998

This paper studies the role of unemployment in sterling’s inter-war experience. According to most narrative accounts, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British governments to pursue reflationary policies. We present...

Persistent link: https://www.econbiz.de/10005792142

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

The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...

Persistent link: https://www.econbiz.de/10011083739

Depression Econometrics: A FAVAR Model of Monetary Policy During the Great Depression

Ahmadi, Pooyan Amir; Ritschl, Albrecht - C.E.P.R. Discussion Papers - 2009

The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...

Persistent link: https://www.econbiz.de/10008558583

The Economic Consequences of the Franc Poincare

Eichengreen, Barry; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1986

Following the fiscal stabilisation of 1926 and the accompanying return of the French franc to the Gold Standard, France …

Persistent link: https://www.econbiz.de/10005281353

The Central Banker as a Risk Manager: Quantifying and Forecasting Inflation Risks

Kilian, Lutz; Manganelli, Simone - C.E.P.R. Discussion Papers - 2003

forecast the risks of worldwide deflation for horizons of up to two years. Although recently fears of worldwide deflation have … increased, we find that, as of September 2002, with the exception of Japan, there is no evidence of substantial deflation risks …. We also put the estimates of deflation risk for the United States, Germany and Japan into historical perspective. We find …

Persistent link: https://www.econbiz.de/10005123620

A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986

The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a...

Persistent link: https://www.econbiz.de/10005497804

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

The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the low credibility of stabilization policies and a...

Persistent link: https://www.econbiz.de/10005123602

Central Bank Communication and Output Stabilization

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2004

Some central banks have a reputation for being secretive. A justification for this behaviour that we find in the literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...

Persistent link: https://www.econbiz.de/10005124006

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