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Systemic sovereign risk: macroeconomic implications in the euro area

Bahaj, Saleem A. - London School of Economics (LSE) - 2014

sovereign risk premia were an important driver of the economic dynamics of crisis-hit countries, explaining 30-50% of the … country-specific events during the crisis in Europe to the sovereign risk premia in the remainder of the union. I construct a … new dataset of critical events in foreign crisis-hit countries and I measure the impact of these events on yields in the …

Persistent link: https://www.econbiz.de/10011126365

Have the US macro-financial linkages changed? the balance sheet dimension

Gerba, Eddie - London School of Economics (LSE) - 2014

We establish a set of US stylized facts on prices, quantities and balance sheets, assess the consistency of the current generation of financial DSGE models to these, and provide guidance on the challenges ahead. We mainly find four aspects which future financial friction models should take into...

Persistent link: https://www.econbiz.de/10011126533

Collateral value and forbearance lending

Chen, Nan-Kuang; Chu, Hsiao-Lei - London School of Economics (LSE) - 2003

We investigate the foreclosure policy of collateral-based loans in which the endogenous collateral value plays a crucial role. If creditors are able to commit, then the equilibrium arrangement is more likely to feature forebearance lending by specifying a lower level of liquidation (or roll over...

Persistent link: https://www.econbiz.de/10011071282

Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution

Buiter, Willem H. - London School of Economics (LSE) - 2003

An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...

Persistent link: https://www.econbiz.de/10010745321

Resurrecting the participation margin

Ebell, Monique - London School of Economics (LSE) - 2008

This paper considers a real business cycle model with search frictions in the labor market and labor supply which is elastic along the extensive (participation) margin. Previous authors have found that such models generate counterfactually procyclical unemployment and a positively-sloped...

Persistent link: https://www.econbiz.de/10010745347

Evaluating the performance of the search and matching model

Yashiv, Eran - London School of Economics (LSE) - 2005

Does the search and matching model fit aggregate U.S. labor market data? While the model has become an important tool of macroeconomic analysis, recent literature pointed to some failures in accounting for the data. This paper aims to answer two questions: (i) Does the model fit the data, and,...

Persistent link: https://www.econbiz.de/10011071277

Labor search and matching in macroeconomics

Yashiv, Eran - London School of Economics (LSE) - 2007

The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What...

Persistent link: https://www.econbiz.de/10011071476

The Causal Powers of Social Change: the Case of Modern Greek Society

Chalari, Athanasia - London School of Economics (LSE) - 2012

from the Greek crisis also involves an alteration in the ways that Greeks perceive and consider social reality and …

Persistent link: https://www.econbiz.de/10010686680

Aggregate and regional disaggregate fluctuations

Quah, Danny - London School of Economics (LSE) - 1996

This paper models uctuations in regional disaggregates as a nonsta- tionary, dynamically evolving distribution. Doing so enables study of the dynamics of aggregate uctuations jointly with those of the rich cross-section of regional disaggregates. For the US, the leading state| regardless of...

Persistent link: https://www.econbiz.de/10010928698

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326

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