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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J - National Bureau of Economic Research (NBER) - 2010
explicitly absorb a larger share of the systemic risk. The options for doing this range from surplus countries rebalancing their … securitization industry while removing the systemic risk from the banks' balance sheets. Such public-private solutions could be …
Persistent link: https://www.econbiz.de/10008610950
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DSGE Models in a Data-Rich Environment
Boivin, Jean; Giannoni, Marc P. - National Bureau of Economic Research (NBER) - 2006
Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption … that economic variables are properly measured by a single indicator, and that all relevant information for the estimation … empirical framework for the estimation of DSGE models that exploits the relevant information from a data-rich environment. This …
Persistent link: https://www.econbiz.de/10005714295
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DSGE Models in a Data-Rich Environment
Boivin, Jean; Giannoni, Marc P. - National Bureau of Economic Research (NBER) - 2006
Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption … that economic variables are properly measured by a single indicator, and that all relevant information for the estimation … empirical framework for the estimation of DSGE models that exploits the relevant information from a data-rich environment. This …
Persistent link: https://www.econbiz.de/10005779020
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Political Booms, Financial Crises
Ordonez, Guillermo L.; Herrera, Helios; Trebesch, Christoph - National Bureau of Economic Research (NBER) - 2014
We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010969377
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An Empirical Analysis of the Fed's Term Auction Facility
Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012
The U.S. Federal Reserve used the Term Auction Facility (TAF) to provide term funding to eligible depository institutions from December 2007 to March 2010. According to the Fed, the purpose of TAF was to inject term funds through a broader range of counterparties and against a broader range of...
Persistent link: https://www.econbiz.de/10010950874
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Floating a "Lifeboat": The Banque de France and the Crisis of 1889
Hautcoeur, Pierre-Cyrille; White, Eugene; Riva, Angelo - National Bureau of Economic Research (NBER) - 2014
When faced with a run on a "systemically important" but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate...
Persistent link: https://www.econbiz.de/10010951073
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Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
Acharya, Viral V.; Tuckman, Bruce - National Bureau of Economic Research (NBER) - 2013
liquidity shortfalls more likely, and can lead to an increase in default risks. Furthermore, this increase in default risk can …
Persistent link: https://www.econbiz.de/10010951126
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Illiquidity and Interest Rate Policy
Diamond, Douglas W.; Rajan, Raghuram G. - National Bureau of Economic Research (NBER) - 2009
The cheapest way for banks to finance long term illiquid projects is typically to borrow short term from households. But when household needs for funds are high, interest rates will rise sharply, debtors will have to shut down illiquid projects, and in extremis, will face more damaging runs....
Persistent link: https://www.econbiz.de/10005087453
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008627145
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem Hendrik - National Bureau of Economic Research (NBER) - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005036814