Narrow search
Showing 1 - 10 of 380
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison
Cukierman, Alex - C.E.P.R. Discussion Papers - 2014
This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following … substantially higher than previously believed, in the EA). The paper shows that, although the behavior of banks’ credit following … differences in the relative importance of banking credit within the total amount of credit intermediated through banks and bond …
Persistent link: https://www.econbiz.de/10011096105
Cover Image
Shifting Credit Standards and the Boom and Bust in US House Prices
Duca, John V; Muellbauer, John; Murphy, Anthony - C.E.P.R. Discussion Papers - 2011
The U.S. house price boom has been linked to an unsustainable easing of mortgage credit standards. However, standard … time series models of US house prices omit credit constraints and perform poorly in the 2000’s. We incorporate data on … credit constraints for first time buyers into a model of US house prices based on the (inverted) demand for housing services …
Persistent link: https://www.econbiz.de/10009001066
Cover Image
House Prices and Credit Constraints: Making Sense of the US Experience
Duca, John V; Muellbauer, John; Murphy, Anthony - C.E.P.R. Discussion Papers - 2011
Most US house price models break down in the mid-2000's, due to the omission of exogenous changes in mortgage credit …. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions …
Persistent link: https://www.econbiz.de/10009003148
Cover Image
Hope, Change, and Financial Markets: Can Obama's Words Drive the Market?
Sazedj, Sharmin; Tavares, José - C.E.P.R. Discussion Papers - 2011
Barack Obama’s victory in the 2009 presidential elections in the United States is widely credited to his personal charisma and his extraordinary rhetorical powers, as revealed throughout the campaign. President Obama was inaugurated in the midst of the worst economic crisis in the country,...
Persistent link: https://www.econbiz.de/10009399716
Cover Image
Central Banks and the Financial System
Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...
Persistent link: https://www.econbiz.de/10008466344
Cover Image
Democracy and Reforms
Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2009
Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and...
Persistent link: https://www.econbiz.de/10005662186
Cover Image
Demand-Driven Financial Development
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1995
The historical record suggests that economic development is associated with the rise of the financial sector. This rise is often triggered by exogenous events such as large budget deficits generated by wars or the availability of large investment projects such as railroads. This paper discusses...
Persistent link: https://www.econbiz.de/10005789013