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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10012463821

Testing

Bergbauer, Annika B. - 2018

School systems regularly use student assessments for accountability purposes. But, as highlighted by our conceptual model, different configurations of assessment usage generate performance-conducive incentives of different strengths for different stakeholders in different school environments. We...

Persistent link: https://www.econbiz.de/10012452885

Macroeconomic Interdependence and the International Role of the Dollar

Goldberg, Linda S. - 2008

The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that do not involve the United States are also substantially invoiced in dollars, an aspect that has...

Persistent link: https://www.econbiz.de/10012464827

Betting the House

Jordà, Òscar - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10012457895

The Great Mortgaging : Housing Finance, Crises, and Business Cycles

Jordà, Òscar - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10012458166

The Shifting Drivers of Global Liquidity

Avdjiev, Stefan - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flow to US monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10012455117

Exchange-Rate Pass-Through to Import Prices in the Euro Area

Campa, José Manuel - 2005

countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of … the introduction of the euro caused a structural change in this transmission. Although estimated point elasticities seem … to have declined since the introduction of the euro, we find little evidence of a structural break in the transmission of …

Persistent link: https://www.econbiz.de/10012467045

The Fed's International Dollar Liquidity Facilities : New Evidence on Effects

Goldberg, Linda S.; Ravazzolo, Fabiola - National Bureau of Economic Research - 2022

In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility. We provide new evidence on how the...

Persistent link: https://www.econbiz.de/10013191076

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

Goldberg, Linda S. - 2010

Following a scarcity of dollar funding available internationally to banks and financial institutions, starting in December 2007 the Federal Reserve established or expanded Temporary Reciprocal Currency Arrangements with fourteen foreign central banks. These central banks had the capacity to use...

Persistent link: https://www.econbiz.de/10012462892

Sovereign Risk, Credibility and the Gold Standard : 1870-1913 versus 1925-31

Obstfeld, Maurice - 2002

What determines sovereign risk? We study the London bondmarket from the 1870s to the 1930s. Our findings support conventional wisdom concerning the low credibility of the interwar gold standard. Before 1914 gold standard adherence effectively signalled credibility and shaved 40 to 60 basis...

Persistent link: https://www.econbiz.de/10012469360