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Financial crises and the composition of cross-border lending

Hale, Galina; Cerutti, Eugenio; Minoiu, Camelia - Federal Reserve Bank of San Francisco - 2014

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures, which account for almost one third of total cross-border loan exposures, increased...

Persistent link: https://www.econbiz.de/10010891279

A robust Hansen-Sargent prediction formula

Kasa, Kenneth - Federal Reserve Bank of San Francisco - 2000

findings of excess sensitivity of consumption and asset prices to new information. …

Persistent link: https://www.econbiz.de/10005514425

Asset price declines and real estate market illiquidity: evidence from Japanese land values

Krainer, John; Spiegel, Mark; Yamori, Nobuyoshi - Federal Reserve Bank of San Francisco - 2005

. The variance of agent valuations determines how quickly prices adjust following a shock to fundamentals. We examine the …

Persistent link: https://www.econbiz.de/10005498403

Some implications of using prices to measure productivity in a two-sector growth model

Marquis, Milton; Trehan, Bharat - Federal Reserve Bank of San Francisco - 2003

sector-specific TFPs based solely on factor prices and the relative price of intermediate goods to final goods over the 1959 …

Persistent link: https://www.econbiz.de/10005401561

A model of endogenous nontradability and its implications for the current account

Glick, Reuven; Bergin, Paul R. - Federal Reserve Bank of San Francisco - 2003

This paper analyzes how a model where goods are endogenously nontraded can help explain the relationship between the current account and real exchange rate fluctuations. We formulate a small open economy two-period model in which goods switch endogenously between being traded or nontraded. The...

Persistent link: https://www.econbiz.de/10005401571

The responses of wages and prices to technology shocks

Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Bank of San Francisco - 2003

-founded dynamic general equilibrium (DGE) model of the U.S. economy with sticky wages and sticky prices using impulse responses to … permanent technology shock, implying that, on average, prices adjust quickly and that there is little evidence for any intrinsic …

Persistent link: https://www.econbiz.de/10005401614

Productivity, tradability, and the long-run price puzzle

Bergin, Paul; Glick, Reuven; Taylor, Alan M. - Federal Reserve Bank of San Francisco - 2004

Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the “Balassa-Samuelson” effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is...

Persistent link: https://www.econbiz.de/10011026918

The cyclical behavior of prices: interpreting the evidence

Judd, John P.; Trehan, Bharat - Federal Reserve Bank of San Francisco - 1993

Whether prices are pro- or counter-cyclical represents a major difference in the predictions of models that focus on … supply. Earlier studies have interpreted their finding of generally negative cross-correlations between output and prices in … generated them, or whether prices are best characterized as pro- or counter-cyclical. In fact, negative price output …

Persistent link: https://www.econbiz.de/10005078264

A monetary model of prices and exchange rates

Keran, Michael W. - Federal Reserve Bank of San Francisco - 1979

Persistent link: https://www.econbiz.de/10005078287

On using relative prices to measure capital-specific technological progress

Marquis, Milton; Trehan, Bharat - Federal Reserve Bank of San Francisco - 2005

processes in the two sectors. Restrictions from this model are used with data on wages and prices to construct measures of …

Persistent link: https://www.econbiz.de/10005712216