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Inflation, Monetary Policy and Stock Market Conditions

Bordo, Michael D. - 2008

This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the … episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the … postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central …

Persistent link: https://www.econbiz.de/10012464627

Money and Interest Rates with Endogeneously Segmented Markets

Alvarez, Fernando - 1999

This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the...

Persistent link: https://www.econbiz.de/10012471741

Money, Credit and Interest Rates in the Business Cycle

Friedman, Benjamin M. - 1984

Fluctuations of business activity in the United States clearly have their monetary and financial side, but these aspects of U.S. economic fluctuations exhibit few quantitative regularities that have persisted unchanged across spans of tine over which the nation's financial markets have...

Persistent link: https://www.econbiz.de/10012477605

The Effect of Risk on Interest Rates : A Synthesis of the Macroeconomic and Financial Views

Kouri, Pentti J.K. - 1981

This paper analyzes the effects of real income and price level uncertainty on equilibrium interest rates. It is demonstrated that even if there are no outside nominal assets, the interest rate on nominal bonds contains a risk premium, or as the case may be, a risk discount. The sign, and the...

Persistent link: https://www.econbiz.de/10012478478

Financial Market Risk Perceptions and the Macroeconomy

Pflueger, Carolin - 2019

We propose a novel measure of risk perceptions: the price of volatile stocks (PVS<sub>t</sub>), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS<sub>t</sub> is high when perceived risk directly measured from surveys and option prices is low....

Persistent link: https://www.econbiz.de/10012480235

Systemic Risk and the Refinancing Ratchet Effect

Khandani, Amir E. - 2009

The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...

Persistent link: https://www.econbiz.de/10012463288

Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed

Bernstein, Asaf - 2008

We use the founding of the Federal Reserve as a historical experiment to provide some insight into whether a lender of last resort can stabilize financial markets. Following the Panic of 1907, Congress passed two measures that established a lender of last resort in the United States: (1) the...

Persistent link: https://www.econbiz.de/10012464225

Landed Interests and Financial Underdevelopment in the United States

Rajan, Raghuram G. - 2008

Landed elites in the United States in the early decades of the twentieth century played a significant role in restricting the development of finance. States that had higher land concentration passed more restrictive banking legislation. At the county level, counties with very concentrated land...

Persistent link: https://www.econbiz.de/10012464300

The Political Economy of Financial Regulation : Evidence from U.S. State Usury Laws in the 19th Century

Benmelech, Efraim - 2007

We investigate the causes and consequences of financial regulation by studying the political economy of U.S. state usury laws in the 19th century. We find evidence that usury laws were binding and enforced and that lending activity was affected by rate ceilings. Exploiting the heterogeneity...

Persistent link: https://www.econbiz.de/10012465805

Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets

Alvarez, Fernando - 2000

observed negative relation between expected inflation and real interest rates. With moderate amounts of segmentation, the model …

Persistent link: https://www.econbiz.de/10012470866

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