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Uhlig, Harald; Teles, Pedro - National Bureau of Economic Research (NBER) - 2010

This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...

Persistent link: https://www.econbiz.de/10008680930

Inefficient Provision of Liquidity

Hart, Oliver D.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2011

We study an economy where the lack of a simultaneous double coincidence of wants creates the need for a relatively safe asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of liquidity is inefficient. The reason is that liquidity...

Persistent link: https://www.econbiz.de/10009251522

Liquidity and Inefficient Investment

Hart, Oliver D.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2013

We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large negative...

Persistent link: https://www.econbiz.de/10010671801

Banks Are Where The Liquidity Is

Hart, Oliver D.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2014

simple model where, even ignoring interconnectedness issues, the failure of a bank causes a larger welfare loss than the … banks, and the size of this response should be larger if a bank, rather than a similarly-sized nonfinancial firm, fails. …

Persistent link: https://www.econbiz.de/10010821976

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; … - National Bureau of Economic Research (NBER) - 2014

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higher-income households. Using household level data on...

Persistent link: https://www.econbiz.de/10010950670

Mortgage Rates, Household Balance Sheets, and the Real Economy

Keys, Benjamin J.; Piskorski, Tomasz; Seru, Amit; Yao, … - National Bureau of Economic Research (NBER) - 2014

This paper investigates the impact of lower mortgage rates on household balance sheets and other economic outcomes during the housing crisis. We use proprietary loan-level panel data matched to consumer credit records using borrowers' Social Security numbers, which allows for accurate...

Persistent link: https://www.econbiz.de/10010951393

A Portfolio View of Consumer Credit

Souleles, Nicholas S; Musto, David K. - National Bureau of Economic Research (NBER) - 2005

To compute risk-adjusted returns and gauge the volatility of their portfolios, lenders need to know the covariances of their loans' returns with aggregate returns. Cross-sectional differences in these covariances also provide insight into the nature of the shocks hitting different types of...

Persistent link: https://www.econbiz.de/10005718253

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - National Bureau of Economic Research (NBER) - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …

Persistent link: https://www.econbiz.de/10010951167

Asset Fire Sales and Credit Easing

Shleifer, Andrei; Vishny, Robert W. - National Bureau of Economic Research (NBER) - 2010

In a January 2009 lecture on the financial crisis, Federal Reserve Chairman Bernanke advocated a new Fed policy of credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit markets, and buying of long term securities. We show that...

Persistent link: https://www.econbiz.de/10008627144

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach

Calomiris, Charles W.; Mason, Joseph; Wheelock, David - National Bureau of Economic Research (NBER) - 2011

fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank …

Persistent link: https://www.econbiz.de/10008788759

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