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Financial networks: contagion, commitment, and private sector bailouts
Leitner, Yaron - Federal Reserve Bank of Philadelphia - 2004
formal commitments are impossible. However, in some cases (for example, when liquidity is concentrated among a small group of …
Persistent link: https://www.econbiz.de/10005717332
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Dynamic market participation and endogenous information aggregation
Yu, Edison G. - Federal Reserve Bank of Philadelphia - 2013
This paper studies information aggregation in financial markets with recurrent investor exit and entry. I consider a dynamic general equilibrium model of asset trading with private information and collateral constraints. Investors differ in their aversion to Knightian uncertainty: When...
Persistent link: https://www.econbiz.de/10010713995
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Overconfidence in financial markets and consumption over the life cycle
Caliendo, Frank; Huang, Kevin X. D. - Federal Reserve Bank of Philadelphia - 2007
Overconfidence is a widely documented phenomenon. Empirical evidence reveal two types of overconfidence in financial markets: investors both overestimate the average rate of return to their assets and underestimate uncertainty associated with the return. This paper explores implications of...
Persistent link: https://www.econbiz.de/10005389548
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Financial development and economic growth
Khan, Aubhik - Federal Reserve Bank of Philadelphia - 1999
The author develops a theory of financial development based on the costs associated with the provision of external finance. These costs are assumed to arise within an environment where informational asymmetries between borrowers and lenders are costly to resolve. When borrowing is limited,...
Persistent link: https://www.econbiz.de/10005389638
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Financial markets, intermediaries, and intertemporal smoothing
Allen, Franklin; Gale, Douglas - Federal Reserve Bank of Philadelphia - 1995
Persistent link: https://www.econbiz.de/10005389642
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Financial intermediaries, markets, and growth.
Fecht, Falko; Huang, Kevin X. D.; Martin, Antoine - Federal Reserve Bank of Philadelphia - 2004
We build a model in which financial intermediaries provide insurance to households against a liquidity shock …
Persistent link: https://www.econbiz.de/10005512354
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Lliquidity, trends, and the great recession
Guerron-Quintana, Pablo; Jinnai, Ryo - Federal Reserve Bank of Philadelphia - 2014
The authors study the impact that the liquidity crunch in 2008-2009 had on the U.S. economy’s growth trend. To this end …, the authors propose a model featuring endogenous productivity a la Romer and a liquidity friction a la Kiyotaki-Moore. A … key finding in the authors’ study is that liquidity declined around the Lehman Brothers’ demise, which led to the severe …
Persistent link: https://www.econbiz.de/10010930295
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Monetary policy: decision-making, tools, and objectives
Anderson, Clay J. - 1961
Persistent link: https://www.econbiz.de/10002956434
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Economic insights
Federal Reserve Bank of Philadelphia - Philadelphia, Pa. : Federal Reserve Bank of Philadelphia - Volume 1, issue 1 (1st quarter 2016)-
Persistent link: https://www.econbiz.de/10012207426
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Communicating a systematic monetary policy
Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2014
Society of American Business Editors and Writers Fall Conference, City University of New York (CUNY) Graduate School of Journalism. New York, NY. President Charles Plosser gives his views on the regional and national economy and discusses why he remains optimistic about the economic outlook. He...
Persistent link: https://www.econbiz.de/10010941663