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The Aftermath of Financial Crises
Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2009
factor in explaining the large budget deficits and increases in debt that follow the crisis. Our estimates of the rise in …
Persistent link: https://www.econbiz.de/10005089220
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Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era
Meissner, Christopher M. - National Bureau of Economic Research (NBER) - 2013
The classical gold standard period, 1880-1913, witnessed deep economic integration. High capital imports were related to better growth performance but may also have created greater volatility via financial crises. I first document the substantial output losses from various types of crises. I...
Persistent link: https://www.econbiz.de/10010951177
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Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012
We lay down a standard macroeconomic model of a small open economy with a fixed exchange rate and study optimal capital controls (defined as maximizing the utility of a representative household). We provide sharp analytical and numerical characterizations for a variety of shocks. We find that...
Persistent link: https://www.econbiz.de/10010951293
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Banking Globalization, Monetary Transmission, and the Lending Channel
Cetorelli, Nicola; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2008
The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy...
Persistent link: https://www.econbiz.de/10005248943
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Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
Devereux, Michael B.; Engel, Charles - National Bureau of Economic Research (NBER) - 2006
This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment....
Persistent link: https://www.econbiz.de/10005079140
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International Monetary Coordination and the Great Deviation
Taylor, John B. - National Bureau of Economic Research (NBER) - 2013
Research in the early 1980s found that the gains from international coordination of monetary policy were quantitatively small compared to simply getting domestic policy right. That prediction turned out to be a pretty good description of monetary policy in the 1980s, 1990s, and until recently....
Persistent link: https://www.econbiz.de/10010785607
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Establishing Credibility: Evolving Perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. - National Bureau of Economic Research (NBER) - 2005
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...
Persistent link: https://www.econbiz.de/10005710141
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Lessons from the Asian Crisis
Mishkin, Frederic - National Bureau of Economic Research (NBER) - 2000
This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several … lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without … promote financial instability. Third, although capital flows did contribute to the crisis, they are a symptom rather than an …
Persistent link: https://www.econbiz.de/10005713983
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On the Macroeconomics of Asset Shortages
Caballero, Ricardo J - National Bureau of Economic Research (NBER) - 2006
The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for store of value and collateral by households, corporations, governments, insurance companies, and financial intermediaries more broadly. The equilibrium response of asset prices...
Persistent link: https://www.econbiz.de/10005714271
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Financial Crises in Emerging Markets
Chang, Roberto; Velasco, Andres - National Bureau of Economic Research (NBER) - 1998
We present a simple model that can account for the main features of recent financial crises in emerging markets. The international illiquidity of the domestic financial system is at the center of the problem. Illiquid banks are a necessary and a sufficient condition for financial crises to...
Persistent link: https://www.econbiz.de/10005714842