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Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - Federal Reserve Board (Board of Governors of the … - 2014

controlling for standard risk factors. Liquidity deteriorates on FTS days both in the bond and equity markets. Both economic …

Persistent link: https://www.econbiz.de/10010787051

Estimating U.S. Cross-Border Securities Positions: New Data and New Methods

Bertaut, Carol C.; Judson, Ruth - Federal Reserve Board (Board of Governors of the … - 2014

The role of capital flows in the buildup to the global financial crisis and the potential vulnerabilities posed by capital flows to emerging market economies highlight the importance of reliable and timely measures of cross-border investment activity to better monitor developments as they...

Persistent link: https://www.econbiz.de/10010892322

Tying loan interest rates to borrowers' CDS spreads

Ivanov, Ivan T.; Santos, Joao A. C.; Vo, Thu - Federal Reserve Board (Board of Governors of the … - 2014

We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected borrowing costs. We find that CDS-based loans are associated with lower interest rates, both at origination and during the life of the loan. Our results...

Persistent link: https://www.econbiz.de/10010937969

Inflation Dynamics During the Financial Crisis

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - Federal Reserve Board (Board of Governors of the … - 2015

Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which...

Persistent link: https://www.econbiz.de/10011255348

Financing Constraints and Unemployment: Evidence from the Great Recession

Duygan-Bump, Burcu; Leykov, Alexey; Montoriol-Garriga, Judit - Federal Reserve Board (Board of Governors of the … - 2014

Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United States are one of the drivers explaining the unemployment dynamics during the Great Recession. We show that workers in small firms are more likely...

Persistent link: https://www.econbiz.de/10011075116

Macroeconomic Policy Games

Bodenstein, Martin; Guerrieri, Luca; LaBriola, Joe - Federal Reserve Board (Board of Governors of the … - 2014

Strategic interactions between policymakers arise whenever each policymaker has distinct objectives. Deviating from full cooperation can result in large welfare losses. To facilitate the study of strategic interactions, we develop a toolbox that characterizes the welfare-maximizing cooperative...

Persistent link: https://www.econbiz.de/10011075124

Financial Frictions, Financial Shocks, and Aggregate Volatility

Fuentes-Albero, Cristina - Federal Reserve Board (Board of Governors of the … - 2014

an easier access to credit, while a higher exposure to financial risk determines the immoderation of balance sheet …

Persistent link: https://www.econbiz.de/10011075129

Financial Frictions and Macroeconomic Fluctuations in Emerging Economies

Akinci, Ozge - Federal Reserve Board (Board of Governors of the … - 2014

Estimated dynamic models of business cycles in emerging markets deliver counterfactual predictions for the country risk … which a time-varying country risk premium emerges endogenously. In the proposed model, a firm's borrowing rate adjusts … model and find that it can account for the volatility and the countercyclicality of country risk premium as well as for …

Persistent link: https://www.econbiz.de/10011075149

Financial Business Cycles

Iacoviello, Matteo - Federal Reserve Board (Board of Governors of the … - 2014

Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy --...

Persistent link: https://www.econbiz.de/10010892324

Firm Entry and Employment Dynamics in the Great Recession

Siemer, Michael - Federal Reserve Board (Board of Governors of the … - 2014

The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points....

Persistent link: https://www.econbiz.de/10010886223

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