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Expectations, Asset Prices, and Monetary Policy : The Role of Learning

Gilchrist, Simon - 2006

This paper studies the implications of financial market imperfections represented by a countercyclical external finance premium and the gradual recognition of changes in the drift of technology growth for the design of an interest rate rule. Asset price movements induced by changes in trend...

Persistent link: https://www.econbiz.de/10012466222

What Matters for Financial Development? Capital Controls, Institutions, and Interactions

Chinn, Menzie D. - 2005

We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore...

Persistent link: https://www.econbiz.de/10012467313

The Chinese Economies in Global Context : The Integration Process and Its Determinants

Cheung, Yin-Wong - 2003

extent of capital controls, foreign direct investment linkages, as well as the magnitude of exchange rate volatility …

Persistent link: https://www.econbiz.de/10012468647

A Decomposition of Global Linkages in Financial Markets Over Time

Forbes, Kristin J. - 2003

This paper tests if real and financial linkages between countries can explain why movements in the world's largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a country's market...

Persistent link: https://www.econbiz.de/10012469145

What Happened : Financial Factors in the Great Recession

Gertler, Mark - 2018

Since the onset of the Great Recession, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real sector. The goal of this paper is to describe what we have learned from this new research and how it can be...

Persistent link: https://www.econbiz.de/10012452974

Monetary Policy Spillovers and the Trilemma in the New Normal : Periphery Country Sensitivity to Core Country Conditions

Aizenman, Joshua - 2015

, stock market prices, and the real effective exchange rates (REER)] while controlling for global and domestic factors. Next …, the arrangement of open macro policies such as the exchange rate regime and financial openness are also found to have … direct influence on the sensitivity to the center economies. An economy that pursues greater exchange rate stability and …

Persistent link: https://www.econbiz.de/10012457538

Credit Spreads as Predictors of Real-Time Economic Activity : A Bayesian Model-Averaging Approach

Faust, Jon - 2011

Employing a large number of real and financial indicators, we use Bayesian Model Averaging (BMA) to forecast real-time measures of economic activity. Importantly, the predictor set includes option-adjusted credit spread indexes based on bond portfolios sorted by maturity and credit risk as...

Persistent link: https://www.econbiz.de/10012461932

Credit Market Shocks and Economic Fluctuations : Evidence from Corporate Bond and Stock Markets

Gilchrist, Simon - 2009

To identify disruptions in credit markets, research on the role of asset prices in economic fluctuations has focused on the information content of various corporate credit spreads. We re-examine this evidence using a broad array of credit spreads constructed directly from the secondary bond...

Persistent link: https://www.econbiz.de/10012463785

Capital Account Liberalization, Institutions and Financial Development : Cross Country Evidence

Chinn, Menzie D. - 2002

of exchange restrictions that incorporates a measure of the intensity of capital controls; and (3) extend the previous …

Persistent link: https://www.econbiz.de/10012469747

The Financial Accelerator in a Quantitative Business Cycle Framework

Bernanke, Ben - 1998

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...

Persistent link: https://www.econbiz.de/10012472350