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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

Monetary transmission in low income countries

Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010

This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...

Persistent link: https://www.econbiz.de/10008466328

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 … United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries …

Persistent link: https://www.econbiz.de/10005666583

The Role of Government Aid to Firms during the Transition to a Market Economy: Russia 1992-94

Melitz, Jacques; Waysand, Claire - C.E.P.R. Discussion Papers - 1994

for the support of output through subsidies, another for similar support through credit. The first argument relates to the …

Persistent link: https://www.econbiz.de/10005792239

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these …

Persistent link: https://www.econbiz.de/10004969128

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

combines 2008 changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages …

Persistent link: https://www.econbiz.de/10008528523

The Asymmetric Relation Between Margin Requirements and Stock Market Volatility Across Bull and Bear Markets

Hardouvelis, Gikas A; Pericli, Andreas; Theodossiou, … - C.E.P.R. Discussion Papers - 1997

EGARCH-M models based on a daily, weekly, and monthly S&P–500 returns over the period October 1934–September 1994 reveal that higher margins have a much stronger negative relation to subsequent volatility in bull markets than in bear markets. Higher margins are also negatively related to...

Persistent link: https://www.econbiz.de/10005123642

Happiness on Tap: Piped Water Adoption in Urban Morocco

Devoto, Florencia; Duflo, Esther; Dupas, Pascaline; … - C.E.P.R. Discussion Papers - 2011

subset was offered a simplified procedure to purchase a household connection on credit (at a zero percent interest rate … treatment group, despite the financial cost of the connection. Our results suggest that facilitating access to credit for …

Persistent link: https://www.econbiz.de/10008915808

Non-standard Monetary Policy Measures and Monetary Developments

Giannone, Domenico; Lenza, Michele; Pill, Huw; … - C.E.P.R. Discussion Papers - 2010

importance of money versus credit contraction in the propagation of this policy error to the wider economy and ultimately price …

Persistent link: https://www.econbiz.de/10008784743

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 …

Persistent link: https://www.econbiz.de/10011145419