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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
, materially heighten the risk of financial crises. Both effects have become stronger in the postwar era. …
Persistent link: https://www.econbiz.de/10011145419
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10011083232
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Financial-Friction Macroeconomics with Highly Leveraged Financial Institutions
Luk, Sheung Kan; Vines, David - C.E.P.R. Discussion Papers - 2011
shocks. Financial institutions can only obtain their funds by paying an interest rate above the risk-free rate, and this risk …
Persistent link: https://www.econbiz.de/10009322500
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A Banking Explanation of the US Velocity of Money: 1919-2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - C.E.P.R. Discussion Papers - 2009
velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during …
Persistent link: https://www.econbiz.de/10008496458
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Collateralisation bubbles when investors disagree about risk
Broer, Tobias; Kero, Afroditi - C.E.P.R. Discussion Papers - 2014
contributed to higher asset prices through increased use of collateralisation, which allows risk-neutral investors to realise … perceived gains from trade. Investors with lower risk perceptions buy collateralised loans, whose downside-risk they perceive as … small. Investors with higher risk perceptions buy upside-risk through asset purchase and collateralised loan issuance …
Persistent link: https://www.econbiz.de/10011084220
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Fickle Investors: an Impediment to Growth?
Scott, Andrew; Uhlig, Harald - C.E.P.R. Discussion Papers - 1999
investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … funds dissuades risk averse agents from risky entrepreneural activities. This result opens up the possibility that some … and volatility. …
Persistent link: https://www.econbiz.de/10005661544
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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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Theoretical Notes on Bubbles and the Current Crisis
Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10008684673
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Exports and Financial Shocks
Amiti, Mary; Weinstein, David E. - C.E.P.R. Discussion Papers - 2009
A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether the drying up of trade finance can help explain the large drops in exports relative...
Persistent link: https://www.econbiz.de/10008557011
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Taking Banks to Solow
Gersbach, Hans; Rochet, Jean-Charles; Scheffel, Martin - C.E.P.R. Discussion Papers - 2015
We develop a simple integration of banks into the Solow model. The objective is to provide a tractable benchmark for analyzing the long-term impact of crises on economic activities and growth. A fraction of firms have to rely on banks for financing their investments, while banks themselves face...
Persistent link: https://www.econbiz.de/10011186631