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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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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
Martin, Philippe; Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
We provide a first comprehensive account of the dynamics of Eurozone countries from the creation of the Euro to the Great recession. We model each country as an open economy within a monetary union and analyze the dynamics of private leverage, fiscal policy and spreads. Our parsimonious model...
Persistent link: https://www.econbiz.de/10011084051
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Global Imbalances and the Financial Crisis: Products of Common Causes
Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009
This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the transmission of these policies...
Persistent link: https://www.econbiz.de/10008557008
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Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis
Faruqee, Hamid; Laxton, Doug; Muir, Dirk; Pesenti, Paolo - C.E.P.R. Discussion Papers - 2006
In the evolving debate and analysis of global imbalances, a commonly overlooked issue pertains to rising protectionism. This paper attempts to fill that gap, examining the macroeconomic implications of trade policy changes through the lens of a dynamic general equilibrium model of the world...
Persistent link: https://www.econbiz.de/10005789140
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Oil Price Movements and the Global Economy: A Model-Based Assessment
Elekdag, Selim; Lalonde, Rene; Laxton, Doug; Muir, Dirk; … - C.E.P.R. Discussion Papers - 2008
We develop a five-region version (Canada, a group of oil exporting countries, the United States, emerging Asia and …, emerging Asia), and result in significant wealth transfers between regions. This is especially true when we consider a … goods in regions such as emerging Asia. In addition, we study the implications of higher taxes on gasoline that are used to …
Persistent link: https://www.econbiz.de/10005792228
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Gross Capital Flows: Dynamics and Crises
Broner, Fernando A; Didier, Tatiana; Erce, Aitor; … - C.E.P.R. Discussion Papers - 2011
This paper analyzes the joint behavior of international capital flows by foreign and domestic agents--gross capital flows--over the business cycle and during financial crises. We show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners...
Persistent link: https://www.econbiz.de/10009321838
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International Debt Deleveraging
Fornaro, Luca - C.E.P.R. Discussion Papers - 2015
This paper provides a framework to understand debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging, world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are...
Persistent link: https://www.econbiz.de/10011196040
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Never Say Never: Commentary on a Policymaker’s Reflections
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014
intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally …
Persistent link: https://www.econbiz.de/10011083383
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Gambling for resurrection in Iceland: the rise and fall of the banks
Baldursson, Fridrik Mar; Portes, Richard - C.E.P.R. Discussion Papers - 2013
We examine the evolution of the Icelandic banking sector in its macroeconomic environment. The story culminates in the crisis of October 2008, when all three major banks in Iceland collapsed in three successive days. The country is still struggling to cope with the consequences. The paper...
Persistent link: https://www.econbiz.de/10011084274
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The "Austerity Myth": Gain without Pain?
Perotti, Roberto - C.E.P.R. Discussion Papers - 2011
As governments around the world contemplate slashing budget deficits, the "expansionary fiscal consolidation hypothesis" is back in vogue. I argue that, as a statement about the short run, it should be taken with caution. Alesina and Perotti (1995) and Alesina and Ardagna (2010) (AAP) show that...
Persistent link: https://www.econbiz.de/10009365650